TY - JOUR T1 - Asset Allocation vs. Security Selection—Baseball with Pitchers Only? JF - The Journal of Investing SP - 35 LP - 42 DO - 10.3905/joi.2006.650141 VL - 15 IS - 3 AU - Renato Staub Y1 - 2006/08/31 UR - https://pm-research.com/content/15/3/35.abstract N2 - What investment decision is more important, asset allocation or security selection? In spite of its persistence, this question is misdirected. Like pitchers and hitters in baseball, asset allocation and security selection assume different and complementary roles in portfolio management. Consequently, they are both important, but their relevance is not directly comparable, as the applicable measures of success are different. However, their importance may vary according to the given market environment. Effective investment managers understand well which investment decision becomes more crucial in a particular situation.TOPICS: Performance measurement, risk management ER -