Investing A Large Sum: Phase It In, Or All At Once?

Flashback to October 2014. Stocks were on a roll. The Canadian market and several global indices had just turned in 1-year returns of 20%+, and the Canadian bond market was up 6%. The past five years in general had been a profitable period in the markets and investors had little to complain about. But geopolitical tensions were heating up, China was starting to slow down, the price of oil had just dropped 15% over the summer, and stock valuations were reaching expensive territory relative...