TY - JOUR T1 - The Importance of Asset Allocation JF - The Journal of Investing SP - 61 LP - 64 DO - 10.3905/joi.2000.319400 VL - 9 IS - 1 AU - William W Jahnke Y1 - 2000/02/29 UR - https://pm-research.com/content/9/1/61.abstract N2 - A commonly held view is that the normal long-term allocation to stocks, bonds, and cash is of “overwhelming” importance in determining long-term investment returns. This view understates the importance of factors such as cost, market timing, and security selection in determining investment outcomes. The author demonstrates this point by examining the return implications of a set of scenarios representing choices and circumstances found in the real world of investing. ER -