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Swensen has been the chief investment officer for the past 14 years at Yale University, where he is responsible for managing and investing more than $6 billion of the university's endowment assets and investment funds. Realizing an annual return of more than 16 percent on his investments, Swensen has added more than $2 billion to Yale's coffers, and his consistent track record has attracted the notice of Wall Street portfolio managers. Here Swensen provides a brief history of endowment funds and explains the purpose of endowment accumulation and the goals for institutional portfolios. One of the strategies behind his success has been to diversify asset classes and move beyond a reliance on domestic marketable securities. He distinguishes between traditional and alternative asset classes, looks at performance evaluation issues and tools, and considers the investment decision-making process. Although its audience will be limited, this book is a necessary purchase for libraries with collections that include the topic of investment management. David Rouse
Copyright © American Library Association. All rights reserved
Copyright © American Library Association. All rights reserved
Review
Richard C. LevinF.W. Beinecke Professor of Economics and President, Yale UniversityDavid 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. Those who absorb the wisdom in this book will likewise strengthen the institutions they serve.
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This book provides readers with a window on the world of institutional funds management, drawing on my fourteen years of experience in managing Yale's endowment, which totaled $7.2 billion at June 30, 1999. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
This book provides readers with a window on the world of institutional funds management, drawing on my fourteen years of experience in managing Yale's endowment, which totaled $7.2 billion at June 30, 1999. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most helpful customer reviews
4.0 out of 5 stars
Thoughtful, cautious, and quite readable,
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This review is from: Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment (Hardcover)
This book provides some well thought out advice on how to invest. It deals mainly with strategies appropriate to handling multi-billion dollar portfolios, but many of the ideas would apply to ordinary investors as well. But because he is mostly very cautious about what strategies to use, the advice won't be terribly surprising to experienced investors, and won't satisfy many risk-tolerant investors.The one area in which I disagree with the book is his overly confident rejection of technical analysis. While most simple versions of technical analysis have not shown impressive results, and it may well be that none work with investments of the size that Yale makes, the number of successful traders who make some use of technical analysis (for example, most of those interviewed in Jack Schwager's books) should not be dismissed lightly.
5.0 out of 5 stars
Truly unique insight into institutional portfolio management,
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This review is from: Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment (Hardcover)
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.
4.0 out of 5 stars
Many good insights,
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This review is from: Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment (Hardcover)
David Swensen reveals many insights available only from experience which are valuable for individuals and boards responsible for guiding large portfolios. I wished for more detail regarding the manager selection guidelines and asset allocation/reallocation criteria however we must respect that this information is proprietary.
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