In his 14 years as Yale’s chief investment officer, David Swensen has propelled the university’s investment portfolio into the top one per cent of institutional funds. To be sure, Yale CIO David Swensen believes most institutions and the his updated edition of Pioneering Portfolio Management provides a. Reviewing Swensen’s Pioneering Portfolio Management, David Swensen, release date:Sep 23,

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Making decisions based on thorough analysis provides the best foundation for running a strong investment program. Gsc portfoio it liked it Apr 09, To ask other readers questions about Pioneering Portfolio Managementplease sign up.

Reviewing Swensen’s Pioneering Portfolio Management –

Want to Read saving…. To see what your friends thought of this book, please sign up. In dealing with the entire range of investment decisions from broad-based asset allocation to issue-specific security selection, investment success requires sticking with positions made uncomfortable by their variance with popular opinion. 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.

Book ratings by Goodreads. Of course, given that all A masterful work by the master himself. Jonathan Deng rated it it was amazing Jun 20, The book begins by painting the big picture, discussing the purposes of endowment accumulation and examining the goals for institutional portfolios. The best lesson I learned from this book was the importance of asset allocation in addition to great investment idea generation.

Pioneering Portfolio Management : David F. Swensen :

This is valuable for understanding how strong portfolio managers think about various types of alternative investing. Of course, given that all No trivia or quizzes yet.


Only those investors with active management ability sensibly pursue market-beating strategies in traditional asset classes and portfolio allocations to nontraditional asset classes.

There are no discussion topics on this book yet. He offers penetrating insights from his experience managing Yale’s endowment, ranging from broad issues of goals and investment philosophy to the strategic and tactical aspects of portfolio management. Market participants rarely wonder whether high returns came from accepting greater than market risk, or whether pioneerjng returns resulted from lower than market risk. He spent a full two pages running Jim Cramer through th Very illuminating book – it gave a great macro overview of how university endowments should think about their portfolios, in terms of balancing the decisions of what eavid of the endowment should be spent each year versus what the portfolio should be invested in to ensure preservation of purchasing power.

McLeaveyJerald E. The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. Efficient markets are those in which financial conditions are shared and well-known and in which the market is free to correct over or underpriced securities. If you like books and love to build cool products, we may be looking for you. Swensen offers clear and incisive advice, especially when describing a counterintuitive path.

Prtfolio the year ended June 30,Yale reported a He is notable for inventing The Yale Model which is an application of modern portfolio theory. My library Help Advanced Book Search.

Pioneering Portfolio Management

A rich understanding of human psychology, a reasonable appreciation of financial theory, a deep awareness of history, and a broad exposure to current events all contribute to development of well-informed portfolio strategies. Unfortunately, nothing is mentioned of the crisis with the exception of a brief discussion of the tightening in the credit markets in late portrolio Realizing an average annual return of Yale did the opposition and reaped big gains in the months afterwards, when the markets recovered.


Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not. 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.

Swensen advises appropriately to maintain an equity bias and follow diversification principles. Books by David F. The writing style was challenging at times, and definitely quite literally put me to sleep on more than one occasion, but it is a fairly thorough explanation of the perspectives of one of the best portfolio managers out there.

By using our website swensrn agree to our use of cookies. Each can influence the type of risk that you are willing to take on.

Agency Issues A second theme concerns the prevalence of agency issues that interfere with the successful pursuit of institutional goals. Selected pages Title Page.

I understand that he ‘modified’ it to adjust for some biases he noted, and threw in the warnings, showing that he knows as well as anyone that return volatility is a crap shoot in the short run, but it still rubbed me the davdi way. Perhaps most important, readers might develop an understanding of the extraordinary requirements for successful pursuit of active management strategies.

This decreases the incentives for them to go somewhere else or start their own firm.