RT Journal Article SR Electronic T1 An Alpha + Beta Framework JF The Journal of Investing FD Institutional Investor Journals SP 9 OP 16 DO 10.3905/joi.2005.605276 VO 14 IS 4 A1 Edward Kung A1 Lawrence Pohlman YR 2005 UL https://pm-research.com/content/14/4/9.abstract AB The importance of strategic asset allocation has been well documented and accepted by institutional investors. This was not seriously challenged until Peter Bernstein openly questioned the validity of the policy portfolio and the benchmark appropriateness in his March 2003 Economics and Portfolio Strategy paper entitled “Are Policy Portfolios Obsolete?” This article attempts to elevate and broaden this concept from the portfolio level to all asset classes and to focus on the advantages of making separate alpha and beta decisions, rather than on how to separate alpha and beta. The authors present an asset allocation framework and the methodology that potentially solves the structural issues involved in asset allocation