David Swensen Quotes

If you’re investing with a long time horizon, having an equity bias makes sense; stocks go up in the long run.

The underlying driving force behind market timing decisions seems to be emotional -- fear, greed, chasing performance -- buying something after it has gone up, disappointment, and sales after something has declined.

The opportunity’s greatest where assets are least efficiently priced.

If you talk to a businessman, a businessman is going to feed the winners and kill the losers. But in the investment world, when you've got a winner you should be suspicious about what's next. And if you've got a loser, you should be hopeful -- although not naively hopeful.

The mutual fund industry is not an investment management industry. It's a marketing industry.

With a casual attempt to beat the market, you're going to fail.

I’m looking for somebody that’s got a screw loose and they define winning not by being as rich as they can be individually, but by producing great investment returns.