Here's the mathematical case for consistently investing during market downturns instead of reducing contributions.

During the 2022 bear market, I maintained my full contribution rate: $2,000/month into VTI.

Between January and October 2022, VTI declined approximately 25%. My October contributions bought shares at a significant discount to January prices.

When the market recovered in 2023, those discounted shares appreciated proportionally. The shares I bought in October 2022 returned approximately 40% in the following 12 months.

If I had reduced contributions during the drawdown (a common behavioral response), I would have bought fewer shares at the low and benefited less from the recovery.

This is the mathematical basis for 'dollar-cost averaging smooths returns': not that it maximizes returns (lump sum does that in expectation), but that continuing to invest at reduced prices naturally buys more shares when they're cheap, lowering your average cost basis.