LOL! It sounds like you don't like DCA, Bill.

This is sort of going off-topic from this conversation, but I HAVE to speak up. As you can tell from my most recent post here to ElLobo, I happen to like and believe in DCA. In one way, my brand of DCA smacks of timing, but it isn't. Not really. It is just that I try to get a feel for each of my MF's seasonal cadence, their ebb and flow of funds. Typically, I find it ideal to invest in international equity roughly from May-Sept and in domestic equity roughly July or Aug-Oct --seasonally and, of course, only as a  general rule. Commodities and bonds? You have to keep a close eye on them.

Once I've paused a DCA plan, I sit back and let it percolate. I typically rebalance on the sell side 2 or 3 times a year. To clarify...  I evaluate my OEFs quarterly for possible rebalancing, but usually end up selling only 2 or 3 times. When I rebalance, that's when I take my profits and replenish my "significant cash on the sidelines."  I actually try to keep about 20% in the money markets, although I was just over 31% on 5/30/08. I use the money markets as my stabilizer... I want the buying power in market slides and, mentally, it allows me to pursue my riskier endeavors with equanimity.

With OEFs, I have tried the lumpsum approach with mixed results. My most miserable one to-date is TBHDX Tweedy Browne Worldwide High Dividend Yield Value. It is a TF fund at Schwab, but I wanted to own TBHDX. Why? Because I believe in Tweedy's fundamental value approach and have enough faith in Tweedy Browne to ADD to my biggest fund-loser. I intend to hold onto this fund for at least 2 more years. Gritting my teeth, I will force myself to wait until 2010 and then re-evaluate. Its NAV is now at 8.68 and I bot at inception in Sept 2007 @ 10.01.

So you see, do_assetalloc aka Sam, there is always at least 2 opposing opinions for everything. My advice is to stick with what you are comfortable with.

Regards,
Susan