Unconventional Success: A Fundamental Approach to Personal Investment

David F. Swensen

ISBN 10: 0743228383 / ISBN 13: 9780743228381

Published by Free Press, 2005

About this Item

The author of the groundbreaking PIONEERING PORTFOLIO MANAGEMENT returns with a book that shows investors how to protect their assets in the long-term. Num Pages: 416 pages, index; notes. BIC Classification: VSB. Category: (G) General (US: Trade). Dimension: 234 x 155 x 33. Weight in Grams: 596. . 2005. First Edition. Hardcover. . . . .

Seller Inventory # V9780743228381

Bibliographic Details

• Title: Unconventional Success: A Fundamental Approach to Personal Investment
• Publisher: Free Press
• Publication Date: 2005
• Language: English
• ISBN 10: 0743228383
• ISBN 13: 9780743228381
• Binding: Hardcover
• Edition: 1st Edition
• Condition: New

About this title

Synopsis

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 investment success.

Bottom line? Unconventional Success provides the guidance and financial know-how for improving the personal investor's financial future.

About the Author

David F. Swensen (1954–2021) was the chief investment officer of Yale University and the bestselling author of Pioneering Portfolio Management. He served 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 taught economics classes at Yale College and finance classes at Yale's School of Management.