David F. Swensen Books

Since the original publication of Pioneering Portfolio Management, the global investment landscape has transformed, yet David Swensen's strategy for the Yale University endowment continues to yield remarkable results. Under his twenty-three-year leadership, Yale's portfolio has consistently outperformed the market, adding over $20 billion to the endowment and establishing Swensen as the most significant contributor to any university's finances in the U.S. This achievement stands out as a landmark in institutional investment history. In this revised edition, Swensen, also the author of Unconventional Success, outlines the investment process behind Yale's endowment. He offers insightful perspectives on institutional fund management, covering essential topics such as asset allocation and active fund management. Utilizing vivid real-world examples from his extensive experience, he addresses critical concepts like risk management, advisor selection, and navigating market challenges. Swensen provides clear, incisive advice, emphasizing that conventional investing often leads to poor decisions like buying high and selling low. He stresses the importance of trust over fleeting success, asserting that expertise and a long-term perspective yield better results than gimmicks. This new edition serves as a contemporary guide for fund managers and market students, building on the commonsense template for a well-diversified, equity-oriente

The bestselling author of Pioneering Portfolio Management returns with a guide for individual investors on managing financial assets. Investment legend David F. Swensen presents compelling evidence that the for-profit mutual fund industry consistently fails the average investor. High management fees and frequent portfolio "churning" undermine individual clients, while hidden schemes, such as "pay-to-play" fees and soft-dollar kickbacks, further limit choices and reduce returns. Even those who navigate the pitfalls of the mutual fund industry often inflict self-harm by frequently selling losers and buying winners, which damages returns and increases tax liabilities. Swensen identifies nearly insurmountable challenges for ordinary investors and proposes a contrarian investment strategy that emphasizes well-diversified, equity-oriented, "market-mimicking" portfolios. He advocates for using investor-friendly, not-for-profit investment companies like Vanguard and TIAA-CREF, steering clear of actively managed funds and opting for client-oriented mutual fund managers. Ultimately, this guide offers essential insights and strategies for improving the financial future of personal investors.

Die Finanzmärkte stellen Anleger vor immer größere Herausforderungen. Wer sich von vermeintlichen Zukunftsmärkten, explodierenden Rohstoffpreisen oder volatilen Aktienkursen zu Schnellschüssen verleiten lässt, steht am Ende oft als Verlierer da. Dagegen setzt David F. Swensen, Manager des Milliardenvermögens der Yale University, auf eine Proaktive Portfolio Strategie. Der Erfolg bestätigt ihn: Über die letzten zehn Jahre erzielte Swensen eine Rendite von durchschnittlich 16,8 Prozent. In seinem Bestseller wirft Swensen einen Blick hinter die Kulissen der Anlegerwelt, schreibt über die Vermögenspolitik großer Institutionen und behandelt anschaulich die Schlüsselfragen, die sich einem jeden Anleger stellen. Sein Buch richtet sich nicht allein an institutionelle Investoren, sondern auch an Privatanleger, die den Profis auf die Finger schauen wollen.