I'm pretty sure he meant "on average." And it's hardly surprising, since the market on average goes up. Dollar cost averaging decreases your expected value wh

I'm pretty sure he meant "on average." And it's hardly surprising, since the market on average goes up. Dollar cost averaging decreases your expected value while also decreasing the standard deviation (risk.) I don't know the result gamble was referring to, but I'm guessing he meant that if you wanted to decrease your risk, then the better way to do so is by adjusting your stock/bond ratio. For completeness I'll mention that there's also a strategy called "value cost averaging", which gives better returns than dollar cost averaging but is less straightforward to implement, you need to keep a spreadsheet and do some calculations--the basic idea is that instead of investing a fixed amount of dollars every period of time, you invest the amount needed to keep the value of your portfolio growing at a certain rate (i.e., you buy more when the stocks go down and less when they go up.)