RT Journal Article
SR Electronic
T1 The Importance of Investment Policy
JF The Journal of Investing
FD Institutional Investor Journals
SP 80
OP 85
DO 10.3905/joi.1999.319429
VO 8
IS 4
A1 Ronald J. Surz
A1 Dale Stevens
A1 Mark. Wimer
YR 1999
UL https://pm-research.com/content/8/4/80.abstract
AB The importance of investment policy can be, and has been, measured in a variety of ways. The most widely quoted study measures policy's role in explaining the variance of returns; it measures the percent of variance explained by policy. The authors believe that the more pertinent measure is the percent of return explained by policy. That is, how much of your ending wealth is tied to investment policy, versus the other sources of growth, namely selection and timing.