The Rationality of Asset Allocation Recommendations

Edwin J. Elton and Martin J. Gruber

Journal of Financial and Quantitative Analysis, 2000, vol. 35, issue 1, 27-41

Abstract: The popular finance literature describes the asset allocation decision as one of the most important factors in determining investment performance. This article reviews the implications of modern portfolio theory for the asset allocation decision and then examinesthe recommendations of some leading financial experts to see if they are consistent with theory.

Date: 2000
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