​Paraphrasing

The quote below is from John Bogle (former Chairman of Vanguard Investments) and can
also be found on page 176 in the BKM text.
The most fundamental decision of investing is the allocation of your assets: How much should
you own in stock? How much in bonds? How much in cash reserves? . . That decision [has
been shown to account] for an astonishing 94% of the differences in total returns achieved
by institutionally managed pension funds. . . There is no reason to believe that the same
relationship does not also hold true for individual investors. John Bogle
Mr. Bogle emphasizes the importance of asset allocation and indirectly cites the results of
the Brinson study as proof.
However, there is an error in Mr. Bogle’s quote. Your assignment is to identify and explain
the error. please Paraphrase the attachment file