> Does everyone truly ride the crash down and back up or will some of them panic and leave the market before it recovers? This is an orthogonal issue. If you D

> Does everyone truly ride the crash down and back up or will some of them panic and leave the market before it recovers? This is an orthogonal issue. If you DCA for 12 months and then a crash immediately occurs, you suffer the exact same fate (you are worse off than someone who had 12 months of investment returns prior to the crash). Does this mean you should increase DCA horizon to 24 months? The only way your framing makes sense is if you have prior knowledge that a crash will occur during the DCA period.