We’ve heard it all ad nauseum. How many have cited this quotation from the Department of Labor: A “1 percent difference in fees and expenses would reduce your account balance at retirement by 28 percent”? How many financial advisors misquote a controversial 20-year-old study and say “asset allocation accounts for 92 percent of a portfolio’s investment return?” Barely a day goes by without some investment blogger or product salesman using one or both of these pitches.

Would you be surprised to discover these bromides are nothing more than urban legend? 

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