48 citations intemporelles sur l'investissement et la vie
"Asset allocation is the most important tool an investor has."
— David Swensen
"The investment management industry takes far too great a toll on investors."
— David Swensen
"Active management strategies demand uncommon skill and uncommon temperament."
— David Swensen
"Asset allocation is the most important investment decision. How you divide your portfolio among stocks, bonds, and alternatives determines most of your long-term returns."Lire l'Analyse Complète →
"Over the long term, equities have outperformed bonds and cash. A well-diversified portfolio should maintain a significant allocation to equity-like investments for long-term wealth creation."Lire l'Analyse Complète →
"Diversification is the only free lunch in investing. True diversification means owning assets that behave differently from each other, not just owning more of the same thing."Lire l'Analyse Complète →
"Alternative investments like private equity, venture capital, and real assets provide superior returns and diversification benefits. Don't limit yourself to traditional stocks and bonds."Lire l'Analyse Complète →
"In efficient markets, passive investing wins. In less efficient markets like private equity and venture capital, manager selection is crucial. Find the best managers and stick with them."Lire l'Analyse Complète →
"Endowments have perpetual time horizons. This allows us to accept illiquidity and short-term volatility in exchange for higher long-term returns. Think in decades, not quarters."Lire l'Analyse Complète →
"When markets move, rebalance back to target allocations. This forces you to buy low and sell high systematically. Rebalancing is contrarian by nature."Lire l'Analyse Complète →
"Market timing is extremely difficult and usually counterproductive. Stay fully invested according to your strategic allocation. Time in the market beats timing the market."Lire l'Analyse Complète →
"The best investment opportunities often arise when others are fearful. Be willing to commit capital when others are fleeing. Contrarian investing requires courage and conviction."Lire l'Analyse Complète →
"Invest with managers whose interests are aligned with yours. Look for significant personal investment by managers, reasonable fee structures, and transparent communication."Lire l'Analyse Complète →
"Never overpay for a security, no matter how exciting the story. The price you pay determines your return. Discipline in valuation is the foundation of investment success."Lire l'Analyse Complète →
"Always estimate the intrinsic value of a business before investing. Compare price to value, not price to past price. The gap between price and value is where profits are made."Lire l'Analyse Complète →
"Use conservative assumptions in your valuation. Optimistic projections lead to overpaying. It is better to underestimate value and be pleasantly surprised than to overestimate and be disappointed."Lire l'Analyse Complète →
"Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."Lire l'Analyse Complète →
"Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."Lire l'Analyse Complète →
"Not all earnings are equal. Look for recurring, cash-backed earnings rather than accounting profits. High-quality earnings are predictable, sustainable, and convertible to free cash flow."Lire l'Analyse Complète →
"The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it."Lire l'Analyse Complète →
"Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong."Lire l'Analyse Complète →
"Expand your circle of competence gradually over time. Each new area of expertise adds potential opportunities, but only if mastered thoroughly."Lire l'Analyse Complète →
"Markets are driven by fear and greed. The disciplined investor exploits these emotions rather than being controlled by them. Emotional control is the key competitive advantage."Lire l'Analyse Complète →
"Understanding crowd psychology is essential. When everyone agrees, the opportunity has usually passed. The best time to act is when the crowd is most fearful or most confident."Lire l'Analyse Complète →
"The best investments often feel uncomfortable because they go against popular opinion. If everyone loves a stock, it's probably overpriced. If everyone hates it, investigate."Lire l'Analyse Complète →
"In a world obsessed with quarterly results, patience is the ultimate competitive advantage. Great investments often take years to play out fully."Lire l'Analyse Complète →
"The cardinal rule of investing: buy only when the price is significantly below your conservative estimate of intrinsic value. This builds in protection against error."Lire l'Analyse Complète →
"The stock market is a no-called-strike game. You don't have to swing at every pitch. Wait for the fat pitch — the opportunity that offers exceptional risk-reward."Lire l'Analyse Complète →
"Never invest in anything you don't fully understand. Thorough research is the foundation of every sound investment decision."Lire l'Analyse Complète →
"Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears."Lire l'Analyse Complète →
"Regularly review whether your original reasons for owning a stock still hold. If the facts change, change your mind. Holding a broken thesis is the costliest mistake."Lire l'Analyse Complète →
"After every sell, review the outcome. Did you sell too early, too late, or at the right time? Post-mortems on sell decisions improve future judgment."Lire l'Analyse Complète →
"Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions."Lire l'Analyse Complète →
"Think in probabilities, not certainties. Every investment has a range of possible outcomes. Weight your decisions by the expected value of each scenario."Lire l'Analyse Complète →
"Instead of asking how to succeed, ask how to avoid failure. Inverting problems often reveals insights that forward thinking misses."Lire l'Analyse Complète →
"A clear investment philosophy provides an anchor in turbulent times. Know what you believe, why you believe it, and stick to it when tested."Lire l'Analyse Complète →
"Focus on process, not outcomes. A good process can produce bad outcomes in the short run, but will generate superior results over time."Lire l'Analyse Complète →
"Evaluate management by their actions, not their words. Look for a track record of capital allocation, shareholder communication, and aligned incentives."Lire l'Analyse Complète →
"Understand the industry structure before evaluating any company. Industry economics often matter more than company-specific factors in determining returns."Lire l'Analyse Complète →
"The most important skill for a CEO is capital allocation. Evaluate how management deploys capital — do they create or destroy value with their decisions?"Lire l'Analyse Complète →
"The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life."Lire l'Analyse Complète →
"The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest."Lire l'Analyse Complète →
"The ideal investment is a high-quality business purchased at a fair price. Quality compounds wealth; fair prices protect capital."Lire l'Analyse Complète →
"Never invest in a business you cannot explain in simple terms. If you can't describe why a company is valuable, you don't understand it well enough to own it."Lire l'Analyse Complète →
"The greatest enemy of the investor is himself. Fear, greed, regret, and pride cause more losses than any economic event. Master your emotions to master the market."Lire l'Analyse Complète →
"The market exists to serve you, not to guide you. Use market prices to your advantage — buy when the market offers bargains and sell when it offers premiums."Lire l'Analyse Complète →
"Markets move in cycles driven by human emotion. Understanding where you are in the cycle helps you prepare for what comes next and position accordingly."Lire l'Analyse Complète →
"In the short run, the market is a voting machine; in the long run, it's a weighing machine. Prices can diverge wildly from value, but eventually converge."Lire l'Analyse Complète →
"A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly."Lire l'Analyse Complète →
"Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis."Lire l'Analyse Complète →
"Review every investment decision — wins and losses — to improve your system. The best investors treat investing as a craft that can always be refined."Lire l'Analyse Complète →
"Asset allocation is the most important tool an investor has."
Nous avons sélectionné 48 citations vérifiées de David Swensen, chacune avec attribution de source et analyse approfondie.
David Swensen frequently discusses value investing, risk management, and long-term thinking.