As I read, the market started to react erratic and I, along with everyone else, saw investments drop like lead sinkers. Much respect to the author who is one of the best modern-day investors but I feel this book was better articulated in say John Bogles Common Sense on Mutual Funds. Talks about how individuals should not invest their money. On the one hand, David Swensen is as brilliant and knowledgeable as his reputation suggests. All of this information was valuable. Detailed, comprehensive, and sensible. This is an incredibly interesting book written in an incredibly dry style. Still, while Swensen’s book has a well-worn thesis, it provides some valuable insights for investors looking to craft a passive investment strategy. Recommended for anyone seeking asset allocation advice for personal investments. Unconventional Success does for the individual investor what Swensen's Pioneering Portfolio Management did for the institutional investor." It's National Novel Writing Month, the annual event designed to... To see what your friends thought of this book, "Unconventional Success: A Fundamental Approach to Personal Investment," written by David Swensen, who has had great results as the chief investment officer of Yale University, puts forth a simple premise for investors: that they do the best when they construct portfolios that are equity-oriented, broadly diversified, and managed by not-profit companies (Vanguard and TIAA-CREF). I started this book in mid-September, when things look shaky on the Dow but hadn’t yet gotten down-right depressing. I suppose if one is really detail oriented and theoretical, this would be a great book but in that case, he has a more quantitative book 'Pioneering Portfolio Management' which seems to receive rave reviews. And he really does bring an unconventional allocation approach to individual investing: 30% domestic equities; 15% foreign equities; 5% emerging market equities; 20% REITS (or other real estate); 15% Treasuries; and 15% TIPS. Investors expect equity-like returns from domestic equities, foreign developed market equities, and emerging market equities. By the guy who runs Yale's endowment fund. A great read for the individual investor, whose career is outside financial services (and even those inside). Probably, most of Swensen’s readers already understand this unconventional wisdom, but for the 90% of others still getting ripped off by mutual fund companies and brokers, unfortunately they aren’t likely to read this book and, because the book reads like a college textbook, even if they started reading it they wouldn’t be likely to finish. He is responsible for managing and investing the University's endowment assets and investment funds, which total $23.9 billion. The author may be a good fund manager and an experienced investor. The advice is still solid, however, and the biggest takeaways I got from the book were that most people shouldn't use financial advisers, you should thoroughly research things before purchasing them, and continue to educate yourself on financial literacy. A great guide for portfolio management using index based (or ETFs) low cost tools instead of Mutual funds; Also advises against the glamour of Hedge funds VC's and such non core Asset classes. Mr. Swensen lives in New Haven, Connecticut. Very similar to Ray Dalio's risk parity allocation recommendation for individuals. David Swensen strongly encourages low-fee, passive indexes, particularly those managed by the non-profits Vanguard and TIAA-CREF.
Refresh and try again. The second half quickly descended into a rant against the mutual fund industry.
An interesting insight into the use of mutual funds as an investment vehicle, and the conflicts of interest presented by investment in them. Sitting on a board for a private foundation, I have heard the name David Swensen mentioned over and over from our investment advisors. Doesn't do a very good job of saying what you *should* do.
This book is long winded at times and is showing its age, but the fundamental message it portrays is still sound. This is only slightly dated and the rage that Swensen feels towards the actually existing finance industry comes across pretty clear. The book is an important reminder of investment basics and is highly recommend if you need a high quality reminder of the fundamentals of all asset classes. I struggled with the rating of Unconventional Success. I read this book in 2019. Would be interested to see an update reflecting the Financial Crisis and the current market correction. Swensen is the Chief Investment Officer for Yale University and has attracted the attention of the investment world for his stellar results in that position. It needs bashing, but I'd bet 60% of this long book centered on this single topic.
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