@article {Wills34, author = {Mark Wills}, title = {Buying Returns{\textemdash}Not Managers}, volume = {24}, number = {4}, pages = {34--37}, year = {2015}, doi = {10.3905/joi.2015.24.4.034}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Most investment professionals now widely accept the tenet that asset allocation is the main driver of portfolio returns. Yet, even though asset owners agree with this statement, many have not built their teams or culture around this premise, instead preferring to focus mainly on manager selection. The author proposes a new structure and mission for asset owners, one that is built around buying the best returns rather than the best managers.TOPICS: Portfolio construction, portfolio theory}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/24/4/34}, eprint = {https://joi.pm-research.com/content/24/4/34.full.pdf}, journal = {The Journal of Investing} }