(PDF) Unconventional Success by David F. Swensen : 9780743228381

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    Unconventional Success
    A Fundamental Approach to Personal Investment

    by David F. Swensen

    Unconventional Success · READ MORE

    • Release date: August 9, 2005
    • Author: David F. Swensen
    • ISBN: 9780743228381 (0743228383)
    • Publisher: Free Press
    • Format: hardcover, 416 pages
    • Language: english
    • Genres: finance, business, economics, money, buisness

    About The Book

    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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