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>>An person investing $15 a month in the DJIA during the period 1929-1948 would have better than an 8% return on thier money, despite the fact that the investor would have begun his purchases with the DJIA at 300 and ended with a valuation based on the 1948 closing level of 177

Yes, if you look at extreme cases (the year of the Great Depression, in your example) at times DCA might win. But it's a question of probabilities- see my previous post.

I can give examples of times when walking to work would have been quicker than driving, like when I had a flat tire. But I'm still going to drive to work, since in the vast majority of times, it's faster.

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