大卫·斯文森

机构投资的成功源于坚守长期战略而非追逐短期收益。

The success of institutional investing stems from sticking to long-term strategy rather than chasing short-term returns.

核心资产配置决定了投资回报的绝大部分。

Asset allocation determines the vast majority of investment returns.

资产配置是投资回报的决定性因素。

Asset allocation is the determinant of investment returns.

市场择时是对长期投资目标的否定。

Market timing is a negation of the long-term investment goal.

投资收益率的变动中，大约90%是源于资产配置。

About 90% of the variation in investment returns is due to asset allocation.

多元化可以使你的投资组合取得更好的表现——这是一份免费午餐。

Diversification can improve portfolio performance — it's a free lunch.

投资收益最终来自于三个方面：资产组合、市场时机、选择个股。其中投资组合的作用最大。

Investment returns come from three sources: asset allocation, market timing, and security selection. Asset allocation dominates.

资产配置决定了投资组合回报的绝大部分，远比选股和择时重要。

Asset allocation is the overwhelmingly dominant contributor to portfolio returns, far more important than security selection and market timing.

资产配置，是决定投资回报最重要的因素，远比选股和择时重要。

Asset allocation is the overwhelmingly dominant contributor to investment returns, far more important than security selection and market timing.

共同基金行业系统性地损害了个人投资者的利益。

The mutual fund industry systematically exploits individual investors.

成功的投资需要坚守长期战略，而非追逐短期收益。

Success in investing requires adhering to a long-term strategy rather than chasing short-term returns.

资产配置决定长期回报，个人投资者应重视多元化与低成本。

Asset allocation is the key determinant of long-term returns. Individual investors should emphasize diversification and low costs.

资产配置，决定了投资组合收益波动的绝大部分。

Asset allocation accounts for the overwhelming majority of the variability in portfolio returns.