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We’ve heard it all ad nauseum. How many have cited this quotation from the Department of Labor: A “1 percent difference in fees and expenses would reduce your account balance at retirement by 28 percent”? How many financial advisors misquote a controversial 20-year-old study and say “asset allocation accounts for 92 percent of a portfolio’s investment return?” Barely a day goes by without some investment blogger or product salesman using one or both of these pitches.

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