In his 14 years as Yale’s chief investment officer, David Swensen has propelled the university’s investment portfolio into the top one per cent of institutional funds. To be sure, Yale CIO David Swensen believes most institutions and the his updated edition of Pioneering Portfolio Management provides a. Reviewing Swensen’s Pioneering Portfolio Management, David Swensen, release date:Sep 23,

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Pioneering Portfolio Management

Add to Cart Add to Cart. It is very helpful, not only for beginners but also for experienced investment professionals. Institutions seek high risk-adjusted returns, while outside investment advisors pursue substantial, stable flows of fee income. Nov 07, Sean rated it really liked it. Populated by unusually gifted, extremely driven individuals, the poortfolio funds management industry provides swdnsen nearly limitless supply of products, a few of which actually serve fiduciary aims.

Overall, this book deserves a read and re-read. He begins by exploring the reasons for endowments and the necessity of an appropriate polices for spending and investments. In every equity position, public or private, management at least occasionally pursues activities providing purely personal gains, directly damaging the interests of shareholders.

Every Fool should read this book. Swensen No managsment available – It can be very academic; however, portolio the reader is treated to a glimpse of his dry humor. He is notable for inventing The Yale Model which is an application of modern portfolio theory.

The process of rebalancing requires a fair degree of activity, buying and selling to bring underweight and overweight allocations to target. You may find less value in it if you have no experience or education in asset management, but he ;ioneering a nice job summing up basics of swemsen classes and the typical pitfalls faced by many institutional investors.


Apr 14, Emil Petersen rated it liked it. Sep 05, Bowen Zhong rated it really liked it. However, Swensen acknowledges the role of active investment in inefficient markets. An Unconventional Approach to Institutional Investment. Swensen lives in New Haven, Connecticut.

The tough competitive nature of the investment management industry stems from the prevalence of zero-sum games where the amount by which the winners win equals the amount by which the losers lose.

Relationships with external investment managers provide a fertile breeding ground for conflicts of interest.

High quality investment management makes a difference!

My library Help Advanced Book Search. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not. Low-cost passive strategies, as outlined in Unconventional Success, suit the overwhelming number of individual and institutional investors without the time, resources, and ability to make high quality active management decisions.

The best lesson I learned from this book was the importance of asset allocation in addition to great investment idea generation. Consider allocations to real estate in the late s. This book repeats itself so often that pages could be trimmed easily from it. Regular face-to-face meetings between fund managers and external advisors constitute the most important tool for performance evaluation. Very illuminating book – it gave a great macro overview of how university endowments should think about their portfolios, in terms of balancing the decisions of what percent of the endowment should be spent each year versus what the portfolio should be invested in to ensure preservation of purchasing power.

At Yale, where he produced an unparalleled two-decade investment record of Like the residents of Lake Wobegon who all believe their children to be above average, nearly all investors believe their active strategies will produce superior results.

Pioneering Portfolio Management : David F. Swensen :

The knowledge base that provides useful support for investment decisions knows no bounds. Home Contact Us Help Free delivery worldwide.


Mar 01, Mark rated it liked it. Casual commitments invite casual reversal, exposing portfolio managers to the damaging whipsaw of buying high and selling low.

Reviewing Swensen’s Pioneering Portfolio Management –

He prefers smaller funds where employees get paid based on the results, and no other shareholders are involved to dilute the earnings. Pioneering Portfolio Managementprovides a road map for creating a successful investment programme.

Now, this acknowledged leader of fund managers draws on his experience and deep knowledge of the financial markets to provide a compendium of powerful investment strategies. An Unconventional Approach to Institutional Investment.

Jun 20, Yuko rated it it was amazing. By operating in the institutional mainstream of short-horizon, uncontroversial opportunities, committee members and staff ensure unspectacular results, while missing potentially rewarding longer term contrarian plays.

Sep 16, Bart Kramer rated it it was amazing. Aug 19, Peter rated it it was amazing.

No middle ground exists. It was also full of blow-up stories. By moving into alternative investments, an institution can hedge their investments. Other editions – View all Pioneering Portfolio Management: This very thoughtful and thorough book lays out an approach to institutional investment — management of a university endowment, specifically — that is both pragmatic and grounded in rigorous portfoliio That is, security prices tend to fluctuate more than necessary to respond to fundamental factors, such as earnings and interest managementt, that determine intrinsic value.

Selected pages Title Page.