Giving a definitive response would be like picking out shoes for somebody else. We may like a certain style and we can guess on the size, but only the person who has to wear them can say whether they are functional and feel good. Those are, indeed, the relevant general questions for asset allocation. If the answer to either question is no, then it s time to roll up the sleeves and get to work. The decision process should begin with a clear statement of objectives.
Most institutions have a goal that says they seek to grow the endowment in real terms.
That is, average investment returns should at least equal inflation plus spending through time. There is little evidence to suggest that anyone other than a few market professionals, who are constantly in the market, do the latter very well. There is also the objective of intergenerational equality. Asset allocation is a constant tradeoff between expected return potential and risk. One sometimes sees asset allocation suggestions for different stages of a retirement plan.