I'd say 2 things.First, read this paper Enhanced Dollar Cost Averaging http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2008465The first section neatly discusses the problems with DCA, but summarises "Thus, dollar-cost-averaging may be inferior to the optimal strategy, but is superior to the strategy most investors are likely to adopt as a result of their human nature."With a several $M lump sum, I'd say that you have no worries either way. Even suboptimally getting in, you'll still have a potload of money. Heck, with a 2M+ lump sum, I'd be inclined to put 500K into bonds & preferred stocks for the income, and invest the rest.2nd,FWIW...when I retired I moved 500K of my 401k to be managed by Fisher Investments. They invest mainly in stocks, with very little going into ETFs. They had it all invested in only a couple of weeks. No DCA'ing at all.
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