Hey, I'm downtown Josh Brown. I am here with

Ritholz Welf's chief data analytics manager, Nick

Majuli. You may know him from his incredible blog

of Dollars and Data.

And Nick wrote about the difference between lump sum investing, dollar cost averaging, and

an asset allocation, those being your three choices to invest basically excess cash and

inheritance. And you were not terribly

surprised by what you found but I think a lot of other people would be

surprised tell us what tell us what you learned.

So earlier this year I wrote a post which was comparing as you said a lump sum investment to someone

who averages in overtime.

So slowly buying the S&P 500.

Yeah let's say you had a, I say a lump sum so you had like, you know, you got a some sort of windfall, maybe sold a business, you have a couple of money.

I want a beauty pageant, $200.

$200.

Except it's like $2 million.

And also that would never happen.

Yes. So instead of putting it all in once into stocks you would average in over time

and so doing that I found that it's always it's almost always optimal to go in all in at once

right no matter what the time period is.

So putting the whole lump sum into stocks historically. once, no matter what the time period is, the longer it is.

Putting the whole lump sum into stocks historically

...