I still don't see the point of the article. If a stock goes up in the long run obviously the sooner you invest the better your return will be. DCA exists for se

I still don't see the point of the article. If a stock goes up in the long run obviously the sooner you invest the better your return will be. DCA exists for several reasons. For instance, big institutional investor might do it because it reduces volatility of making large purchases that could affect the price in the short run which undercuts their investment & purchase price. Small investors do it because they don't have the money to do lumpsums. People that get windfalls don't generally park the cash in a savings account, they'll put some in a CD, money market, or bonds as they decide what to invest in otherwise. The money isn't sitting around doing nothing. The premise of this relies on an idea that the money is doing nothing otherwise (though it's available). That is not the case in most circumstances, not just because the money is usually in a safer investment, but because most people don't have spare uninvested money laying around, as I said.