Unconventional Success A Fundamental Approach to Personal Investment

ISBN-10: 0743228383
ISBN-13: 9780743228381
Edition: 2005
Authors: David F. Swensen
List price: $30.00 Buy it from $3.00
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Description: 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  More...

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Book details

List price: $30.00
Copyright year: 2005
Publisher: Free Press
Publication date: 8/9/2005
Binding: Hardcover
Pages: 416
Size: 6.50" wide x 9.75" long x 1.00" tall
Weight: 1.540
Language: English

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. Perhaps most destructive of all are the hidden schemes that limit investor choice and reduce returns, including "pay-to-play" product-placement fees, stale-price trading scams, soft-dollar kickbacks, and 12b-1 distribution charges. Even if investors manage to emerge unscathed from an encounter with the profit-seeking mutual-fund industry, individuals face the likelihood of self-inflicted pain. The common practice of selling losers and buying winners (and doing both too often) damages portfolio returns and increases tax liabilities, delivering a one-two punch to investor aspirations. In short: Nearly insurmountable hurdles confront ordinary investors. Swensen's solution? A contrarian investment alternative that promotes well-diversified, equity-oriented, "market-mimicking" portfolios that reward investors who exhibit the courage to stay the course. Swensen suggests implementing his nonconformist proposal with investor-friendly, not-for-profit investment companies such as Vanguard and TIAA-CREF. By avoiding actively managed funds and employing client-oriented mutual-fund managers, investors create the preconditions for investmentsuccess. Bottom line? "Unconventional Success" provides the guidance and financial know-how for improving the personal investor's financial future.

David F. Swensen is the chief investment officer of Yale University and the bestselling author of Pioneering Portfolio Management. He serves on the boards of TIAA, The Brookings Institution, Carnegie Institution, and Hopkins School. At Yale, where he produced an unparalleled two-decade investment record of 16.1 percent-per-annum returns, he teaches economics classes at Yale College and finance classes at Yale#185;s School of Management. Mr. Swensen lives in New Haven, Connecticut.

Preface
Introduction
Overview
Sources of Return
Asset Allocation
Introduction
Core Asset Classes
Portfolio Construction
Non-Core Asset Classes
Market Timing
Introduction
Chasing Performance
Rebalancing
Security Selection
Introduction
The Performance Deficit of Mutual Funds
Obvious Sources of Mutual-Fund Failure
Hidden Causes of Poor Mutual-Fund Performance
Winning the Active-Management Game
The Exchange-Traded Fund Alternative
Afterword
Failure of For-Profit Mutual Funds
Measuring Investment Gains and Losses
The Arnott, Berkin, and Ye Study of Mutual-Fund Returns
Notes
Index

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