This phenomenon can be best managed through a dynamic asset allocation process rather than a pure passive approach.

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The obvious benefit to dynamic asset allocation is that it enables advisors to achieve some sort of middle ground between strategic and tactical.

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"I think dynamic asset allocation will be the key to investment success in the coming decade--buying stocks when they're deeply depressed, as they are now, and raising cash incrementally as prices rise, " he says.

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Advisors also have a third choice dynamic asset allocation.

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