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Unconventional Success
A Fundamental Approach to Personal Investment
By: David F. Swensen
Hardcover | 17 October 2005 | Edition Number 1
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In Unconventional Success, investment legend David F. Swensen offers incontrovertible evidence that the for-profit mutual-fund industry consistently fails the average investor. From excessive management fees to the frequent 'churning' of portfolios, the relentless pursuit of profits by mutual-fund management companies harms individual clients. Perhaps most destructive of all are the hidden schemes that limit investor choice and reduce returns, including 'pay-to-play' product-placement fees, stale-price trading scams, soft-dollar kickbacks, and 12b-1 distribution charges.
Even if investors manage to emerge unscathed from an encounter with the profit-seeking mutual-fund industry, individuals face the likelihood of self-inflicted pain. The common practice of selling losers and buying winners (and doing both too often) damages portfolio returns and increases tax liabilities, delivering a one-two punch to investor aspirations.
In short: Nearly insurmountable hurdles confront ordinary investors.
Swensen's solution? A contrarian investment alternative that promotes well-diversified, equity-oriented, 'market-mimicking' portfolios that reward investors who exhibit the courage to stay the course. Swensen suggests implementing his nonconformist proposal with investor-friendly, not-for-profit investment companies such as Vanguard and TIAA-CREF. By avoiding actively managed funds and employing client-oriented mutual-fund managers, investors create the preconditions for investment success.
Bottom line? Unconventional Success provides the guidance and financial know-how for improving the personal investor's financial future.
Industry Reviews
ISBN: 9780743228381
ISBN-10: 0743228383
Published: 17th October 2005
Format: Hardcover
Language: English
Number of Pages: 416
Audience: General Adult
Publisher: Free Press
Country of Publication: GB
Edition Number: 1
Dimensions (cm): 24 x 16.5 x 3.5
Weight (kg): 0.61
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