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Type of bind: Hardcover
Dewey Decimal Number: 332.6327
EAN num: 9780743228381
ISBN number: 0743228383
Label: Free Press
Manufacturer: Free Press
Quantity: 1
Page Count: 403
Printing Date: August 02, 2005
Publishing house: Free Press
Sale Popularity Level: 2646
Studio: Free Press
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Product 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 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.
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Rated by buyers 
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David Swensen has done a magnificant service to the individual investor by writing this book. He explains all of the undisclosed charges that are hidden within actively managed mutual funds and gives two examples of not-for-profit mutual fund families who are investor friendly. One happens to be The Vanguard Group with its index funds that he recommends because of their low fees. David Swensen's reputation as a premier money manager is due to his excellent record at Yale managing their endowment for over twenty years with an average return of better than 16 percent. After reading this book you will not want to trust your money to another for-profit mutual fund company but instead invest in index funds or ETFs for the subsequent 20-30 years. As for ETFs, he also explains how most have drifted off course through the years and no longer deliver good value. He suggests sticking with the core ETF's and he explains which ones those are along with their expenses.
I would recommend this book to anyone who values his or her money and wants to retain the most of it when investing it in the "MARKET".
Rated by buyers -
I really like this book. It lays out the argument for a diversified portfolio in a way that I have not seen in other similar books. He analyzes each asset class and explains its plusses and minuses. He arrives at the conventional diversified portfolio, but with some unconventional flourishes - for example, no corporate bonds. But the real strength of this book is that the reader will come away with a strong understanding of why each asset class is important to have in a diversified portfolio.
The second half of the book is a diatribe against the mutual fund industry. I found it eye opening.
The book is not technical, but it does assume a certain level of familiarity with the jargon of the investment world. I wouldn't recommend it for a complete beginner, but rather for someone who wants to go a little deeper beyond the usual discusion of asset allocation.
Rated by buyers -
This book outlines very fundamental concepts, and explains investment vehicles in detail, although it's not necessary to read all of it to 'get it'. Swensen's discusion of not only appropriate risk and diversification techniques, but the emotional discipline and practices that it takes to be successful over spans of years are extremely insightful and practical. The introduction, chapter 1, and chapter 3 are worth the price alone.
Rated by buyers -
Let's face it, I'm a 30 something Stay At Home Mother with two kids, a husband, a mortgage and a dog.
I heard the book referenced on NPR and thought it would be a worthwhile read. Now I'm asking better questions.
Mostly though I found it frighting.
If you'll excuse me I'm going to resume my ostrich pose.
Rated by buyers -
Swensen provides a excellent analysis of different asset classes and the roles they play (or fail to play) in diversifying portfolios. For example, he clarifies the different diversifying roles of conventional Treasury bonds and TIPS, and explains why corporate, municipal and foreign bonds cannot be substituted. He also demonstrates the advantages of periodic portfolio rebalancing for the disciplined investor.
In what almost amounts to a book within a book, Swensen forcefully chronicles the failure of the mutual fund industry and its regulators to serve the interests of individual investors. This discusion is a must-read for anyone concerned about the implications of the shift towards investor managed defined contribution pension plans as the primary vehicle for retirement savings.
Swensen has not written a practical how-to guide to personal investing or asset allocation; rather, he argues for an approach to personal investing built around core principles. Intellectually-oriented investors will be well served by this book as preparation for developing a personalized investment program.
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