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"David Swensen is one of today's best endowment managers, if not the best. "Unconventional Success" is a perfect summary of what is wrong with a very important industry. This book should lead the reader to better investment decisions."
-- Michael F. Price, Managing Partner, MFP Investors
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First Sentence
John Maynard Keynes wrote, "Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally." Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
John Maynard Keynes wrote, "Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally." Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
17 of 17 people found the following review helpful
By L. Peticca
Format:Hardcover
Swensen is undeniably a realist and a cynic at the same time. I read this book as part of my MBA program and found his perspective very interesting and insightful. I now have a much better understanding of the overall investment business and why there are so many hand tailored suits on Wall Street. By reading this book, you will be able to choose your investment vehicles with both eyes open.
The only negative is he could have made his message easier to understand without forcing the use of every word in the English dictionary.
The only negative is he could have made his message easier to understand without forcing the use of every word in the English dictionary.
7 of 7 people found the following review helpful
By Mark
Format:Hardcover|Amazon Verified Purchase
As the title suggests, this book is an academic thesis on the failure of mutual funds. It is not a guide to personal investment for the amateur. It is written in a style of english I last saw twenty five years ago at university and is not an easy read. My final criticism relates to me being a UK Investor. Much of the criticism relates to the taxation status of mutual funds in the US which does not apply in the UK. Also charges are dealt with differently in the UK so this aspect is largely irrelevant as well. Having said all that he makes a good case for sticking to index funds and rebalancing, which is common sense good advice for the amateur.
1 of 1 people found the following review helpful
By N. Weeds
Format:Hardcover|Amazon Verified Purchase
This book is really two books in one. It offers strong advice on personal investing, and it is a damning critique of the financial services industry.
Swensen has an outstanding record as chief investment officer for the Yale endowment, which has shown strong returns from sophisticated investments. However, Swensen strongly advises that private investors take a very different approach, concentrating on core asset classes and using low cost passive funds. It's a convincing case, but one which is put much better in Tim Hale's book "Smarter Investing".
Swensen puts strong emphasis on alignment of interests between investors and those who sell or manage investments. It's an important point, and one that does apply to private investors as well as to sophisticated institutional investors.
The second half of the book is really a damning critique of the financial services industry. It's an eye-opener for the private investor. The abuses are pervasive and deeply embedded, and Swensen clearly believes that the financial services industry will always have the upper hand when it comes to exploiting private investors. Whilst the book focuses on the US, and the abuses might be different in the UK, it seems naive to think that the UK is really substantially better.
Overall this is not an easy read, though Swensen's mounting derision of the financial services industry does become amusing towards the end.
If you're after a guide to investing read Tim Hale's book instead - it's covers the same investment principles, and much more besides, in a much more readable style. If you know the basics and you want to go into investing with your eyes open to the exploitation you will face, read this.
Swensen has an outstanding record as chief investment officer for the Yale endowment, which has shown strong returns from sophisticated investments. However, Swensen strongly advises that private investors take a very different approach, concentrating on core asset classes and using low cost passive funds. It's a convincing case, but one which is put much better in Tim Hale's book "Smarter Investing".
Swensen puts strong emphasis on alignment of interests between investors and those who sell or manage investments. It's an important point, and one that does apply to private investors as well as to sophisticated institutional investors.
The second half of the book is really a damning critique of the financial services industry. It's an eye-opener for the private investor. The abuses are pervasive and deeply embedded, and Swensen clearly believes that the financial services industry will always have the upper hand when it comes to exploiting private investors. Whilst the book focuses on the US, and the abuses might be different in the UK, it seems naive to think that the UK is really substantially better.
Overall this is not an easy read, though Swensen's mounting derision of the financial services industry does become amusing towards the end.
If you're after a guide to investing read Tim Hale's book instead - it's covers the same investment principles, and much more besides, in a much more readable style. If you know the basics and you want to go into investing with your eyes open to the exploitation you will face, read this.
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Most Recent Customer Reviews
1.0 out of 5 stars
Awfully written and Undigestible
This book may contain fantastic investment advice - but you'll have to have the stomach and perseverance to get through the author's awful, arcane, out of date and seemingly... Read more
Published 13 months ago by Digger90
5.0 out of 5 stars
For Asset Allocation Geeks
David Swenson is the Chief Investing Officer of the high-flying Yale Endowment; this is his book for personal investors (Pioneering Portfolio Management is aimed at institutional... Read more
Published on 8 Mar 2011 by P Newall
4.0 out of 5 stars
Investment advice from a pro
Although for many investors, the stock market is the only game in town, author David F. Swensen, the experienced manager of Yale University's endowment, suggests investing in... Read more
Published on 8 Feb 2008 by Rolf Dobelli
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