David Swensen, Yale’s endowment manager, recently delivered a lecture in London to an audience of charity trustees. Forget stock picking and market timing, he told them: asset allocation — the choice between broad classes of assets, such as equities and bonds — is the only investment decision that adds value.
耶魯大學(xué)(Yale)捐贈(zèng)基金管理人大衛(wèi)?史文森(David Swensen)最近在倫敦為一群慈善機(jī)構(gòu)受托人做了一場(chǎng)演講。他告訴他們，忘掉挑選股票與市場(chǎng)擇時(shí)吧：資產(chǎn)配置——在股票和債券之類(lèi)的眾多資產(chǎn)類(lèi)別中選擇——是唯一能使投資升值的投資決策。
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