David Swensen Insight

Archive for August 2009

Investment success requires sticking with positions made uncomfortable by the variance with popular opinion. Casual commitments invite casual reversal, exposing portfolio managers to the damaging whipsaw of buying high and selling low. Only with confidence created by a strong decision-marking process can investors sell mania-induced excess and buy despair-driven value.

A rich understanding of human psychology, a reasonable appreciation of financial theory, a deep awareness of history, and a broad exposure to current events all contribute to development of well-informed portfolio strategies.

This week in WealthTrack’s series on Great Investors, Consuelo Mack features the never-before-aired portions of her wide-ranging interview with Yale’s renowned endowment chief, David Swensen. Among the topics covered are Swensen’s assessment of the new investment reality and where he is investing his and his family’s money. See the portion aired in May here.


Author

Michael Zhuang is principal of MZ Capital, a fee-only independent advisory firm applying David Swensen's insights for clients. He is also a regular contributor to Morningstar Advisor. To use his wealth management services, schedule a discovery meeting (phone call) with him.

You may also get his monthly newsletter, or join his Facebook page for regular wealth management insights.

@mzhuang

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