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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Fundamental investment ideas are illustrated by real-world concrete examples, and each chapter contains strategies that any manager can put into action.

Reviewing Swensen’s Pioneering Portfolio Management –

This book came out in February Be the first to ask a question about Pioneering Portfolio Management. Nevertheless, many managers bucket TIPS together as part of fixed income mandates, an inappropriate classification when one focuses on the function of the asset class.

As he did in Unconventional Success, he recommends staying away from corporate bonds. The Best Books of This book is very insightful and the author proposed some practical problems in the porgfolio management industry.

The writing style was challenging at times, and definitely quite literally put me puoneering sleep on more than one occasion, but it is a fairly thorough lortfolio of the perspectives of one of the best portfolio managers out there.

Many top-notch practitioners confess they would work without pay in the endlessly fascinating money management business. After establishing a base level of understanding in these areas, he delves into a detailed outline of asset allocation and asset classes. Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Pretty repetitive but generally interesting and good fundemental approach to investment and different asset classes. With active management, a lot depends on the manager, so it managemeent important to hire good ones.


Trivia About Pioneering Portfo Shareholder interests, with which company management generally identifies, diverge so dramatically from the goals of bondholders that lenders to companies must expect to end up on the wrong side of nearly every conflict. Bernstein, President Peter L.

Regarding endowments, I thought his comments regarding the time frame for it was interesting. Alternative investments such as hedge funds, real estate and natural resources, along with emerging markets all require specialized knowledge and insight which can only be gained by employing active managers. Check out the top books of the year on our page Best Books of Largely by focusing on nonconventional strategies, including a heavy allocation to private equity, Swensen has achieved an annualized return of In contrast, had the institution failed with a standard institutional portfolio, policies may still be abandoned, but investment professionals would likely remain gainfully, if not happily, employed.

Pioneering Portfolio Management

Any student of markets will benefit from Pioneering Portfolio Management. This book provides an investor with many questions to ask managers.

Although timber shares the characteristic of inflation sensitivity with real estate and oil and gas, because timber plays less of a role in the general economy, timber prices exhibit less correlation with general price levels.

Mar 01, Lioneering Strauser rated it liked it Shelves: Carefully considered decisions provide the only intelligent basis for profitable pursuit of investment activities, ranging from broad policy decisions to narrow security selection bets. Pinto No preview available – Swensen pioneerng the chief investment officer of Mamagement University and the bestselling author of Pioneering Portfolio Management. Swensen also appropriately defines asset classes in terms of the function they serve.


Pinto No preview available – Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not. Add to Cart Add to Cart. The book closes with some thoughts on structuring an effective decision-making process. 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.

Aside from the obvious fact that skilled active managers face the opportunity to generate market-beating returns in the traditional asset classes of domestic and foreign equity, skilled active managers enjoy the more important opportunity to create lower-risk, higher-returning portfolios with the alternative asset classes of absolute return, real assets, and private equity.

While many important investment activities require careful oversight, maintaining policy asset-allocation targets stands near the top of the list.

This very thoughtful and thorough book lays out an approach to institutional investment — management of a university endowment, specifically — that is both pragmatic and grounded in rigorous finance