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In 1986, an article was published in TheFinancial Analysts Journal that changed the investment world. Three researchers – Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower (collectively “BHB”) – compared the performance of actively managed pension funds to the performance of index funds. They found that asset allocation choices, not individual security selection, accounted for more than 96% of the variation between active and indexed portfolios.

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