"Active management strategies demand uninstitutional behavior from institutions, creating a paradox that few can unravel. Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios, which frequently appear downright imprudent in the eyes of conventional wisdom."

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Source : David F. Swensen (2009). “Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated”, p.8, Simon and Schuster

David F. Swensen

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