A column about the NFL. Easterbrook typically writes a fairly eclectic column — and an entertaining one that touches on a lot of issues outside of football. Anyway, back to Easterbrook. Why does Yale have so much money? Because its endowment is run by remarkable money manager David Swensen. Swensen is even a decent human being, paying himself far less than he could earn on Wall Street.
|Published (Last):||21 November 2016|
|PDF File Size:||13.96 Mb|
|ePub File Size:||8.12 Mb|
|Price:||Free* [*Free Regsitration Required]|
Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support? Perhaps most destructive of all are flagrant schemes designed to thwart regulators and further erode portfolios, limiting investor choice and reducing returns.
Swensen's solution? A 'contrarian' investment alternative that creates more diversified, equity-oriented, 'market-mimicking' portfolios that minimize loss and reward the investor with the courage to stay the course. Swensen backs up his unconventional proposal with well-documented evidence supporting not-for-profit investment management companies such as Vanguard and advice on steering clear of poorly constructed funds. Bottom line? Swensen provides the guidance and financial know-how for improving the personal investor's bottom line.
Read more Read less. Customers who viewed this item also viewed. Page 1 of 1 Start over Page 1 of 1. Previous page. Common Sense on Mutual Funds. Next page. Customers who bought this item also bought. Review "Unfortunately, at the bottom of our industry -- money management -- there is a rather thick layer of muck, and Swensen's Unconventional Success rakes through this muck in spectacular fashion and great detail.
It is the truth, the whole truth, and the very ugly truth. If you want to avoid the snares that lurk in money management, and save yourself lots of money, you must read it. Unconventional Success is a perfect summary of what is wrong with a very important industry.
This book should lead the reader to better investment decisions. Price, Managing Partner, MFP Investors "A legendary institutional investor reveals the conflicts of interest that induce most financial services companies to provide inadequate products for the individual investor.
Swensen's wise solution: Low cost, tax efficient, market-mimicking funds available either through Exchange Traded Funds ETFs or from not-for-profit mutual fund companies. Unconventional Success does for the individual investor what Swensen's Pioneering Portfolio Management did for the institutional investor. Always a pioneer, his new book presents an approach to investing that is both brilliant and practical.
It's high time for you to follow the elegantly simple advice he presents in this wonderful book. He also serves as a trustee and director on various investment boards and teaches at Yale. No customer reviews. How does Amazon calculate star ratings? The machine learned model takes into account factors including: the age of a review, helpfulness votes by customers and whether the reviews are from verified purchases.
Review this product Share your thoughts with other customers. Write a customer review. Most helpful customer reviews on Amazon. Verified Purchase. The hardest part about index fund, buy-and-hold investing is staying the course during market downturns. You can never really know how tempted you will be to sell during a crisis. This book provides the knowledge necessary for investors to choose their asset allocations, and most importantly, to be able to justify their asset allocations to themselves.
The author details which investments belong in a portfolio, and which do not, using a variety of factors. Understanding the justifications for their investment choices asset allocations will give investors the conviction to stay the course during bear markets, rather than sell in a panic.
This is a great book. Boiled down, it says that equities drive returns but that investors individuals, endowments, etc. To address this, the book goes over what the author thinks are the best equity assets for driving returns and the best assets for reducing volatility and protecting against inflation, deflation, and panic.
The latter is designed to buck you up and prevent you from selling at the bottom and locking in your losses when things get dicey, which they will from time to time.
The book gives you general ideas for a framework in evaluating assets to be included in your portfolio but, despite giving some general recommendations as to the portfolio composition, doesn't give a lot of specific advice.
This seemingly disappoints some. However, if you understand why you have one asset or another it shouldn't be hard to decide what works best for your situation. For example, there has been a lot of discussion as to what duration treasury bonds the author suggests.
If you understand that the bonds are designed to protect against deflation and panic, then you should be able to determine for yourself what the duration should be e.
Likewise, if you're 85 years old you probably want to have more bonds that the recommended portfolio since you shouldn't be as concerned about returns over the next 50 years. Managing a retirement account for an individual is different than managing a portfolio for a university with an almost unlimited time horizon. The author makes this clear in numerous ways, though the language may be more academic than most investing guides.
In this regard, some may find William Bernstein or Ric Edelman more accessible. David Swensen may be more insightful in parsing the various asset classes but they have a more folksy approach using more examples -- people often find induction works better than deduction.
My advice would be to start with Edelman, move to Bernstein, and then read this book. The message isn't all that different, but ultimately your investing is a personal journey and the more ways of understanding the issues the better prepared you will be for tackling the job. Plus repetition never hurts! David Swensen has clearly had success investing. I think that is indisputable. His advice is relatively sound, but I find it to be too hand-wavy in some cases and too general to provide useful information to anyone who has spent their time roving Bogleheads or MMM.
The information on active vs. I could do without the various conspiracy-like comments on how the government is in bed with various industries and how they're screwing over the middle class because that's not why I'm reading the book. I also found his asset allocation strategy to be very His only mention of how to allocate the percentages was to look at your risk factors and decide what you can stomach.
So in conclusion, this book is all information you could find on various sites on the internet though this is a very compact package of information and targeted towards older, more conservative investors. His advice should not be followed by everyone, but his advice is sound and easily followed.
What I didn't like about this book is the dated premise of actively managed mutual funds. But what I did like about this book is that it explains the investment world in an easy to understand fashion with exact examples.
The author did a great job of explaining the premise of a well-rounded portfolio. I would recommend this book to any beginning student of investing. Thank you Mr. Swensen for giving us Unconventional Success.
This is a book written for the investor to aid in the creation of wealth and not to enrich the mutual fund management companies. While some of the information is already known to the average investor, much of the book contains a detailed discussion designed to enlighten the individual investor of how management companies, brokers and advisors are dipping into your pocket.
He discusses in depth, excess fees, portfolio turnover, excessive brokerage trading fees that fund holders pay, which are then returned to the management companies in the form of soft dollars. The list goes on. I especially found the the discussion on properly and poorly constructed indexes to be of interest. In my opinion every individual investor should read Unconventional Success. This book will quickly become a classic. Go to Amazon. Back to top. Get to Know Us.
Shopbop Designer Fashion Brands. Alexa Actionable Analytics for the Web. DPReview Digital Photography.
Unconventional Success: A Fundamental Approach to Personal Investment
Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support? Perhaps most destructive of all are flagrant schemes designed to thwart regulators and further erode portfolios, limiting investor choice and reducing returns. Swensen's solution? A 'contrarian' investment alternative that creates more diversified, equity-oriented, 'market-mimicking' portfolios that minimize loss and reward the investor with the courage to stay the course. Swensen backs up his unconventional proposal with well-documented evidence supporting not-for-profit investment management companies such as Vanguard and advice on steering clear of poorly constructed funds. Bottom line?
Review: Unconventional Success
The bestselling author of Pioneering Portfolio Management , the definitive template for institutional fund management, returns with a book that shows individual investors how to manage their financial assets. In Unconventional Success , investment legend David F. Swensen offers incontrovertible evidence that the for-profit mutual-fund industry consistently fails the average investor. From excessive management fees to the frequent "churning" of portfolios, the relentless pursuit of profits by mutual-fund management companies harms individual clients.
An interesting insight into the use of mutual funds as an investment vehicle, and the conflicts of interest presented by investment in them. David F. Swensen is the chief investment officer of Yale University and the bestselling author of Pioneering Portfolio Management. At Yale, where he produced an unparalleled two-decade investment record of