— #1 shorter trough
— #2 transaction cost:
For non-US, I usually use mutual funds and pay the annual fee + distribution costs (upfront _+ trailer )

For US, when transaction cost is zero, I can avoid the fees and trade directly. If transaction cost is not zero, then I am forced to trade large amounts ($3k+)

— dividend – easier to find high-div reputatble stocks.

Some U.S. retirees are reported to rely on dividend income alone.