I have been attending quant lectures on asset allocation and reading books on endowments, family offices and hedge funds.
One of the interesting things about throwing up historical charts and showing X% return over the last Y years for an asset class or allocation is the assumption that it can be used to to justify future "correct" behaviour.
Correct behaviour is of course making the decisions that lead to an optimal return or utility function for a group. Mo money, in the lingua franca of the urban American dialect.
The truth is that each year, quarter, month etc.
