An indispensable roadmap for creating a successful investment program
from Yale's chief investment officer, David F. Swensen.
In the years since the now-classic Pioneering Portfolio Management was
first published, the global investment landscape has changed
dramatically -- but the results of David Swensen's investment strategy
for the Yale University endowment have remained as impressive as ever.
Year after year, Yale's portfolio has trumped the marketplace by a wide
margin, and, with over $20 billion added to the endowment under his
twenty-three-year tenure, Swensen has contributed more to Yale's
finances than anyone ever has to any university in the country. What may
have seemed like one among many success stories in the era before the
Internet bubble burst emerges now as a completely unprecedented
institutional investment achievement.
In this fully revised and updated edition, Swensen, author of the
bestselling personal finance guide Unconventional Success, describes
the investment process that underpins Yale's endowment. He provides
lucid and penetrating insight into the world of institutional funds
management, illuminating topics ranging from asset-allocation structures
to active fund management. Swensen employs an array of vivid real-world
examples, many drawn from his own formidable experience, to address
critical concepts such as handling risk, selecting advisors, and
weathering market pitfalls.
Swensen offers clear and incisive advice, especially when describing a
counterintuitive path. Conventional investing too often leads to buying
high and selling low. Trust is more important than flash-in-the-pan
success. Expertise, fortitude, and the long view produce positive
results where gimmicks and trend following do not.
The original Pioneering Portfolio Management outlined a commonsense
template for structuring a well-diversified equity-oriented portfolio.
This new edition provides fund managers and students of the market an
up-to-date guide for actively managed investment portfolios.
