Dogmatic reliance on any static long-term strategic asset allocation can be detrimental to the investment outcomes, especially where investors have multi-faceted objectives across a continuum of timeframes. Market dynamics are continually changing and short-term risks can dominate news headlines and market volatility. Dynamic asset allocation (DAA) continuously evaluates the investment market landscape to deliver additional returns and abate portfolio risks; such as tail events. In this paper, we delve into conceptual frameworks underlying DAA and investigate the importance of a DAA process for meeting investment objectives and alpha generation.