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Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated
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An indispensable road map 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 more than $20 billion added to the endowment under his 23-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 best-selling 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 common-sense 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.Â
PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.
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Audible Audiobook
Listening Length: 17 hours and 47 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Echo Point Books & Media, LLC
Audible.com Release Date: December 27, 2018
Whispersync for Voice: Ready
Language: English, English
ASIN: B07M9SLQBW
Amazon Best Sellers Rank:
Swensen's book is a must-read for endowment managers and other institutional investors, particularly those who take a fund-of-funds approach (as does Yale, where Swensen is Chief Investment Officer). Swensen aptly lays out the investment policy that has enabled Yale to consistently outperform other U.S. endowments. As Yale's CIO, Swensen has set a target portfolio allocation that departs significantly from the still heavily U.S. equity and debt-focused strategy of most endowments. Swensen's approach includes a large allocation to asset classes that are not highly correlated to the U.S. public equity market. He outlines these "alternative" classes in his book, giving the reader an excellent view of how alternative investments can increase risk-adjusted portfolio returns.Perhaps the biggest contribution of Swensen's book, however, is the debunking of myths that still lull fiducaries into making the wrong decisions, for example when it comes to picking investment managers. Swensen advises against chasing managers who have performed well simply because of their past performance. If attributes such as personal integrity and the right fee structure are lacking, solid past performance can become a liability, not an asset. Swensen describes the example of private equity firm KKR-- after tremendous early successes, the flood of investor capital into KKR enabled the firm's partners to set up a fee structure that ensured big payoffs for themselves even if their funds underperformed. This is just one of many valuable lessons the reader will draw from Swensen's book.
Swensen's framework for Endowment Managment remains a thoughtful and clearly articulated look at institutional best practices.A key lesson of his is often overlooked. Each institution is unique, and should not attempt to copy what has been at Yale or other successful investment programs.I would love Swenson to write another book, but my best guess is it would be very similar to the original masterpiece.
Pioneering Portfolio theory is a must read. As other reviewers have said it's essential for any endowment manager. However, it's also a great read for those not interested in asset management. Besides being a fantastic overview of different asset classes and how to think about them, Swensen talks at length about alignment of incentives, how to balance the qualitative and quantitative, and how differing timeframes influence your decisions. All of which are huge components of the decisions anyone makes that often aren't thought about rigorously.
as described.
This is an excellent book about the workings of an institutional portfolio and the various influences pulling at investment decisions.Lots of good anecdotal stories of mis-steps by *other* institutions. I would love to hear about some mistakes that DS has made during his tenure.He deals implicitly w/ agency issues that exist in most money management situations. For a more detailed explication of agency conflicts, read, "Unconventional Success".He attributes a lot of manager success to luck. However, how much of DS's and Yale's success is due to luck? He does not subject his own performance (that of managing the managers) to any sort of benchmark.Finally, he gives very short shrift to the back-office and operational issues (1 page at the end of the book). This is the achilles heel of 80% of management firms. They cannot scale, control, and maintain quality as they grow. This is the same, "Its all in the front office" mentality that presages so many other stumbles into mediocrity (not blow ups - just a benign drift downwards in rankings). I hope this same fate does not befall DS and Yale.
The marketing/techno-speak of the investment management industry sometimes gets to be overwhelming, this book can be an antidote. Swensen focuses on policy objectives, manager incentives, relative market (in)efficiencies and fundamental asset class characteristics to write a valuable resource for anyone considering the plethora of modern-day investment vehicles. Practically every concept is explained in language that is intelligible to someone with a basic understanding of the current investment markets. Absolutely worth the purchase.
I have recommended this book to numerous colleagues at work. We use it as a great summary of our investment philosophy and as a touchstone for investment values and sanity checks. We have purchased mutiple copies which we give to stakeholders to spread the word and bring them up to speed with these investment truths.I've been a professional f.m. for 25 years and I wish I'd read this book closer to year 1 than year 25.BTW we got far less incremental value out of Swensen's second book
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