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