非传统的成功/UNCONVENTIONAL SUCCESS A Fundamental Approach to Personal Investment

作者： David F. Swensen著

出 版 社： Oversea Publishing House

出版时间： 2005-12-1字数：版次： 1页数： 402印刷时间： 2005/08/01开本：印次：纸张： 胶版纸I S B N ： 9780743228381包装： 精装内容简介

Swensen, CIO of Yale University and the author of Pioneering Portfolio Management, reveals why the mutual fund industry as a whole does a disservice to the individual investor. Soft money, 12b-1 fees, overtrading, market timing, and other management practices lower performance and virtually guarantee that most mutual fund returns will fall short of their benchmark, such as the S&P 500. Furthermore, for-profit mutual fund companies have a fiduciary obligation to their stockholders, not to their investors, and this relationship "inevitably resolves in favor of the bottom line." Swensen is also highly critical of the Morningstar rating system, which only causes investors to chase hot performing funds and managers. He advises considering alternatives to the for-profit mutual fund industry, including Exchange Traded Funds and not-for-profit financial institutions such as Vanguard and TIAA-CREF. He highly recommends that as an individual, you should play a more active role in your financial future. This includes periodic portfolio evaluation and rebalancing, to ensure that your asset allocation remains diversified and suits your investment time line. David Siegfried Copyright © American Library Association. All rights reserved

作者简介：

DAVID F. SWENSEN is the chief investment offi-cer of Yale University and the bestselling author of Pioneering Portfolio Management.He serves on the boards of TIAA, The Brook-ings Institution, Carnegie Institution, and Hopkins School. At Yale, where he produced an unparalleled two-decade investment record of 16.1 percent-per-annum returns, he teaches economics classes at Yale College and finance classes at Yale's School of Management. Mr.Swensen lives in New Haven, Connecticut.

目录

Preface

Introduction

Overview

1. Sources of Return

Part One: Asset Allocation

Introduction

2. Core Asset Classes

3. Portfolio Construction

4. Non-Core Asset Classes

Part Two: Market Timing

Introduction

5. Chasing Performance

6. Rebalancing

Part Three: Security Selection

Introduction

7. The Performance Deficit of Mutual Funds

8. Obvious Sources of Mutual-Fund Failure

9. Hidden Causes of Poor Mutual-Fund Performance

10. Winning the Active-Management Game

11. The Exchange-Traded Fund Alternative

Afterword

12. Failure of For-Profit Mutual Funds

APPENDIX 1:Measuring Investment Gains and Losses

APPENDIX 2:The Arnott, Berkin, and Ye Study of Mutual-Fund Returns

Notes

Index