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Want to play it safe? DCA it, willing to take a little extra risk, go all in.

The big conceptual problem I have with DCA as an investing strategy (as opposed to a discipline to force oneself to actually put income into investments), is - what's so special about the money that's already in there, or about the money you do NOT plan to put into the market this month, or about now as opposed to later?

If you have, say, $100,000 in stocks, how much protection are you really buying by investing an additional $1,000 a month for 12 months, as opposed to $12,000 now? If you assume the slower pace makes sense, shouldn't you pull out 11/12 of your existing investment, and put IT in slowly over the following 11 months?

For that matter, consider the $1,000 you plan to invest this month. Shouldn't you average it in over the next 12 months, just like the $11,000 you are holding out?

And there's nothing special about NOW, either. Shouldn't you start over again next month?

Reductio ad absurdum, because there's no apparent reason to stop anywhere shy of absurdum, the DCA investor should never invest a single dollar in whatever he's averaging into.
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