Brinson, Hood and Beebower study of the late 1980s suggesting that asset allocation policy alone explained as much as 93.6% of investment return stunned the professional investing community. It implied that market timing and security selection are far less influential factors in determining total return than asset allocation policy. The startling conclusion led to tremendous focus on the importance of asset allocation in the investment management process. This book provides a penetrating survey of the increasingly sophisticated methods which have since been developed and applied in this area.