DAVID SWENSEN

The most important decision an investor makes is the asset allocation decision.

The mutual fund industry is a colossal failure. It charges high fees and consistently underperforms index funds.

Wall Street makes money on activity. Investors make money on inactivity.

For individuals, the best approach is to invest in low-cost index funds. Don't try to be clever.

Equity orientation, diversification, and a long time horizon are the three pillars of sound investing.

The psychic income of building something meaningful at Yale was worth more than any Wall Street bonus.