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Unconventional Success: A Fundamental Approach to Personal Investment
by: David F. Swensen

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Binding: Hardcover
Dewey Decimal Number: 332.6327
EAN: 9780743228381
ISBN: 0743228383
Label: Free Press
Manufacturer: Free Press
Number Of Items: 1
Number Of Pages: 403
Publication Date: August 02, 2005
Publisher: Free Press
Sales Rank: 3908
Studio: Free Press

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Product Description:
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.

Customer Reviews

Average Rating: out of 5 stars

Rating:

- It Taught me the questions to ask
Let's face it, I'm a 30 something Stay At Home Mother with two kids, a husband, a mortgage and a dog.

I heard the book referenced on NPR and thought it would be a worthwhile read. Now I'm asking better questions.

Mostly though I found it frighting.

If you'll excuse me I'm going to resume my ostrich pose.

Rating:

- excellent for the intellectually-oriented investor
Swensen provides a excellent analysis of different asset classes and the roles they play (or fail to play) in diversifying portfolios. For example, he clarifies the different diversifying roles of conventional Treasury bonds and TIPS, and explains why corporate, municipal and foreign bonds cannot be substituted. He also demonstrates the advantages of periodic portfolio rebalancing for the disciplined investor.

In what almost amounts to a book within a book, Swensen forcefully chronicles the failure of the mutual fund industry and its regulators to serve the interests of individual investors. This discussion is a must-read for anyone concerned about the implications of the shift towards investor managed defined contribution pension plans as the primary vehicle for retirement savings.

Swensen has not written a practical how-to guide to personal investing or asset allocation; rather, he argues ... Read More

Rating:

- Unconventional Success: A Fundamental Approach to Investing
Swensen's text is well developed and demonstrates a reasonable and rational approach to investing. Though not a text for the novice, I found it accessible to the average reader, as I gained familiarity with the language of investing, and intend to follow his advice.

Rating:

- Good Practical Advice
Unconventional Success is well written with logical explantions, good examples and practical advice. The book goes step-by-step through a discussion of recommended types of investments and popular investments that are not receommended, active vs passive investments and market timing. I recommend it for anyone who is interested in investing. It is one of the best investment books I have read.

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