>That's not what I said, in fact the study does the opposite. The study explicitly says it's lower risk because it's investing a lower amount. If there's a ne

>That's not what I said, in fact the study does the opposite. The study explicitly says it's lower risk because it's investing a lower amount. If there's a negative risk premium, then any strategy that invests less will automatically do better. But lump-sum will still do better than DCA with the same amount of exposure, since it's still better diversified.