Following the Multimanager moves

Answer Dear SC, I think the underlying point here is that advising clients to invest in markets that are unstable, or have fallen, is difficult, no matter what the books say. Clients often want to sell out when the asset drops, and buy when it is high. And then wonder why they lose money. I’m going to tell you what you already know. The key to a successful asset allocation policy is NOT to change it. The research tells us that over 90% of the return on a portfolio is from the asset allocation. If you believe that, then any attempt to ‘time’ the market is in danger of creating a ‘buy h...