The Importance of Asset Allocation - Roger Ibbotson
The Importance of Asset Allocation Roger Ibbotson.pdf
Surprisingly, many investors mistakenly
believe that the BHB (1986) result (that asset allocation
policy explains more than 90 percent of performance)
applies to the return level (the 100 percent
answer). BHB, however, wrote only about the variation
of returns, so they likely never encouraged
this misrepresentation.
