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When relying on historical data, after a bull market run, asset classes appear most attractive just when future prospects prove bleakest.

— David Swensen Pioneering Portfolio Management (2009)

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More quotes by David Swensen

Failure to achieve investment goals defines portfolio risk in the most fundamental way.

Pioneering Portfolio Management (2009)

Value investors seek to purchase companies at a discount to fair value, not to purchase low growth or distressed assets 'per se.

Pioneering Portfolio Management (2009)

Mean-reverting behavior in security prices implies that periods of abnormally high returns follow periods of abnormally low returns, and vice versa.

Pioneering Portfolio Management (2009)

This valuation-based technique worked well until 1958, when stock yields last exceeded bond yields.

Pioneering Portfolio Management (2009)

True diversification requires owning assets that respond differently to fundamental forces that drive markets.

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Quote text and notes from Wikiquote: David Swensen (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.