Unconventional Success：A Fundamental Approach to Personal Investment

图书标准信息

• 作者 David F. Swensen 著
• 出版社 Oversea Publishing House
• 出版时间 2005-08
• 版次 1
• ISBN 9780743228381
• 定价 237.20元
• 装帧 精装
• 开本 其他
• 纸张 胶版纸
• 页数 352页
• 正文语种 英语

【内容简介】

ThebestsellingauthorofPioneeringPortfolioManagement,thedefinitivetemplateforinstitutionalfundmanagement,returnswithabookthatshowsindividualinvestorshowtomanagetheirfinancialassets.InUnconventionalSuccess,investmentlegendDavidF.Swensenoffersincontrovertibleevidencethatthefor-profitmutual-fundindustryconsistentlyfailstheaverageinvestor.Fromexcessivemanagementfeestothefrequent"churning"ofportfolios,therelentlesspursuitofprofitsbymutual-fundmanagementcompaniesharmsindividualclients.Perhapsmostdestructiveofallarethehiddenschemesthatlimitinvestorchoiceandreducereturns,including"pay-to-play"product-placementfees,stale-pricetradingscams,soft-dollarkickbacks,and12b-1distributioncharges.Evenifinvestorsmanagetoemergeunscathedfromanencounterwiththeprofit-seekingmutual-fundindustry,individualsfacethelikelihoodofself-inflictedpain.Thecommonpracticeofsellinglosersandbuyingwinners(anddoingbothtoooften)damagesportfolioreturnsandincreasestaxliabilities,deliveringaone-twopunchtoinvestoraspirations.Inshort:Nearlyinsurmountablehurdlesconfrontordinaryinvestors.Swensen'ssolution?Acontrarianinvestmentalternativethatpromoteswell-diversified,equity-oriented,"market-mimicking"portfoliosthatrewardinvestorswhoexhibitthecouragetostaythecourse.Swensensuggestsimplementinghisnonconformistproposalwithinvestor-friendly,not-for-profitinvestmentcompaniessuchasVanguardandTIAA-CREF.Byavoidingactivelymanagedfundsandemployingclient-orientedmutual-fundmanagers,investorscreatethepreconditionsforinvestmentsuccess.Bottomline?UnconventionalSuccessprovidestheguidanceandfinancialknow-howforimprovingthepersonalinvestor'sfinancialfuture.

【作者简介】

DavidF.SwensenisthechiefinvestmentofficerofYaleUniversityandthebestsellingauthorofPioneeringPortfolioManagement.HeservesontheboardsofTIAA,TheBrookingsInstitution,CarnegieInstitution,andHopkinsSchool.AtYale,whereheproducedanunparalleledtwo-decadeinvestmentrecordof16.1percent-per-annumreturns,heteacheseconomicsclassesatYaleCollegeandfinanceclassesatYale?1;sSchoolofManagement.Mr.SwensenlivesinNewHaven,Connecticut.

【目录】

Preface

Introduction

Overview

  1. Sources of Return

Part One: Asset Allocation

  Introduction

    2. Core Asset Classes

    3. Portfolio Construction

    4. Non-Core Asset Classes

Part Two: Market Timing

  Introduction

    5. Chasing Performance

    6. Rebalancing

Part Three: Security Selection

  Introduction

    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

Afterword

  12. Failure of For-Profit Mutual Funds

APPENDIX 1:Measuring Investment Gains and Losses

APPENDIX 2:The Arnott, Berkin, and Ye Study of Mutual-Fund Returns

Notes

Index