The Rationality of Asset AllocationRecommendations
Edwin J. Elton, Martin J. Gruber
Journal of Financial and Quantitative Analysis · 2000 · Volume 35 · Issue 1
Abstract
The popular finance literature describes the assetallocation decision as one of the most importantfactors in determining investment performance. Thisarticle reviews the implications of modern portfoliotheory for the asset allocation decision and thenexaminesthe recommendations of some leadingfinancial experts to see if they are consistent withtheory.
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