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The authors note that “[o]n average, policy accounted for a little more than all of total return,” implying that security selection and market timing make no material contribution to returns.

— 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)

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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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.