> If you decide to invest $100,000 into the stock market because you agree with my reasoning in this post, then it would make a lot more sense to invest $10,000 a month over the next ten months than invest all of the $100,000 this month. (Quote from article.)
That doesn't actually make a lot more sense, and that is not the argument for dollar-cost averaging.
Assuming you're investing in a single equity/portfolio, then at the end of that ten month period you will have an effective entry price for the entire lot either way. Either that price is the value it's at _now_, or that price is the weighted average of ten entry prices.
One thing we know, or at least which we're assuming when we choose to invest, is that over the long term prices go up. So unless you have outside knowledge or asymmetric insight suggesting prices will in fact go down, it makes no sense to DCA into the market. And if you do think prices will go down before they go up, then you should hold the entire amount back until you no longer believe the asset is likely to decline.
Dollar-cost averaging is not an argument to buy slowly when you already have money, it is a reassurance to keep investing when process go down and not to hold any money back when investing money you're receiving on a regular schedule (like a paycheque).
Ironically (and amusingly) DCA is also an entry method into a position when you're willing to accept lesser theoretical returns to avoid FOMO but are feeling timid, which is definitely on-brand for a VC.