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
内容简介 · · · · · ·
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."
-- Jeremy Grantham, Chairman of GMO
Unconventional Success的创作者
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大卫·史文森 作者
作者简介 · · · · · ·
大卫·F·斯文森,耶鲁大学投资总监,是投资界的一位奇才。摩根士丹利的前任投资策略家巴顿·比格斯称他为“在一个充满了自我推销式偏执的职业中的一位哲学王子”。他管理着耶鲁大学140多亿美元的捐赠资产,并让耶鲁大学在过去的20年里的年收益率达到16.1%,这在机构投资者中。几乎无人能敌。
斯文森,是美国教师保险与养老金协会(TIAA)、华盛顿卡梅格研究所(CarnegieInstitutionofWashington)、美国布鲁金斯研究所(TheBrookingsInstitution)的受托人,也是霍普金斯大学受托人委员会的财务主管。在耶鲁大学,他是伯克利学院的成员,伊丽莎自俱乐部的合伙人之一。还是国际金融中心的成员。斯文森先生在耶鲁学院和耶鲁大学管理学院为学生授课。斯文森曾出版著作有:畅销书《机构投资与基金管理的刨新》。
喜欢读"Unconventional Success"的人也喜欢 · · · · · ·
Unconventional Success的书评 · · · · · · ( 全部 21 条 )
对投资工具和共同基金的深入阐述
Unconventional Success
这篇书评可能有关键情节透露
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... (展开)为投资者最佳利益着想的良心之作
开篇翻译就错了, 都不知道该不该看下去
动态再平衡的艺术(技术)
这篇书评可能有关键情节透露
这本书在2023年就看完了,当时的想法是,要不要复刻一下这个模式。细看又觉得难度很大。主要是对资产的基本面风险并不了解,我没办法深刻的去理解,要建立的这个组合的目标收益是多少,风险会有多大? 虽然但是,这本书是我第一次看到从这个角度来讲做投资,还是受益匪浅。 这... (展开)> 更多书评 21篇
论坛 · · · · · ·
在这本书的论坛里发言这本书的其他版本 · · · · · · ( 全部5 )
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中国青年出版社 (2009)7.8分 458人读过
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中国人民大学出版社 (2020)7.5分 279人读过
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梅霖文化 (2007)暂无评分 6人读过
在哪儿借这本书 · · · · · ·
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谁读这本书? · · · · · ·
二手市场
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- 在豆瓣转让 有658人想读,手里有一本闲着?
订阅关于Unconventional Success的评论:
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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 越越你妹 2014-03-08 23:27:58
讲的很中肯,但和他的老朋友Bob一样好啰嗦,实际指导性不是很强
0 有用 K 2017-09-24 16:39:49
总之就是放弃择时、择股,配置指数基金再平衡喽
0 有用 wildsheepchase 2013-03-22 10:11:25
大多数内容在Pioneering Portfolio Management一书中都有,看过那本书再读这本就觉得收获有限。收获: ETF税务优势和Vanguard以及TIAA的非盈利模式。
1 有用 霹雳大叔 2015-09-04 13:24:29
好啰嗦,内容正确但是有价值东西不多,也没任何可操作性建议
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