大卫·史文森

资产配置决定了投资组合回报差异的绝大部分，选股和择时的贡献远比人们想象的小。

Asset allocation drives the overwhelming majority of investment returns.

资产配置决定了投资组合绝大部分的长期回报差异。

Asset allocation is the most powerful tool available to investors.

资产配置决定了投资组合绝大部分的长期收益差异，选股和择时的贡献远比人们想象的小。

Asset allocation drives the overwhelming majority of long-term portfolio returns.

资产配置是投资回报最重要的决定因素，而不是选股或择时。

Asset allocation is the most important determinant of investment returns, not security selection or market timing.

投资者最大的敌人不是市场，而是自己——尤其是那些试图通过主动管理来超越市场的企图。

The greatest enemy of the investor is himself, especially in the attempt to beat the market through active management.