Does not require forecasting of earnings, interest rates, dollar, etc. Depends on fundamental nature and behavior of investors and markets, so more predictive. Knowledge of market behavior. Finding effective investment strategies. Why Professionals Underperform the Market.
Forecasting is difficult.
Need to determine discount rates, true earnings, etc. Pros are judged on forecasting market value, not on determining intrinsic value. Forced into short-term predictions by competition and clients. Dollar cost averaging is good client relations. Dollar cost averaging over past 69 years has underperformed lump sum investing.