David Swensen Insight

David Swensen quote of the month

Posted on: August 21, 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.

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