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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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This book is very insightful and the author proposed some practical problems in the asset management industry. Pope Emeritus rated it really liked it Feb 14, Jonathan Deng rated it it was amazing Jun 20, Also, is it a onetime large grant of money, or is there a stream of donations that can be increased with some prodding?

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Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment

Pinto No preview available – Add to Cart Add to Cart. Overall, this book deserves a read and re-read.

A Dynamic Process John L. Other editions – View all Pioneering Portfolio Management: Account Options Sign in.

My library Help Advanced Book Search. Bernstein, President Peter L. Perhaps most important, readers might develop an understanding of the davie requirements for successful pursuit of active management strategies.

David Swensen of Yale’s Endowment.

To ask other readers questions about Pioneering Portfolio Managementplease sign up. In every equity position, public or private, management at least occasionally pursues activities providing purely personal gains, directly damaging portffolio interests of shareholders.

It was also full of blow-up stories. Informed by Swensen’s deep knowledge of financial markets, and ranging from the broad issues of goals and investment philosophy to the strategic and tactical aspects of portfolio management – such as handling risk, selecting investment advisers, and negotiating the opportunities and pitfall in individual asset classes – the book provides a vital source of information for anyone involved in institutional investments.


This book is definitely worthwhile to be read again.

Pioneering Portfolio Management

It’s a great book! An Unconventional Approach to Institutional Investment. Trust is more important than flash-in-the-pan success. Swensen discusses the three tools of portfolio management: After establishing a base level of understanding in these areas, he delves into a detailed outline of asset allocation and asset classes.

Be the first to ask a question about Pioneering Portfolio Management. He repeatedly talks about the importance of hiring good managers with established methodologies to manage funds. Swensen advises appropriately to maintain an equity This book lays out fundamentals of portfolio management from the perspective of one of the most successful and credible practitioners in the market: Active management strategies, whether in public markets or private, generally fail to meet investor expectations.

The wedge between principal goals and agent actions causes problems at the highest governance level, leading to a failure to serve the interests of a perpetual life endowment fund.

Such institutions have a longer time horizons, the available resources for managing such investments and large amounts which allows them to expand into new categories which include more illiquid investments. Jul 18, KevinLee rated it it was amazing Shelves: A must-read for both institutional and serious individual investors.

Disciplined implementation of investment decisions ensures that investors reap the rewards and incur the costs associated with the policies adopted by the institution. Regarding endowments, I thought his comments regarding the time frame for it was interesting. The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. Swensen also teaches classes on portfolio management at Yale in New Haven.

Each can influence the type of risk that you are willing to take on. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. 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.


Another major difference is the expanded number of assets available to institutional investors. Yale posted positive returns of 9. MaginnDonald L. We therefore need someone genetically programmed to recognize and avoid serious risks, including those never before encountered.

Reviewing Swensen’s Pioneering Portfolio Management –

Mar 17, Henry Barry rated it really liked it. By operating in the institutional mainstream of short-horizon, uncontroversial opportunities, committee members and staff ensure unspectacular results, while missing potentially rewarding longer term contrarian plays.

Of course, given that all During his fourteen years as Yale’s chief investment officer, David F. Real estate provided extremely strong returns during the s with relatively low volatility and relatively low correlation to traditional marketable securities.

Institutions seek high risk-adjusted returns, while outside investment advisors pursue substantial, stable flows of fee income.

Pioneering Portfolio Management : David F. Swensen :

Disciplined quantitative modeling techniques encourage investors to create well-diversified portfolios. He also favors small groups being involved with decisions. Any student of markets will benefit from Pioneering Portfolio Management.

Visit our Beautiful Books page and find lovely books for kids, photography lovers and more. Also, is the amount of money withdrawn a vital input into a budget, or is there some flexibility regarding the rate of withdrawals? This is valuable for understanding how strong portfolio managers think pioneerint various types of alternative investing.