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Unconventional Success

书名：Unconventional SuccessAFundamentalApproachtoPersonalInvestment
作者：DavidF.Swensen
译者：
ISBN：9780743228381
出版社：FreePress
出版时间：2005-08-02
格式：epub/mobi/azw3/pdf
页数：402
豆瓣评分： 8.2

书籍简介：

Swensen, CIO of Yale University and the author of Pioneering Portfolio Management, reveals why the mutual fund industry as a whole does a disservice to the individual investor. Soft money, 12b-1 fees, overtrading, market timing, and other management practices lower performance and virtually guarantee that most mutual fund returns will fall short of their benchmark, such as the S&P 500. Furthermore, for-profit mutual fund companies have a fiduciary obligation to their stockholders, not to their investors, and this relationship "inevitably resolves in favor of the bottom line." Swensen is also highly critical of the Morningstar rating system, which only causes investors to chase hot performing funds and managers. He advises considering alternatives to the for-profit mutual fund industry, including Exchange Traded Funds and not-for-profit financial institutions such as Vanguard and TIAA-CREF. He highly recommends that as an individual, you should play a more active role in your financial future. This includes periodic portfolio evaluation and rebalancing, to ensure that your asset allocation remains diversified and suits your investment time line. David Siegfried Copyright © American Library Association. All rights reserved "This is not only investing made easy, it's investing made smart." "Mutual fund managers and marketers are not going to like David Swensen's thoughtful and intelligently opinionated analysis of their 'colossal failure' resulting from the fund industry's 'systemic exploitation of investors.' Coming from the mind and heart of one of America's most successful and integrity-laden money managers, this is a book that will change the way you think about mutual funds. It's high time for you to follow the elegantly simple advice he presents in this wonderful book." — John C. Bogle, founder and former CEO, The Vanguard Group "Swensen is the best. Always a pioneer, his new book presents an approach to investing that is both brilliant and practical." — Barton Biggs, former Chief Global Strategist, Morgan Stanley "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." — Burton G. Malkiel, author of A Random Walk Down Wall Street "David Swensen is one of today's best endowment managers, if not the best. 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." — Michael F. Price, Managing Partner, MFP Investors "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." — Jeremy Grantham, Chairman of GMO

作者简介：

大卫·F·斯文森，耶鲁大学投资总监，是投资界的一位奇才。摩根士丹利的前任投资策略家巴顿·比格斯称他为“在一个充满了自我推销式偏执的职业中的一位哲学王子”。他管理着耶鲁大学140多亿美元的捐赠资产，并让耶鲁大学在过去的20年里的年收益率达到16.1％，这在机构投资者中。几乎无人能敌。

斯文森，是美国教师保险与养老金协会（TIAA）、华盛顿卡梅格研究所（CarnegieInstitutionofWashington）、美国布鲁金斯研究所（TheBrookingsInstitution）的受托人，也是霍普金斯大学受托人委员会的财务主管。在耶鲁大学，他是伯克利学院的成员，伊丽莎自俱乐部的合伙人之一。还是国际金融中心的成员。斯文森先生在耶鲁学院和耶鲁大学管理学院为学生授课。斯文森曾出版著作有：畅销书《机构投资与基金管理的刨新》。

书友短评：

@ [已注销] 强调概念，操作性不强 @ 雯纸在哪里 Difficult to understand yet valuable frameworks. To invest values in China market for the long term for ordinary investors. @ 有有生 把资产配置在什么地方对投资收益起着决定性的作用，择时和择股多数情况下是无效的。宁拙勿巧。 @ 雯纸在哪里 虽然老生常谈但也有不少干货，以及更彩蛋的是LLPFX的表现 @ Joseph there is asset allocation ratio at the begnning

书籍目录

  • Capital markets provide three tools for investors to employ in generating investment returns: asset allocation, market timing, and security selection. Explicit understanding of the nature and power of the three portfolio management tools allows investors to emphasize the factors most likely to contribute to long-term investment goals and deemphasize the factors most likely to interfere with long-term goals. Establishing a coherent investment program begins with understanding the relative importance of asset allocation, market timing, and security selection.
    —— 引自第11页
  • Asset-allocation decisions play a central rol in determining investor results. A number of well-regarded studies of institutional portfolios conclude that approximately 90 percent of the variability of returns stems from asset allocation, leaving approximately 10 percent of the variability to be determined by security selection and marekt timing. In fact, the studies cited reflect investor behavior, not finance theory. Investors gain important insights into questions of portfolio structure through understanding the forces that place asset allocation in a starring role, while leaving security selection and market timing in the wings. Three basic investment principles inform asset-allocation decisions in well-constructed portfolios. First, long-term investors build portfolios with a pronou…
    —— 引自第12页

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