48条关于投资与人生的经典名言
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"When markets move, rebalance back to target allocations. This forces you to buy low and sell high systematically. Rebalancing is contrarian by nature."查看深度解读 →
"Market timing is extremely difficult and usually counterproductive. Stay fully invested according to your strategic allocation. Time in the market beats timing the market."查看深度解读 →
"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."查看深度解读 →
"Invest with managers whose interests are aligned with yours. Look for significant personal investment by managers, reasonable fee structures, and transparent communication."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."查看深度解读 →
"Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."查看深度解读 →
"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."查看深度解读 →
"The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it."查看深度解读 →
"Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong."查看深度解读 →
"Expand your circle of competence gradually over time. Each new area of expertise adds potential opportunities, but only if mastered thoroughly."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"In a world obsessed with quarterly results, patience is the ultimate competitive advantage. Great investments often take years to play out fully."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"Never invest in anything you don't fully understand. Thorough research is the foundation of every sound investment decision."查看深度解读 →
"Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions."查看深度解读 →
"Think in probabilities, not certainties. Every investment has a range of possible outcomes. Weight your decisions by the expected value of each scenario."查看深度解读 →
"Instead of asking how to succeed, ask how to avoid failure. Inverting problems often reveals insights that forward thinking misses."查看深度解读 →
"A clear investment philosophy provides an anchor in turbulent times. Know what you believe, why you believe it, and stick to it when tested."查看深度解读 →
"Focus on process, not outcomes. A good process can produce bad outcomes in the short run, but will generate superior results over time."查看深度解读 →
"Evaluate management by their actions, not their words. Look for a track record of capital allocation, shareholder communication, and aligned incentives."查看深度解读 →
"Understand the industry structure before evaluating any company. Industry economics often matter more than company-specific factors in determining returns."查看深度解读 →
"The most important skill for a CEO is capital allocation. Evaluate how management deploys capital — do they create or destroy value with their decisions?"查看深度解读 →
"The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life."查看深度解读 →
"The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest."查看深度解读 →
"The ideal investment is a high-quality business purchased at a fair price. Quality compounds wealth; fair prices protect capital."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly."查看深度解读 →
"Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis."查看深度解读 →
"Review every investment decision — wins and losses — to improve your system. The best investors treat investing as a craft that can always be refined."查看深度解读 →
"Asset allocation is the most important tool an investor has."
我们精选了48条经过验证的David Swensen名言，每条都附有出处和深度分析。
David Swensen frequently discusses value investing, risk management, and long-term thinking.