What you're saying of course is quite correct. The problem comes in people's ability to 'time' their entry into the market. I have not seen anyone do it consistently.Unless the market is falling in which case you're better off delaying and letting those losses compound on someone else for a while so you can snap up some distressed sales.RC
I do recall having arguments with what came to be known as the D&G's when we were mid-GFC a few years ago. They were convinced of large falls. What actually happened where I was buying in the Inner West was almost 20% gains.