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Pioneering Portfolio Management: An…
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Pioneering Portfolio Management: An Unconventional Approach to… (udgave 2000)

af David F. Swensen

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1862115,085 (3.92)1
An indispensable roadmap for creating a successful investment program from Yale's chief investment officer, David F. Swensen. In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement. 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.… (mere)
Medlem:tektrader
Titel:Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
Forfattere:David F. Swensen
Info:Free Press (2000), Edition: 1, Hardcover, 364 pages
Samlinger:Finance (inactive), Trading (inactive), Dit bibliotek (inactive)
Vurdering:
Nøgleord:economics, Your library

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Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment af David F. Swensen

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When describing the optimal approach to designing an investment portfolio, financial economists often begin by considering the problem faced by an infinite-lived investor. Of course, given that all individuals will eventually “expire,” that assumption is quite unrealistic for the vast majority of the investing public. This distinction is critical, however, to understanding what makes college endowment funds a unique class of investor: universities expect to survive forever and their spending needs remain relatively stable for long periods of time. As such, managers of endowment funds have the capacity to think very differently about financial risk-taking than virtually any other type of investor.

Despite the advantages that having an infinite time horizon provides (e.g., the ability to commit more capital to illiquid asset classes), college portfolios have been remarkably slow to take advantage of those opportunities over the last two centuries. David Swensen, the legendary manager of Yale University endowment fund, changed all that in the mid-1980s. In Pioneering Portfolio Management, Swensen explains with clarity and considerable detail what this transformation from traditional “plain vanilla” investing to the use of modern portfolio management techniques entailed.

The main innovations central to his approach to endowment management are: (1) diversify the portfolio into several asset classes, concentrating on equity investments, (2) invest in private markets (i.e., real estate, commodities, private equity) that offer increased long-term return potential per unit of risk, and (3) use external active managers for non-indexed investments. Much of the book is devoted to explaining and documenting the success of these strategies, which form the foundation of what has come to be called the “endowment model” (or Yale model) of investing.

While insightful on virtually every page, this book is not written for the casual reader; it certainly is not intended as a “how to” manual for the novice investor. As other reviewers have noted, Swensen’s writing style can be somewhat less than scintillating on occasion and some of the chapters contain far more information than many readers will care to know. Nevertheless, those inside the money management profession hold him in the same regard as they do Warren Buffett and that is reason enough to spend some time considering his thoughts on how institutional assets should be invested. ( )
  browner56 | Oct 1, 2011 |
Business
-investment
  jmdcbooks | Oct 2, 2006 |
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An indispensable roadmap for creating a successful investment program from Yale's chief investment officer, David F. Swensen. In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement. 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.

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