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Unconventional Success: A Fundamental Approach to Personal Investment,New
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The bestselling author of Pioneering Portfolio Management, the definitive template for institutional fund management, returns with a book that shows individual investors how to manage their financial assets.In Unconventional Success, investment legend David F. Swensen offers incontrovertible evidence that the forprofit mutual fund industry consistently fails the average investor. From excessive management fees to the frequent 'churning' of portfolios, the relentless pursuit of profits by mutual fund management companies harms individual clients. Perhaps most destructive of all are the hidden schemes that limit investor choice and reduce returns, including 'paytoplay' productplacement fees, staleprice trading scams, softdollar kickbacks, and 12b1 distribution charges.Even if investors manage to emerge unscathed from an encounter with the profitseeking mutual fund industry, individuals face the likelihood of selfinflicted pain. The common practice of selling losers and buying winners (and doing both too often) damages portfolio returns and increases tax liabilities, delivering a onetwo punch to investor aspirations.In short: Nearly insurmountable hurdles confront ordinary investors.Swensen's solution? A contrarian investment alternative that promotes welldiversified, equityoriented, 'marketmimicking' portfolios that reward investors who exhibit the courage to stay the course. Swensen suggests implementing his nonconformist proposal with investorfriendly, notforprofit investment companies such as Vanguard and TIAACREF. By avoiding actively managed funds and employing clientoriented mutual fund managers, investors create the preconditions for investment success.Bottom line? Unconventional Success provides the guidance and financial knowhow for improving the personal investor's financial future.
⚠️ WARNING (California Proposition 65):
This product may contain chemicals known to the State of California to cause cancer, birth defects, or other reproductive harm.
For more information, please visit www.P65Warnings.ca.gov.
- Q: What is the main focus of 'Unconventional Success'? A: 'Unconventional Success' focuses on providing individual investors with strategies to effectively manage their financial assets and avoid the pitfalls of the traditional mutual fund industry.
- Q: Who is the author of 'Unconventional Success'? A: The author of 'Unconventional Success' is David F. Swensen, a well-known investment strategist and the chief investment officer at Yale University.
- Q: What are the key themes discussed in the book? A: Key themes include the flaws of the mutual fund industry, the importance of low-cost investment options, and the benefits of a well-diversified, market-mimicking portfolio.
- Q: Is 'Unconventional Success' suitable for beginner investors? A: Yes, 'Unconventional Success' is suitable for beginner investors as it provides clear, actionable advice on how to navigate personal investment challenges.
- Q: What type of investment approach does Swensen advocate for? A: Swensen advocates for a contrarian investment approach that emphasizes low-cost, passive investment strategies through not-for-profit companies like Vanguard.
- Q: What can readers expect to learn from this book? A: Readers can expect to learn about investment strategies, the impact of management fees, and how to build a diversified investment portfolio that aligns with their financial goals.
- Q: When was 'Unconventional Success' published? A: 'Unconventional Success' was published on August 9, 2005.
- Q: What is the page count and binding of 'Unconventional Success'? A: 'Unconventional Success' has 403 pages and is available in a hardcover binding.
- Q: Does the book include any specific investment recommendations? A: Yes, the book includes recommendations for using investment vehicles offered by not-for-profit firms, which are typically more cost-effective than traditional funds.
- Q: What edition of the book is available? A: The available edition of 'Unconventional Success' is an annotated edition.