Autores:
  • On average, 90 percent of the variability of returns and 100 percent of the absolute level of return is explained by asset allocation.

    "Does Asset Allocation Policy Explain 40%, 90% or 100% of Performance?". Study by Roger G. Ibbotson and Paul D. Kaplan, www.huffingtonpost.com. December 1998, revised April 1999.