作者:
David F. Swensen 出版社: Free Press 副标题: A Fundamental Approach to Personal Investment 出版年: 2005-08-02 页数: 402 定价: USD 30.00 装帧: Hardcover ISBN: 9780743228381
Swensen, CIO of Yale University and the author of Pioneering Portfolio Management, reveals why the mutual fund industry as a whole does a disservice to the individual investor. Soft money, 12b-1 fees, overtrading, market timing, and other management practices lower performance and virtually guarantee that most mutual fund returns will fall short of their benchmark, such as the ...
Swensen, CIO of Yale University and the author of Pioneering Portfolio Management, reveals why the mutual fund industry as a whole does a disservice to the individual investor. Soft money, 12b-1 fees, overtrading, market timing, and other management practices lower performance and virtually guarantee that most mutual fund returns will fall short of their benchmark, such as the S&P 500. Furthermore, for-profit mutual fund companies have a fiduciary obligation to their stockholders, not to their investors, and this relationship "inevitably resolves in favor of the bottom line." Swensen is also highly critical of the Morningstar rating system, which only causes investors to chase hot performing funds and managers. He advises considering alternatives to the for-profit mutual fund industry, including Exchange Traded Funds and not-for-profit financial institutions such as Vanguard and TIAA-CREF. He highly recommends that as an individual, you should play a more active role in your financial future. This includes periodic portfolio evaluation and rebalancing, to ensure that your asset allocation remains diversified and suits your investment time line. David Siegfried
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"This is not only investing made easy, it's investing made smart."
"Mutual fund managers and marketers are not going to like David Swensen's thoughtful and intelligently opinionated analysis of their 'colossal failure' resulting from the fund industry's 'systemic exploitation of investors.' Coming from the mind and heart of one of America's most successful and integrity-laden money managers, this is a book that will change the way you think about mutual funds. It's high time for you to follow the elegantly simple advice he presents in this wonderful book."
-- John C. Bogle, founder and former CEO, The Vanguard Group
"Swensen is the best. Always a pioneer, his new book presents an approach to investing that is both brilliant and practical."
-- Barton Biggs, former Chief Global Strategist, Morgan Stanley
"A legendary institutional investor reveals the conflicts of interest that induce most financial services companies to provide inadequate products for the individual investor. Swensen's wise solution: Low cost, tax efficient, market-mimicking funds available either through Exchange Traded Funds (ETFs) or from not-for-profit mutual fund companies. Unconventional Success does for the individual investor what Swensen's Pioneering Portfolio Management did for the institutional investor."
-- Burton G. Malkiel, author of A Random Walk Down Wall Street
"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
"Unfortunately, at the bottom of our industry -- money management -- there is a rather thick layer of muck, and Swensen's Unconventional Success rakes through this muck in spectacular fashion and great detail. It is the truth, the whole truth, and the very ugly truth. If you want to avoid the snares that lurk in money management, and save yourself lots of money, you must read it."
Capital markets provide three tools for investors to employ in generating investment returns: asset allocation, market timing, and security selection.
Explicit understanding of the nature and power of the three portfolio management tools allows investors to emphasize the factors most likely to contribute to long-term investment goals and deemphasize the factors most likely to interfere with long-term goals.
Establishing a coherent investment program begins with understanding the relative importance of asset allocation, market timing, and security selection. (查看原文)
书名Unconventional Success 是取自著名经济学家Keynes（凯恩斯）著作The General Theory of Employment, Interest, and Money （《就业、利息和货币通论》）中的一段话，“Worldly wisdom teaches that it is better for reputation to fail conventional than to succeed unc...
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书名Unconventional Success 是取自著名经济学家Keynes（凯恩斯）著作The General Theory of Employment, Interest, and Money （《就业、利息和货币通论》）中的一段话，“Worldly wisdom teaches that it is better for reputation to fail conventional than to succeed unc...
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因为阅读速度的原因, 打算先看看中文版, 再看英文版温故知新 然而, 开篇翻译就错了, 都不知道该不该看下去, 无语了~ 开篇, 原书 Introduction 原话 是 > “Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventional...
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大卫·史文森 作者
penddy
中国青年出版社2009版
Zhang
中国青年出版社2009版
Auguste
中国青年出版社2009版
simple
中国青年出版社2009版
0 有用 柠檬草 2021-05-22 17:18:14
建议买基金前至少读一遍每章后的summary
0 有用 talich 2007-02-14 14:31:03
excellent idea, very dry presentation
0 有用 窪里橘子 2021-09-30 21:25:44
说白就是两句话 1. 不要从众、人d恐惧我进场——这个刚开始奉之圭臬仔细遵守、赚到点儿钱就容易忘了、立马变得急功近利去追涨杀跌；2. 买指数基金不要把自己钱交给利益不完全相符的主动基金吹b人士。差不多就系甘两样。耶鲁基金也就是这样的大原则、再加一些精细化的操作，也没落到“择时”这种假快感但长期无增益的方向上。
0 有用 elfish 2022-12-27 10:04:23 美国
适用于免税机构且操作性不强，行文啰嗦。
0 有用 Kevin Lee 2016-09-08 23:41:26
本书阐述了投资收益的三个来源：一、资产配置；二、市场择时；三、择股。作者通过对历史数据的定量分析和利益相关性的定性分析，揭示了个人投资者应该遵循的投资三个原则：1，以权益类资产为主导的投资组合（70%以上的资产类别应该是权益类投资）；2，分散化投资（每一项单独的资产类别的下限为5%-10%，上限为25%-30%）；3，总是税收的影响。同时，作者参数了核心资产和非核心资产的区别（3个条件）。
0 有用 雯纸在哪里 2023-01-03 01:44:51 加拿大
经典的书看多少遍都会有新的发现… 也纪念一下刚去世没多久的史文森。今年工作上最重要的目标除了希望新fund一切顺利，还有就是要把自己的investment framework搞出来
0 有用 elfish 2022-12-27 10:04:23 美国
适用于免税机构且操作性不强，行文啰嗦。
0 有用 目送飞鸿 2022-11-06 16:31:38 北京
这本书与其说是介绍投资，不如说主要在于披露基金投资领域的利益冲突。对于个人投资者来说，指望自己跑赢基准可能性不大，那买基金就要避免陷阱。写得实在啰嗦
0 有用 庄常飞 2022-04-05 21:38:26
虽然老生常谈但也有不少干货，以及更彩蛋的是LLPFX的表现
0 有用 Joseph 2021-11-07 02:38:44
there is asset allocation ratio at the begnning