Cost Savings and What Really Matters

  title={Cost Savings and What Really Matters},
  author={Christopher K. Merker and Sarah W. Peck},
In the department of “not seeing the forest for the trees”, something very odd happened a number of years ago to our investment culture despite good research on the topic. In 1986, Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower (BHB) published a paper in the Financial Analyst Journal entitled “Determinants of Portfolio Performance”. They sought to explain the effect of asset allocation policy on pension plan returns, a topic that had largely been unexplored up to that point. BHB… Expand