Unconventional Success：A Fundamental Approach to Personal Investment

作者: David F. Swensen 著

出版社: Oversea Publishing House

出版时间: 2005-08

版次: 1

ISBN: 9780743228381

定价: 237.20

装帧: 精装

开本: 其他

纸张: 胶版纸

页数: 352页

正文语种: 英语

分类: 外文古旧书>英文书>经济

11人买过

ThebestsellingauthorofPioneeringPortfolioManagement,thedefinitivetemplateforinstitutionalfundmanagement,returnswithabookthatshowsindividualinvestorshowtomanagetheirfinancialassets.InUnconventionalSuccess,investmentlegendDavidF.Swensenoffersincontrovertibleevidencethatthefor-profitmutual-fundindustryconsistentlyfailstheaverageinvestor.Fromexcessivemanagementfeestothefrequent"churning"ofportfolios,therelentlesspursuitofprofitsbymutual-fundmanagementcompaniesharmsindividualclients.Perhapsmostdestructiveofallarethehiddenschemesthatlimitinvestorchoiceandreducereturns,including"pay-to-play"product-placementfees,stale-pricetradingscams,soft-dollarkickbacks,and12b-1distributioncharges.Evenifinvestorsmanagetoemergeunscathedfromanencounterwiththeprofit-seekingmutual-fundindustry,individualsfacethelikelihoodofself-inflictedpain.Thecommonpracticeofsellinglosersandbuyingwinners(anddoingbothtoooften)damagesportfolioreturnsandincreasestaxliabilities,deliveringaone-twopunchtoinvestoraspirations.Inshort:Nearlyinsurmountablehurdlesconfrontordinaryinvestors.Swensen'ssolution?Acontrarianinvestmentalternativethatpromoteswell-diversified,equity-oriented,"market-mimicking"portfoliosthatrewardinvestorswhoexhibitthecouragetostaythecourse.Swensensuggestsimplementinghisnonconformistproposalwithinvestor-friendly,not-for-profitinvestmentcompaniessuchasVanguardandTIAA-CREF.Byavoidingactivelymanagedfundsandemployingclient-orientedmutual-fundmanagers,investorscreatethepreconditionsforinvestmentsuccess.Bottomline?UnconventionalSuccessprovidestheguidanceandfinancialknow-howforimprovingthepersonalinvestor'sfinancialfuture. DavidF.SwensenisthechiefinvestmentofficerofYaleUniversityandthebestsellingauthorofPioneeringPortfolioManagement.HeservesontheboardsofTIAA,TheBrookingsInstitution,CarnegieInstitution,andHopkinsSchool.AtYale,whereheproducedanunparalleledtwo-decadeinvestmentrecordof16.1percent-per-annumreturns,heteacheseconomicsclassesatYaleCollegeandfinanceclassesatYale?1;sSchoolofManagement.Mr.SwensenlivesinNewHaven,Connecticut. Preface

Introduction

Overview

  1. Sources of Return

Part One: Asset Allocation

  Introduction

    2. Core Asset Classes

    3. Portfolio Construction

    4. Non-Core Asset Classes

Part Two: Market Timing

  Introduction

    5. Chasing Performance

    6. Rebalancing

Part Three: Security Selection

  Introduction

    7. The Performance Deficit of Mutual Funds

    8. Obvious Sources of Mutual-Fund Failure

    9. Hidden Causes of Poor Mutual-Fund Performance

    10. Winning the Active-Management Game

    11. The Exchange-Traded Fund Alternative

Afterword

  12. Failure of For-Profit Mutual Funds

APPENDIX 1:Measuring Investment Gains and Losses

APPENDIX 2:The Arnott, Berkin, and Ye Study of Mutual-Fund Returns

Notes

Index
内容简介:
ThebestsellingauthorofPioneeringPortfolioManagement,thedefinitivetemplateforinstitutionalfundmanagement,returnswithabookthatshowsindividualinvestorshowtomanagetheirfinancialassets.InUnconventionalSuccess,investmentlegendDavidF.Swensenoffersincontrovertibleevidencethatthefor-profitmutual-fundindustryconsistentlyfailstheaverageinvestor.Fromexcessivemanagementfeestothefrequent"churning"ofportfolios,therelentlesspursuitofprofitsbymutual-fundmanagementcompaniesharmsindividualclients.Perhapsmostdestructiveofallarethehiddenschemesthatlimitinvestorchoiceandreducereturns,including"pay-to-play"product-placementfees,stale-pricetradingscams,soft-dollarkickbacks,and12b-1distributioncharges.Evenifinvestorsmanagetoemergeunscathedfromanencounterwiththeprofit-seekingmutual-fundindustry,individualsfacethelikelihoodofself-inflictedpain.Thecommonpracticeofsellinglosersandbuyingwinners(anddoingbothtoooften)damagesportfolioreturnsandincreasestaxliabilities,deliveringaone-twopunchtoinvestoraspirations.Inshort:Nearlyinsurmountablehurdlesconfrontordinaryinvestors.Swensen'ssolution?Acontrarianinvestmentalternativethatpromoteswell-diversified,equity-oriented,"market-mimicking"portfoliosthatrewardinvestorswhoexhibitthecouragetostaythecourse.Swensensuggestsimplementinghisnonconformistproposalwithinvestor-friendly,not-for-profitinvestmentcompaniessuchasVanguardandTIAA-CREF.Byavoidingactivelymanagedfundsandemployingclient-orientedmutual-fundmanagers,investorscreatethepreconditionsforinvestmentsuccess.Bottomline?UnconventionalSuccessprovidestheguidanceandfinancialknow-howforimprovingthepersonalinvestor'sfinancialfuture.
作者简介:
DavidF.SwensenisthechiefinvestmentofficerofYaleUniversityandthebestsellingauthorofPioneeringPortfolioManagement.HeservesontheboardsofTIAA,TheBrookingsInstitution,CarnegieInstitution,andHopkinsSchool.AtYale,whereheproducedanunparalleledtwo-decadeinvestmentrecordof16.1percent-per-annumreturns,heteacheseconomicsclassesatYaleCollegeandfinanceclassesatYale?1;sSchoolofManagement.Mr.SwensenlivesinNewHaven,Connecticut.
目录:
Preface

Introduction

Overview

  1. Sources of Return

Part One: Asset Allocation

  Introduction

    2. Core Asset Classes

    3. Portfolio Construction

    4. Non-Core Asset Classes

Part Two: Market Timing

  Introduction

    5. Chasing Performance

    6. Rebalancing

Part Three: Security Selection

  Introduction

    7. The Performance Deficit of Mutual Funds

    8. Obvious Sources of Mutual-Fund Failure

    9. Hidden Causes of Poor Mutual-Fund Performance

    10. Winning the Active-Management Game

    11. The Exchange-Traded Fund Alternative

Afterword

  12. Failure of For-Profit Mutual Funds

APPENDIX 1:Measuring Investment Gains and Losses

APPENDIX 2:The Arnott, Berkin, and Ye Study of Mutual-Fund Returns

Notes

Index