Asset Allocation: Who are you Investing For?


It’s been widely publicized that a principal determining factor in the volatility and return of an investment portfolio is the portfolio’s asset allocation. Financial advisors often cite the results from a study published in 1986, “Determinants of Policy Performance,” by Brinson, Hood and Beebower, which concluded that 93.6 percent of the variation of returns is explained by a portfolio’s asset allocation policy. While the findings of this study

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