Yeah, I addressed this in another comment[1]. "Most of the time" is doing a lot of work there, most is 75-80%. 20% is not negligible to me.
But as your article points it, DCA is not about getting the absolute best return, it's about risk mitigation.
> The only times when DCA beats LS is when the market crashes (i.e. 1974, 2000, 2008, etc.). This is true because DCA buys into a falling market, and, thus, gets a lower average price than a lump sum investment would.
If you are fearful of a crash (like now, as we are in the midst of war, recession, energy shortages, coming out of a pandemic etc.) risk mitigation may be higher on your list of priorities. I also think it just lowers cognitive load for people who aren't investing for a living.
All that said, I 100% agree with DCA as the best approach for people investing out of income!