The term 'dollar-cost-averaging' is used ambiguously. Sometimes it refers to intentionally delaying purchasing compared to a lump sum, in order to spread the pu

The term 'dollar-cost-averaging' is used ambiguously. Sometimes it refers to intentionally delaying purchasing compared to a lump sum, in order to spread the purchase out. That's what the paper you're linking to is talking about. However, what retail investors should be doing is investing some fraction of their paycheck each pay cycle, or something like that. That's not the same thing. There is no lump sum at their disposal to invest - they're investing as soon as they have the money. What they're not doing is saving up cash and trying to buy the dips in lump sums, which I think most would agree is a bad idea. So they're both investing as soon as they have the money available, and they're benefiting from the averaging, which you may or may not call 'dollar cost averaging'. It seems ideal to me, and this is what I think the comment you're replying to is referring to.