Which of the following is true about market timing?

It can be viewed as a put option on the market-index portfolio.

The value of a perfect-timing ability can be viewed as equivalent to having a call option on the market-index portfolio.

When the return of the risky portfolio is greater than the risk-free rate, the value of the perfect-timing strategy is equal to the risk-free rate.

It is a strategy in which the investor switches between cash and the risky portfolio based on its risk tolerance.