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Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
Free Download Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
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From Booklist
Swensen has been the chief investment officer for the past 14 years at Yale University, where he is responsible for managing and investing more than $6 billion of the university's endowment assets and investment funds. Realizing an annual return of more than 16 percent on his investments, Swensen has added more than $2 billion to Yale's coffers, and his consistent track record has attracted the notice of Wall Street portfolio managers. Here Swensen provides a brief history of endowment funds and explains the purpose of endowment accumulation and the goals for institutional portfolios. One of the strategies behind his success has been to diversify asset classes and move beyond a reliance on domestic marketable securities. He distinguishes between traditional and alternative asset classes, looks at performance evaluation issues and tools, and considers the investment decision-making process. Although its audience will be limited, this book is a necessary purchase for libraries with collections that include the topic of investment management. David RouseCopyright © American Library Association. All rights reserved
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Review
Richard C. Levin F.W. Beinecke Professor of Economics and President, Yale University David Swensen's creative and disciplined approach to investment has given Yale the resources it needs to augment its capacity for excellence in scholarship and teaching. Those who absorb the wisdom in this book will likewise strengthen the institutions they serve. -- Review
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Product details
Hardcover: 364 pages
Publisher: Free Press; 1 edition (May 15, 2000)
Language: English
ISBN-10: 0684864436
ISBN-13: 978-0684864433
Product Dimensions:
6.5 x 1 x 13 inches
Shipping Weight: 1.3 pounds (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
46 customer reviews
Amazon Best Sellers Rank:
#787,173 in Books (See Top 100 in Books)
Swensen's book is a must-read for endowment managers and other institutional investors, particularly those who take a fund-of-funds approach (as does Yale, where Swensen is Chief Investment Officer). Swensen aptly lays out the investment policy that has enabled Yale to consistently outperform other U.S. endowments. As Yale's CIO, Swensen has set a target portfolio allocation that departs significantly from the still heavily U.S. equity and debt-focused strategy of most endowments. Swensen's approach includes a large allocation to asset classes that are not highly correlated to the U.S. public equity market. He outlines these "alternative" classes in his book, giving the reader an excellent view of how alternative investments can increase risk-adjusted portfolio returns.Perhaps the biggest contribution of Swensen's book, however, is the debunking of myths that still lull fiducaries into making the wrong decisions, for example when it comes to picking investment managers. Swensen advises against chasing managers who have performed well simply because of their past performance. If attributes such as personal integrity and the right fee structure are lacking, solid past performance can become a liability, not an asset. Swensen describes the example of private equity firm KKR-- after tremendous early successes, the flood of investor capital into KKR enabled the firm's partners to set up a fee structure that ensured big payoffs for themselves even if their funds underperformed. This is just one of many valuable lessons the reader will draw from Swensen's book.
Pioneering Portfolio theory is a must read. As other reviewers have said it's essential for any endowment manager. However, it's also a great read for those not interested in asset management. Besides being a fantastic overview of different asset classes and how to think about them, Swensen talks at length about alignment of incentives, how to balance the qualitative and quantitative, and how differing timeframes influence your decisions. All of which are huge components of the decisions anyone makes that often aren't thought about rigorously.
Swensen's framework for Endowment Managment remains a thoughtful and clearly articulated look at institutional best practices.A key lesson of his is often overlooked. Each institution is unique, and should not attempt to copy what has been at Yale or other successful investment programs.I would love Swenson to write another book, but my best guess is it would be very similar to the original masterpiece.
as described.
This is an excellent book about the workings of an institutional portfolio and the various influences pulling at investment decisions.Lots of good anecdotal stories of mis-steps by *other* institutions. I would love to hear about some mistakes that DS has made during his tenure.He deals implicitly w/ agency issues that exist in most money management situations. For a more detailed explication of agency conflicts, read, "Unconventional Success".He attributes a lot of manager success to luck. However, how much of DS's and Yale's success is due to luck? He does not subject his own performance (that of managing the managers) to any sort of benchmark.Finally, he gives very short shrift to the back-office and operational issues (1 page at the end of the book). This is the achilles heel of 80% of management firms. They cannot scale, control, and maintain quality as they grow. This is the same, "Its all in the front office" mentality that presages so many other stumbles into mediocrity (not blow ups - just a benign drift downwards in rankings). I hope this same fate does not befall DS and Yale.
The marketing/techno-speak of the investment management industry sometimes gets to be overwhelming, this book can be an antidote. Swensen focuses on policy objectives, manager incentives, relative market (in)efficiencies and fundamental asset class characteristics to write a valuable resource for anyone considering the plethora of modern-day investment vehicles. Practically every concept is explained in language that is intelligible to someone with a basic understanding of the current investment markets. Absolutely worth the purchase.
I have recommended this book to numerous colleagues at work. We use it as a great summary of our investment philosophy and as a touchstone for investment values and sanity checks. We have purchased mutiple copies which we give to stakeholders to spread the word and bring them up to speed with these investment truths.I've been a professional f.m. for 25 years and I wish I'd read this book closer to year 1 than year 25.BTW we got far less incremental value out of Swensen's second book
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