The premise is no matter what news story hits the market, that information is already reflected in the stock price. Therefore, his theory is that you cannot out beat the market and it is in your best interest to dollar cost average a market tracker.

I have a single digit percent allocation of single company stocks I pick myself. They are very useful as a constant reminder at how bad I am at picking single stocks to encourage me to leave the majority of my investments in boring index funds I strictly buy-and-hold.