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Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated |  |
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Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated | |
In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls.
Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not.
The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios.
网友对Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated的评论
是本经典书。可以看出来书是从美国亚马逊调过来的，书的质量很好，很轻！送货很快！
对再平衡策略的原创性介绍，必读。
非常好，就是我想要的。
快递来得比我想象中快。
This is an excellent resource. In the Kindle version, I believe there is an error in table 4.4. It appears the data in the columns "Third Quartile" and "Range" are switched. For example, in the row U.S. fixed income, the data for Third Quartile is 0.5% and the data under Range is 6.9%. I believe this data is switched, and should read Third Quartile = 6.9% and Range = 0.5%. I believe the same is true for the rest of the data for these two columns. My opinion is supported by the subsequent discussion in the text, where the author indicates the range between first and third quartile returns for fixed income managers is 0.5%. I could not find a forum to provide this feedback, hence it is here. I hope this information is useful.
Pioneering Portfolio theory is a must read. As other reviewers have said it's essential for any endowment manager. However, it's also a great read for those not interested in asset management. Besides being a fantastic overview of different asset classes and how to think about them, Swensen talks at length about alignment of incentives, how to balance the qualitative and quantitative, and how differing timeframes influence your decisions. All of which are huge components of the decisions anyone makes that often aren't thought about rigorously.
Do yourself a huge favor and purchase either this or "Unconventional Success." Swensen lays out a winning gameplan while informing you of the obstacles and risks in current market strategies. Please note it is not necessary to buy both as massive amounts are the same.
Also, I have to add that I find him awfully funny. He has some sections where he is very sarcastic and they are laugh out loud funny.
A concise, straightforward summary of some of the most important investing ideas from a true legend of the field. A far cry from the dozens of get-rich-quick investing books that too often populate the shelves of bookstores, David Swensen's book instead provides the foundations and principles for how to approach institutional and individual investing for the long term. He's the real deal, and so is this book.
Swensen's book is a must-read for endowment managers and other institutional investors, particularly those who take a fund-of-funds approach (as does Yale, where Swensen is Chief Investment Officer). Swensen aptly lays out the investment policy that has enabled Yale to consistently outperform other U.S. endowments. As Yale's CIO, Swensen has set a target portfolio allocation that departs significantly from the still heavily U.S. equity and debt-focused strategy of most endowments. Swensen's approach includes a large allocation to asset classes that are not highly correlated to the U.S. public equity market. He outlines these "alternative" classes in his book, giving the reader an excellent view of how alternative investments can increase risk-adjusted portfolio returns.
Perhaps the biggest contribution of Swensen's book, however, is the debunking of myths that still lull fiducaries into making the wrong decisions, for example when it comes to picking investment managers. Swensen advises against chasing managers who have performed well simply because of their past performance. If attributes such as personal integrity and the right fee structure are lacking, solid past performance can become a liability, not an asset. Swensen describes the example of private equity firm KKR-- after tremendous early successes, the flood of investor capital into KKR enabled the firm's partners to set up a fee structure that ensured big payoffs for themselves even if their funds underperformed. This is just one of many valuable lessons the reader will draw from Swensen's book.
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