Research Catalog

Title

Unconventional success : a fundamental approach to personal investment / David F. Swensen.

Author

Swensen, David F., 1954-2021.

Publication

New York : Free Press, [2005], ©2005.

Items in the Library & Off-site

Details

Description

402 pages; 24 cm

Summary

"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."--BOOK JACKET.

Subjects

• Finance, Personal
• Mutual funds
• Investments
• Portfolio management

Bibliography (note)

• Includes bibliographical references (p. [373]-385) and index.

Contents

1. Sources of return -- Pt. 1. Asset allocation -- 2. Core asset classes -- 3. Portfolio construction -- 4. Non-core asset classes -- Pt. 2. Market timing -- 5. Chasing performance -- 6. Rebalancing -- Pt. 3. Security selection -- 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 -- 12. Failure of for-profit mutual funds -- App. 1. Measuring investment gains and losses -- App. 2. The Arnott, Berkin, and Ye study of mutual-fund returns.

ISBN

• 0743228383
• 9780743228381

LCCN

2005044086

OCLC

• ocm58788891
• SCSB-5341022

Owning Institutions

Columbia University Libraries