[nly]

DCA gives you the best chance of getting mean/average returns, not the best returns.

If the market goes up year and year then obviously lump sum investing is best, but it doesn't. It goes through periods of over and under performance and then returns the mean.

In any case, it's academic for most us investing from our salaries. DCA isn't a choice.

[roflyear]

I also wonder what risk-adjusted is for DCA. I figure DCA is also more attractive in volatile markets, but don't have anything to back this up.