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.
耶鲁大学(Yale)捐赠基金管理人大卫•史文森(David Swensen)最近在伦敦为一群慈善机构受托人做了一场演讲。他告诉他们，忘掉挑选股票与市场择时吧：资产配置——在股票和债券之类的众多资产类别中选择——是唯一能使投资升值的投资决策。
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