
Unconventional Success
A Fundamental Approach to Personal Investment
By: David F. Swensen
eBook | 13 February 2024
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416 Pages
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The author of Pioneering Portfolio Management shows individuals how to avoid the for-profit mutual fund industry and get better returns on their money.
In Unconventional Success, investment legend and bestselling author 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.
"Reveals why the mutual fund industry as a whole does a disservice to the individual investor." —Booklist
"What he has to say is worth listening to." —The New York Times
Industry Reviews
-- John C. Bogle, founder and former CEO, The Vanguard Group
on
ISBN: 9780743274616
ISBN-10: 074327461X
Published: 13th February 2024
Format: ePUB
Language: English
Number of Pages: 416
Audience: General Adult
Publisher: Simon & Schuster
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