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.