For a normal person who’s saving money off their paycheque, DCA is superior to saving up a lump sum and investing that. This is true for exactly the same reason that DCA is inferior to a lump sum in the case where you’re investing a lump sum—it gets you into the market faster, and stocks outperform cash.
Ander’s claim, which I see repeated a lot, seems to be that it is positive EV rather than neutral. That’s the bit that raises my hackles.
For a normal person who’s saving money off their paycheque, DCA is superior to saving up a lump sum and investing that. This is true for exactly the same reason that DCA is inferior to a lump sum in the case where you’re investing a lump sum—it gets you into the market faster, and stocks outperform cash.