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Unconventional Success: A Fundamental Approach to Personal Investment (Hardcover) (精装)
by David F. Swensen
| Category:
Mutual fund, Investing, Personal wealth, Investment guide |
| Market price: ¥ 308.00
MSL price:
¥ 278.00
[ Shop incentives ]
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
Excellent and important personal finance review for serious investors though a little difficult and dry. |
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AllReviews |
  1 2 Total 2 pages 12 items |
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A reader (MSL quote), USA
<2006-12-26 00:00>
In Unconventional Success, David F. Swensen justifies an evaluation that the in-favor-of-profits mutual fund industry and its salespersons yield to the individual investor steadfast failure, which is that to which the former half of the book's title refers. For instance, we learn that when one buys a mutual fund for profit, they are asking these salespersons to estimate their financial outlook, often putting them in a risky position. That combined with advertising costs, salesmen commissions, and fees for placement of products play a key role in harming the consumer.
From this book, we are given an inside look at the mutual fund industry relative to its misgivings. The latter half of the book's title "A Fundamental Approach to Personal Investment" refers to the investing of funds through common stock indexes, including the NASDAQ Composite, the S &P 500, and the Dow Jones Index. Also advised is the employment of an asset manager, which achieves the desired result of avoiding excessive management fees, trading schemes, and distribution charges.
Swensen has been the chief investment officer of the Yale endowment for approximately two decades. Thanks to him, it is widely considered the best-run, most influential institutional fund in the nation, which would explain why every other institution is attempting to copy it. Over the past two decades, Yale has garnered over fifteen billion dollars in returns, and the manner in which Swensen and his colleagues have gone about generating those returns is the result of two things: an exceptionally diversified portfolio, consisting of 15% of its assets in domestic equities, 15% in private equity, 15% in foreign stocks, and 18% in timber and energy investments, and, most significantly, "hedge funds," (in which Yale has invested 26% since the conclusion of fiscal year 2004) which, at first, were used exclusively by wealthy investors until Swensen discovered that the managers of such funds were extremely skilled.
Ironically, Unconventional Success was intended to be a book on showing how individual investors can invest in the same manner as Yale, but in the end, it ultimately achieves the opposite effect: it shows why individual investors would never be able to invest in such a manner, while allowing Swensen to appreciate the blockbuster advantages that accompany the career as an institutional money manager. One other central purpose of this book is to teach individual investors that they should not try to pick stocks themselves, due to stiff competition in the markets. |
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Newsweek (MSL quote), USA
<2006-12-26 00:00>
This is not only investing made easy, it's investing made smart. |
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1 2 Total 2 pages 12 items |
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