A Quote by David F. Swensen
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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People would be a lot more skeptical if they understood that there is an incredible amount of chance in the results that you observe for active managers. So the distribution of outcomes is enormously wide - but that's exactly what you'd expect by chance with lots of active managers who hold imperfectly diversified portfolios. The really good portfolios contain a lot of really lucky picks, and the really bad portfolios contain a lot of really unlucky picks as well as some really bad ones.
When you find errors in conventional wisdom-when everyone says A and A is not true-you gain competitive advantage. Only a few times do you have to find errors in conventional wisdom to make a living.
Conventional wisdom is no wisdom at all. Conventional wisdom is taking somebody else's word for the way things are It's the followers of this world who rely on assumption. Not the leaders.
Few things in this world are more predictable than the reaction of conventional minds to unconventional ideas.
Given the central role of effective, firmwide risk management in maintaining strong financial institutions, it is clear that supervisors must redouble their efforts to help organizations improve their risk-management practices...We are also considering the need for additional or revised supervisory guidance regarding various aspects of risk management, including further emphasis on the need for an enterprise-wide perspective when assessing risk.
Conventional wisdom is invariably out of date. Because in the time it has taken to become conventional - to become what everyone believes - the world has moved on. Conventional wisdom is a remnant of the past.
What's the fun in doing conventional things? I would rather be known as someone who is unconventional. I like being unconventional. I like doing things which are different. That's what I like... It gives me a boost as an actor.
It is unquestionably true that the investment companies have their money more conventionally invested than we do. To many people conventionality is indistinguishable from conservatism. In my view, this represents erroneous thinking. Neither a conventional nor an unconventional approach, per se, is conservative.
We are very confident that the data is showing that carbon capture and sequestration is technologically feasible and it's available. It has been successfully demonstrated and there are full-scale both conventional and unconventional coal projects with CCS that are moving forward. So there is no question that there's continued investment in this technology.
A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business
All conventional wisdom has an element of truth to it, but good design requires more than an element of truth - it requires an ensemble of correct assumptions and valid calculations.
I recognized that teaching and research institutions vitally depend on the involvement of active scientists also in management functions.
He was blessed with an unconventional mind, which overcame his conventional middle-class upbringing.
By all indications, American business leaders are more adept at creating business strategies than they are skilled at human capital management. American entrepreneurs are world-beaters when it comes to creating new businesses, and corporate managers are adept at using the latest marketing, financial, and technological practices.
Skepticism requires disbelief and curiosity, not conformity to conventional wisdom. There's no science here. This is pure politics.
In my view, the state should be active and work in cooperation with private businesses to spur growth that's sustainable and inclusive. The policy process is about co-creating and co-shaping of markets, creating new opportunities for business investment - and negotiating a better deal for the public too.
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