Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated Reviews

Pioneering Portfolio Management: A Non-traditional Method to Institutional Investment, Fully Revised and Updated

Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated

  • ISBN13: 9781416544692
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An essential roadmap for creating an effective assets program from Yale’s main financial investment officer, David F. Swensen.In the years

because the now-classic Pioneering Portfolio Management wased initially released, the international financial investment landscape has actually changed dramatically– but the outcomes of David Swensen’s investment method for the Yale University endowment have remained as excellent as ever. Year after year, Yale’s portfolio has actually overtaken the marketplace by a broad margin, and, with o.

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3 thoughts on “Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated Reviews

  1. 32 of 32 people found the following review helpful
    5.0 out of 5 stars
    Truly unique insight into institutional portfolio management, April 11, 2003
    By 
    John Mihaljevic (United States) –

    Verified Purchase(What’s this?)
    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.

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  2. 37 of 38 people found the following review helpful
    5.0 out of 5 stars
    Essential reading for endowment stewardship, June 5, 2009
    By 

    This review is from: Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated (Hardcover)
    This survey of endowment investing offers an incisive framework for how to think about investable assets of charitable institutions. The value of the book is that Swensen has thought long and hard about how endowment investing differs from personal wealth management and how those differences ripple through almost all aspects of overseeing and implementing endowment investments. As the chair of an endowment investment committee and the author of the Endowment Stewardship blog, I find all of Swensen’s insights valuable, but especially his chapters on endowment purposes, investment and spending goals, investment philosophy and investment process. […]Also, if you’re an individual investor trying to copy Yale, this book will explain why you’re wasting your time.

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  3. 50 of 54 people found the following review helpful
    5.0 out of 5 stars
    A must-have for MBA students and investment professionals, April 19, 2001
    By 

    First of all, Swensen and Takahashi’s team puzzled me by its consistent performance to beat the benchmark for over 15 years, with last year¡¯s stunning annual return of 41%, leading the assets under management to easily surpass $10 Billion. The book is not only a great resource to look into the minds of the people who made this happen but also a wonderful application of finance, investment, asset allocation, strategy and management that you are learning in business school. Without mentioning the merits of the finance theory and investment techniques, the book is presenting a compelling case study of how investment office fits into the picture of institution building.
    Second, the fascinating aspects of the book is the ¡°unconventional approach¡±, not just simply statistics and financial modeling, for long-time horizon investing. For example, in asset allocation and manager selection, it can come from topdown analysis with support of quantitative modeling and sophisticated simulation; it also can come from scientific findings and number crunching to uncover the value creation process, which usually leads to the later asset allocation strategy to fully take advantage of the discoveries.
    Third, the stress and analysis of alternative investment assets and absolute returns are also worthy of mentioning. Contrary to what traditional financial theories or books focusing on efficient markets, Swensen¡¯s book casts a lot of insights on the less-covered alternative asset classes and less efficient markets. Interestingly, they never seem to be constrained by their own defined class by constantly exploring those asset classes. For example, Swensen is famous for backing venture capital and private equity. It is true that they took the plunge well before others did. Nevertheless, they explore much more than that –other inefficient markets and conventionally less-discovered places.
    Finally, there are some more things that I would love to see in the book¡¯s next edition or a new book. One intriguing aspect of Yale Investment Office is its consistently great performance, which happens to coincide with the very volatile years from 1985-2001. Think about the Black Monday in 1997, the stagnation (coupled with high inflation) in late 1980s, bull market, bear market, Asian Financial Crises, Russian Default, Internet bubbles in 2000 and recent bubble-burst. How they weather through the storms as well as sunny days in a systematic way would be really worthy of reading. How do they deal with financial innovation, such as some exotic financial instruments and hedge funds?
    In general, I would rate this book the highest score, with high hopes for another book from their team.

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