The flipside to MPT critics is that strategic asset allocation has indeed largely withstood more than five decades and numerous market cycles.

FORBES: How To Construct The Perfect Portfolio

These low-cost funds, coupled with a fixed strategic asset allocation based on needs, create a high probability solution for nearly every investor.

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While past performance cannot guarantee future results, and asset allocation cannot ensure a profit or protect against a loss, applying a historical perspective and maintaining an appropriate strategic asset allocation can help provide comfort and direction to investors during periods of great volatility.

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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.

FORBES: How To Construct The Perfect Portfolio