I’m just going to come right out and say it: If you’re gonna buy, buy like a man.* Don’t freaking wait for a “pullback” or a “dip” if you’re already fundamentally bullish about something.

I make this comment on the back of a recent multi-asset investigation of buy-on-dipping by Morningstar. This is the logical flipside of the extensive literature on momentum that I and others greater than myself have spent much time documenting.

However the motivation for this reminder is that I recently heard this advice to “buy on dip” from a fellow quant student, who ought to know better, does know  better, but can’t shake the “cheapskate” instinct regardless.

Here is where quantitative research shines in its dramatic demonstration of evidence versus theory. For value guys, Seth Klarman has often said that “the idea of buying a dollar for less than ...