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Successful investors articulate coherent investment philosophies, consistently applied to all aspects of the portfolio management process.

— David Swensen Pioneering Portfolio Management (2009)

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Philosophy

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)

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

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)

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The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents.

H. P. Lovecraft The Call of Cthulhu (1926)

There is no governor anywhere; you are all absolutely free. There is no restraint that cannot be escaped.

Robert Anton Wilson

Every morning
I shall concern myself anew about the boundary
Between the love-deed-Yes and the power-deed-No
And pressing forward honor reality.

Martin Buber Power and Love (1926)

In the province of the mind, what one believes to be true is true or becomes true, within certain limits to be found experientially and experimentally. These limits are further beliefs to be transcended.

John C. Lilly The Human Biocomputer (1974)

Attribution

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.