Stock Picking or Asset Allocation Alpha

My search is more focused on the damage an individual with limited expertise can do through buying and selling at the wrong times. My gut feeling is that a skilled manager's abilities become redundant if that work is undone in that way.

Swenson's comment on asset allocation being the primary driver of returns is not a unusual opinion. My understanding of what he says though is that both Allocation and finding people who can add alpha once that decision has been made is important. The only thing he has a big problem with is excessive aggressive attempts at market timing. Even though he does talk about taking advantage of opportunities.

Prof. Shiller makes a comment along those lines in the opening remarks of his next lecture in the series.

(This is a follow up to Colin's comment on the David Swenson lecture.)