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  4. Roger G. Ibbotson
  5. On average, 90 percent of the variability of returns and...

On average, 90 percent of the variability of returns and 100 percent of the absolute level of return is explained by asset allocation.

Roger G. Ibbotson
Average, Investing, Levels
"Does Asset Allocation Policy Explain 40%, 90% or 100% of Performance?". Study by Roger G. Ibbotson and Paul D. Kaplan, www.huffingtonpost.com. December 1998, revised April 1999.
On average, 90 percent of the variability of returns and 100 percent of the absolute level of return is explained by asset allocation.