343:
previously accepted as optimal strategy of DCA has now been discovered to be "sub-optimal", even though the discussion is actually about a completely different strategy and situation. Vanguard specifically point out they are not discussing dollar cost averaging, but articles discussing their results immediately confuse the strategy being discussed with DCA. Vanguard's historical modelling showed that investing a windfall immediately outperformed systematic (delayed) investing two thirds of the time. This result is not unexpected: if the market is expected to trend upward over time, then a systematic investment plan which delays investment can conversely be expected to face a statistical headwind when compared to investing immediately: the investor is choosing to invest at a future time rather than today, even though future prices are expected to be higher. But most individual investors, especially in the context of retirement investing, never face investing a significant windfall. The disservice arises when these investors take these misunderstood criticisms of DCA to mean that timing the market is better than continuously and automatically investing a portion of their income as they earn it. For example, stopping one's retirement investment contributions during a declining market on account of the argued weaknesses of DCA would indicate a misunderstanding of those arguments.
285:
and this lends itself to an automatic investment system such as a payroll deduction or scheduled bank transfer. In many cases the investment can be made in line with the payment of regular income - for example an investor who is paid fortnightly can set up a fortnightly automatic investment. However, if investing in assets with transaction costs (for example brokerage) then frequent investments, particularly if the amount to be invested is low, can result in the drag from transaction costs outweighing the return from having the investment in the market at an earlier time. This issue does not arise for the purchase of assets where transaction costs are a flat proportion of the amount invested, or for investments such as managed funds with no transaction costs.
318:
plan. Industry practice is to refer to such strategies as dollar-cost averaging; however, this term is also commonly used to describe fixed-dollar investments made over time from current income as it becomes available. (A familiar example of this form of dollar-cost averaging is regular payroll deductions for investment in a workplace retirement plan.) By contrast, we are describing a situation in which a lump sum of cash is immediately available for investment." However, in other publications, Vanguard appear to have given up on clarifying the error and simply refer to the systematic (delayed) strategy as "dollar-cost averaging".
276:, dollar cost averaging will, on average, result in a lower per share price than the alternate strategy of purchasing a fixed number of shares each time. Given that the historical market value of a balanced portfolio has increased over time, DCA will also, on average, be superior to keeping the funds out of the market and purchasing the shares at a later date.
46:. Graham writes that dollar cost averaging "means simply that the practitioner invests in common stocks the same number of dollars each month or each quarter. In this way he buys more shares when the market is low than when it is high, and he is likely to end up with a satisfactory overall price for all his holdings."
310:) then instead of investing the entire sum immediately, or waiting for the (mythical) ideal time to invest the entire sum, the investor spreads their investment of the windfall sum into the market over time in a staged way, which appears similar to dollar cost averaging. This behaviour is driven by the fear that
350:
Some investment advisors who acknowledge the sub-optimality of delaying investing a windfall nevertheless advocate it as a behavioural tool that makes it easier for some investors to start investing a windfall lump sum or making a change in asset allocation. They contrast the relative benefits of DCA
346:
The financial costs and benefits of systematic (delayed) investing have also been examined in many studies using real market data. These studies often confusingly use the term dollar cost averaging instead, and reveal (as expected) that the delayed strategy does not deliver on its promises and is not
317:
This confusion of terms is perpetuated by some articles that refer to this systematic (delayed) investing of a lump sum as DCA. Vanguard specifically discusses the confusion in their paper: "We refer to the gradual investment of a large sum as a systematic implementation plan or systematic investment
284:
In dollar cost averaging, the investor decides only two parameters: the fixed amount of money to invest each time period (i.e. the amount that is available to invest) and how often the funds are invested. No further decisions need to be made about either the timing or the level of future investments
358:
aspects of systematic (delayed) investing, which allows investors to make a trade-off between the regret caused by not making the most of a rising market and that caused by investing into a falling market, which are known to be asymmetric. Middleton claims that DCA helps investors enter the market,
325:
of their existing investments. For example, they may have a large proportion of their investment in defensive assets such as cash or bonds and decide to change a significant proportion to more volatile assets such as equities. Again, the fear of a sudden fall in the value of the more volatile asset
334:
The pros and cons of DCA have long been a subject for debate among both commercial and academic specialists in investment strategies. It is easily demonstrated mathematically that dollar cost averaging (as defined by
Benjamin Graham) is superior to the alternatives of purchasing a fixed number of
288:
For example, if the brokerage cost is $ 20 per transaction, and the investor has $ 500 per fortnight available to invest into an asset returning 6% per annum, then the 4% cost of the brokerage is higher than the expected return of 0.23% of having the $ 500 invested for that fortnight. Changing the
87:
of the investment, giving the investor a lower overall cost for the shares purchased over time. The alternate strategies are to purchase a fixed number of shares each time period, or to save up the funds that are available for investment and attempt to purchase shares at times when the market is
82:
The technique is so called because of its potential for reducing the average cost of shares bought. As the number of shares that can be bought for a fixed amount of money varies inversely with their price, DCA effectively leads to more shares being purchased when their price is low and fewer when
342:
Almost all recent discussion and debate about DCA is actually based on confusion with the situation of the investment of a windfall, even though this is actually a rare event for most investors. The controversy and interest in the discussion comes from the sudden discovery of "proof" that the
305:
such as an insurance payout or inheritance, as opposed to the immediate investment of the entire sum. The delayed, staged strategy seems preferable for the investor who is concerned with avoiding timing risk (the risk of missing out in beneficial movements in price due to an error in
359:
investing more over time than they might otherwise be willing to do all at once. DCA also takes the emotion out of investing by spreading out the purchase over time. When investors purchase all at once, they may be more prone to letting their emotions guide their investment choices.
326:
class immediately after the change in asset allocation may make the investor wish to make the change in a systematic (delayed) fashion even though this actually defeats the purpose of the decision to make the change in asset allocation in the first place.
289:
DCA period to every 4 weeks decreases the cost of the brokerage to 2% of the invested amount and the expected return over 4 weeks is 0.46%. In this situation, the optimum period would be 10 weeks as the brokerage is 0.8% and the expected return is 1.15%.
92:. A major advantage for the investor using DCA is not having to make a decision on a day to day basis about the best time to invest the funds, but there are obvious advantages in simplicity and also in promoting habitual or automated regular investing.
351:
versus never investing the lump sum or making the change. One study found that the best time horizon when delaying investing a windfall in the stock market in terms of balancing return and risk is 6 or 12 months.
335:
shares with the same time intervals. If the expectation is for an increasing market then it is also superior to saving the funds to purchase at a later date. While some financial advisors, such as
165:
708:
Constantinides, G.M. A Note on the
Suboptimality of Dollar-Cost Averaging as an Investment Policy. The Journal of Financial and Quantitative Analysis, Vol. 14, No. 2 (Jun., 1979), pp. 443-450
856:
690:
Knight, J.R. and
Mandell, L. Nobody Gains From Dollar Cost Averaging: Analytical, Numerical And Empirical Results. Financial Services Review, Vol. 2, Issue 1 (1992/93 pp. 51-61
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230:
765:
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699:
Greenhut, J.G. Mathematical
Illusion: Why Dollar-Cost Averaging Does Not Work. Journal of Financial Planning, Vol. 19, Issue 10 (October 2006), pp. 76-83
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301:
has arisen. The term "dollar cost averaging" is used to describe a delayed and staged investment strategy used in the situation where the investor has a
236:
of the purchase price. If the time between purchases is small compared to the total time between the first purchase and the sale of the assets, then
339:, advise the use of DCA, others, such as Timothy Middleton, claim it is nothing more than a marketing gimmick and not a sound investment strategy.
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1087:
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Additional confusion arises in situations where there is no windfall gain, but instead an investor seeks to make a large change in the
611:
817:
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can be estimated by the harmonic mean of all the prices within the purchase period. Given that the harmonic mean is lower than the
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526:
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Given that the same amount of money is invested each time, the return from dollar cost averaging on the total money invested is
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in the market could cause a significant drop in the value of the investment immediately after the investment is made.
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In recent years, however, confusion of the term "dollar cost averaging" with what
Vanguard call a
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595:"Explaining the riddle of dollar cost averaging Hayley, S Cass Business School report 2010"
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446:"Dollar-Cost Averaging (DCA) Explained With Examples and Considerations"
387:
Chartered
Retirement Planning Counselor Professional Designation Program
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908:
83:
they are expensive. As a result, DCA can lower the total average
36:
principles to regular investment. The term was first coined by
838:
330:
Discussion of the risks and benefits of dollar cost averaging
746:"Do Not Dollar-Cost-Average for More than Twelve Months"
506:"The hidden benefit of an automatic investing program"
293:
Confusion with strategies for investment of a windfall
160:{\displaystyle r={\frac {p_{F}}{{\tilde {p}}_{P}}}-1,}
242:
202:
175:
108:
566:"Dollar-cost averaging just means taking risk later"
479:. Vanguard Research. 2016. p. 2. Archived from
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Considerations when setting up dollar cost averaging
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549:"How to invest a lump sum of money | Vanguard"
389:, College for Financial Planners, Volume 9, page 64
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779:"Why Is Dollar Cost Averaging A Good Strategy?"
806:The Intelligent Investor: revised 1972 edition
850:
681:Time, Nov. 15, 2012, accessed 11 October 2016
8:
474:"Invest now or temporarily hold your cash?"
857:
843:
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720:"Dollar Cost Averaging: A Behavioral View"
653:"The costly myth of dollar-cost averaging"
425:"Long Term Returns (a survey of studies)"
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196:is the final price of the investment and
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651:Middleton, Timothy (January 4, 2005).
636:: CS1 maint: archived copy as title (
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69:. It should not be confused with the
527:"Don't Make a Million-Dollar Mistake"
49:Dollar cost averaging is also called
7:
354:Recent research has highlighted the
777:Wilson, John (November 16, 2022).
57:), and, irrespective of currency,
14:
1113:Electronic communication network
265:{\displaystyle {\tilde {p}}_{P}}
225:{\displaystyle {\tilde {p}}_{P}}
830:Finra article about DCA caveats
718:Statman, Meir (June 18, 2015).
679:Is Dollar Cost Averaging Dumb?
347:an ideal investment strategy.
299:systematic implementation plan
250:
210:
134:
1:
1107:Multilateral trading facility
400:"Dollar cost averaging graph"
1530:Returns-based style analysis
1326:Post-modern portfolio theory
1232:Security characteristic line
767:University of Buffalo report
375:de:Durchschnittskosteneffekt
1284:Efficient-market hypothesis
1188:Capital asset pricing model
1125:Straight-through processing
1652:
1101:Alternative Trading System
1165:Arbitrage pricing theory
43:The Intelligent Investor
1444:Initial public offering
1305:Modern portfolio theory
1200:Dividend discount model
1083:List of stock exchanges
77:rebalancing investments
1332:Random walk hypothesis
377:, Retrieved 2009-01-12
266:
226:
190:
161:
1470:Market capitalization
1279:Dollar cost averaging
659:on September 10, 2005
267:
227:
191:
189:{\displaystyle p_{F}}
162:
75:, which is a form of
22:Dollar cost averaging
1290:Fundamental analysis
1274:Contrarian investing
1237:Security market line
1142:Liquidity aggregator
1119:Direct market access
1030:Quantitative analyst
356:behavioural economic
240:
200:
173:
106:
72:constant dollar plan
51:pound-cost averaging
1535:Reverse stock split
1480:Market manipulation
1404:Dual-listed company
1264:Algorithmic trading
1194:Capital market line
996:Inter-dealer broker
529:. December 21, 2008
67:cost average effect
63:incremental trading
59:unit cost averaging
32:that aims to apply
30:investment strategy
16:Investment strategy
1575:Stock market index
1414:Efficient frontier
1353:Technical analysis
1311:Momentum investing
1133:(private exchange)
1023:Proprietary trader
965:Shares outstanding
955:Authorised capital
618:on January 1, 2009
262:
222:
186:
157:
1623:
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1424:Flight-to-quality
1176:Buffett indicator
866:Financial markets
812:. Collins, 2003.
808:Benjamin Graham,
573:twentyoverten.com
253:
213:
146:
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40:in his 1949 book
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1540:Share repurchase
1252:Trading theories
1137:Crossing network
1095:Over-the-counter
932:Restricted stock
888:Secondary market
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655:. Archived from
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614:. Archived from
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486:on April 8, 2020
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1610:Voting interest
1520:Public offering
1455:Mandatory offer
1429:Government bond
1409:DuPont analysis
1372:
1368:Value investing
1363:Value averaging
1358:Trend following
1343:Style investing
1338:Sector rotation
1253:
1247:
1226:Net asset value
1152:Stock valuation
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927:Preferred stock
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800:Further reading
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402:. July 25, 2014
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38:Benjamin Graham
34:value investing
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1465:Market anomaly
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1595:Tender offer
1515:Public float
1485:Market trend
1475:Market depth
1295:Growth stock
1278:
1269:Buy and hold
1178:(Cap-to-GDP)
1018:Floor trader
1008:Market maker
991:Floor broker
979:Participants
922:Golden share
917:Common stock
893:Third market
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788:November 16,
786:. Retrieved
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657:the original
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616:the original
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450:Investopedia
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1580:Stock split
1560:Squeeze-out
1555:Speculation
1500:Open outcry
1389:Block trade
1321:Pairs trade
810:Jason Zweig
724:Wealthfront
575:. July 2012
1636:Investment
1605:Volatility
1585:Stock swap
1505:Order book
1256:strategies
1182:Book value
1050:Arbitrager
1045:Speculator
751:January 5,
663:January 5,
579:August 16,
406:August 28,
363:References
337:Suze Orman
312:volatility
88:low, i.e.
1221:Fed model
1216:EV/EBITDA
1131:Dark pool
1062:Regulator
907:Types of
873:Types of
455:March 25,
430:March 13,
251:~
211:~
149:−
135:~
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1630:Category
1550:Slippage
1510:Position
1495:Momentum
1399:Dividend
1078:Exchange
1035:Investor
632:cite web
490:April 4,
53:(in the
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1439:Haircut
1243:T-model
1055:Scalper
875:markets
232:is the
1460:Margin
1328:(PMPT)
1190:(CAPM)
1040:Hedger
1013:Trader
986:Broker
909:stocks
816:
533:May 2,
511:May 2,
169:where
96:Return
1615:Yield
1590:Trade
1525:Rally
1446:(IPO)
1334:(RMH)
1307:(MPT)
1286:(EMH)
1239:(SML)
1228:(NAV)
1202:(DDM)
1196:(CML)
1167:(APT)
1160:Alpha
1127:(STP)
1121:(DMA)
1115:(ECN)
1109:(MTF)
1103:(ATS)
598:(PDF)
569:(PDF)
484:(PDF)
477:(PDF)
1450:Long
1254:and
1184:(BV)
1171:Beta
814:ISBN
790:2022
753:2009
731:2020
665:2009
638:link
624:2009
581:2023
535:2009
513:2009
492:2020
457:2024
432:2011
408:2014
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