Asset allocation is a foundational component of wealth and investment management.  From endowments to individuals just starting out, choosing asset classes to build a diversified portfolio is the first step.  The portfolio suggested through mean-variance optimization is reliant upon the inputs used.  Those inputs are forecasts, referred to as Capital Markets Assumptions in the investment industry.  The quality of your optimized portfolio is a function of the accuracy of your forecasts.  While all the big names in the industry have begun to publish forecasts few openly discuss the accuracy of their forecasts.  Accuracy, as well as forecasting methodologies, are what we aim to examine at Capital Markets Forecasts.