Within the January 2001 Financial Analysts Journal, R. Ibbotson from Yale and P. Kaplan an economist, published a breakthrough study entitled 'Does Asset Allocation Policy Explain 40, 90 or 100 Percent of Performance?'. The study debated whether it was asset allocation, or stock picking, that controlled performance. The study concluded that 90% of a portfolio's long term return was determined by asset allocation. So, why is there little mention of allocation on this forum, when it plays such an important position in investing? Johny.