does dollar-cost averaging work?

Dollar-cost averaging has long been considered a staple of successful long-term investing.  This process always results in purchasing more shares when prices are low — great idea — and fewer shares when prices are high — another great idea. This consistent investment plan works well for people using wages to fund an investment program, but does this success carry over to lump-sum investing?  Should an investor with a large sum of money invest the entire lump sum at once or dollar-cost-average the lump over a period of months?  AFS research spanning nine decades offers some definitive conclusions.

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