Well don't know about them not being smart.
If you have the capital why not buy and double your money now as opposed to later.
Technically speaking, it's an empirical question if you're better off trying to buy on dips and time your exit or buy now paying the premium and enjoying the gain sooner than later (i.e., risk tolerance, time value if money, reinvestment of gains sooner than later, etc. ). To each his/her own.
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