Some investors are under the illusion that they’re immune to asset allocation and all it implies for choosing how to design and manage a strategy. I frequently read stories in the financial press that suggest that the framework of a multi-asset-class portfolio is optional, perhaps even irrelevant, depending on the article. It’s not, although it’s easy to delude yourself into thinking otherwise. The romance of the money game is always tempting us to behave like artists; in fact, we should focus on acting more like engineers.
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