Synopses & Reviews
The bestselling author of andlt;Iandgt;Pioneering Portfolio Managementandlt;/Iandgt;, the definitive template for institutional fund management, returns with a book that shows individual investors how to manage their financial assets.andlt;BRandgt;andlt;BRandgt;In andlt;Iandgt;Unconventional Successandlt;/Iandgt;, 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.andlt;BRandgt; andlt;BRandgt;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.andlt;BRandgt; andlt;BRandgt;In short: Nearly insurmountable hurdles confront ordinary investors.andlt;BRandgt; andlt;BRandgt;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.andlt;BRandgt; andlt;BRandgt;Bottom line? andlt;Iandgt;Unconventional Successandlt;/Iandgt; provides the guidance and financial know-how for improving the personal investor's financial future.
The bestselling author of "Pioneering Portfolio Management," the template for institutional fund management, returns with a book that shows investors how to protect their assets in the longterm.
About the Author
andlt;Bandgt;David F. Swensenandlt;/Bandgt; is the chief investment officer of Yale University and the bestselling author of andlt;Iandgt;Pioneering Portfolio Managementandlt;/Iandgt;. 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 Yaleand#185;s School of Management. Mr. Swensen lives in New Haven, Connecticut.