Читать книгу Asset Allocation - William Kinlaw, Mark P. Kritzman - Страница 72

The notion that asset allocation is more important than security selection is based on a flawed analysis that failed to account for what an investor would do as an alternative to investing in the current portfolio. Also, many studies show asset allocation to be more important than security selection because they conflate investment choice with investment opportunity. If we correct for these two flaws, we find that security selection is at least as important, if not more important, than asset allocation. It does not follow, though, that investors should devote more resources to security selection than asset allocation, because, as argued by Paul Samuelson, it is easier to be successful at asset allocation than security selection. The bottom line is that asset allocation is very important, but not for the reasons put forth by Brinson, Hood, and Beebower.