Marks quotes Swenson that successful investing requires uncomfortably idiosyncratic positions; tomorrow's winners are today's losers.
“Everybody has the same influences, everybody thinks pretty much the same, everybody anoints the same winners and criticizes the same losers, and obviously tomorrow's winners are usually found on the pile of today's losers,”
Marks quotes Swensen saying good investing requires adopting uncomfortably idiosyncratic positions.
“Dave Swenson used my favorite two word phrase that good investing requires the adoption of uncomfortably idiosyncratic positions.”