Pioneering Portfolio Management, Fully Revised and Updated
An Unconventional Approach to Institutional Investment
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Narrated by:
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Scott R. Pollak
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By:
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David F. Swensen
About this listen
An indispensable road map for creating a successful investment program from Yale’s chief investment officer, David F. Swensen.
In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically—but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with more than $20 billion added to the endowment under his 23-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement.
In this fully revised and updated edition, Swensen, author of the best-selling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls.
Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not.
The original Pioneering Portfolio Management outlined a common-sense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios.
Produced and published by Echo Point Books & Media, an independent bookseller in Brattleboro, Vermont.
©2000, 2009 David F. Swensen (P)2024 Echo Point Books & Media, LLCListeners also enjoyed...
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Very few careers can offer you the freedom, flexibility, and income that day trading does. As a day trader, you can live and work anywhere in the world. You can decide when to work and when not to work. You only answer to yourself. That is the life of the successful day trader. Many people aspire to it, but very few succeed. In the audiobook, I describe the fundamentals of day trading, explain how day trading is different from other styles of trading and investment, and elaborate on important trading strategies that many traders use every day.
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Its a sales pitch
- By Xavier Foley on 02-08-18
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Los secretos de la mente millonaria (Narración en Castellano) [Secrets of the Millionaire Mind]
- Domina el juego de la riqueza [Mastering the Inner Game of Wealth]
- By: T. Harv Eker
- Narrated by: Ivan Villanueva
- Length: 2 hrs and 17 mins
- Unabridged
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El autor estaba en bancarrota, en solo dos años y medio se convirtió en millonario y construyó una de las más grandes firmas de consultoría para el éxito. Con sus enseñanzas ha tocado la vida de millones de personas. Este audiolibro te enseña a observar como piensas. Es un reto a tus ideas que te limitan, a los razonamientos que no te apoyan y a tus acciones con respecto al dinero.
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El libro está bien, pero ES VERSION RESUMIDA
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By: T. Harv Eker
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The Little Book of Common Sense Investing
- The Only Way to Guarantee Your Fair Share of Stock Market Returns, 10th Anniversary Edition
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- Narrated by: L. J. Ganser
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The Little Book of Common Sense Investing is the classic guide to getting smart about the market. Legendary mutual fund pioneer John C. Bogle reveals his key to getting more out of investing: low-cost index funds. Bogle describes the simplest and most effective investment strategy for building wealth over the long term: buy and hold, at very low cost, a mutual fund that tracks a broad stock market Index such as the S&P 500.
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One star for every point this 5 hour book makes.
- By Matt on 01-31-19
By: John C. Bogle
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The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime
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- Narrated by: MJ DeMarco
- Length: 12 hrs and 46 mins
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Since you were old enough to hold a job, you've been hoodwinked to believe that wealth can be created by blindly trusting in the uncontrollable and unpredictable markets: the housing market, the stock market, and the job market. I call this soul-sucking, dream-stealing dogma "The Slowlane" - an impotent financial gamble that dubiously promises wealth in a wheelchair. For those who don't want a lifetime subscription to "settle-for-less", there is an alternative.
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Excellent!
- By Iray007 on 09-22-15
By: MJ DeMarco
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The 1-Page Marketing Plan
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- By: Allan Dib
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To build a successful business, you need to stop doing random acts of marketing and start following a reliable plan for rapid business growth. Traditionally, creating a marketing plan has been a difficult and time-consuming process, which is why it often doesn’t get done.
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You Need to buy Book to get key info
- By Rosie's mom on 10-23-18
By: Allan Dib
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One Million Followers, Updated Edition
- How I Built a Massive Social Following in 30 Days
- By: Brendan Kane
- Narrated by: Brendan Kane
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In One Million Followers, Kane will teach you how to gain an authentic, dedicated, and diverse online following from scratch; create personal, unique, and valuable content that will engage your core audience; and build a multimedia brand through platforms like Facebook, Instagram, YouTube, Snapchat, and LinkedIn.
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A Very Poor Read
- By Anthony Butler on 04-14-21
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The Price We Pay
- What Broke American Health Care - and How to Fix It
- By: Marty Makary MD
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One in five Americans now has medical debt in collections and rising health care costs today threaten every small business in America. Dr Makary, one of the nation's leading health care experts, travels across America and details why health care has become a bubble. Drawing from on-the-ground stories, his research and his own experience, The Price We Pay paints a vivid picture of price-gouging, middlemen and a series of elusive money games in need of a serious shake-up.
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Very important book!
- By Wayne on 05-17-21
By: Marty Makary MD
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No accompanying pdf?
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Riveting. BLEW, MY, MIND
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What listeners say about Pioneering Portfolio Management, Fully Revised and Updated
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Min
- 10-09-21
Time enduring classic
Although the book is last updated in 2009, the insights of private investments discussed continues to be highly relevant to today’s practitioners. In many cases, I find the industry, shocking, has improved little on the negative points identified and discussed in the book.
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- Sean Weissman
- 02-11-20
incredibly insightful
Swenson elegantly teaches fundamental macroeconomics by demonstrating the underlying principles of financial instruments. this book goes wide and deep, providing high level concepts with detailed support.
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- Howard_a
- 06-13-19
One of the best investment books around
Great advice on many, many investment vehicles. Active investment is really hard to do, so this is vary helpful before risking capital. Great listen!!!
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- Thelma
- 12-24-21
YouTube is your best friend.
He uses big words seemingly just to flex his vocabulary, but it is exhaustive of terms and principles that are served well with a deep dive into youtube for extra, more simple explanation.
General summary -
Endowments look at immortality.
To do so, it must provide stable spending for the university, compensate for inflation, lower risk, and gain excess returns compared to market performance.
Lowering risk comes from diversity of asset classes and finding top 25%-10% managers to work in inefficient markets, like private equity. Different asset classes include commodities which hedge well against inflation, bonds, which provide stability in years when stocks are down, stocks which provide highest levels of long term returns, foreign currencies which also hedge to inflation. Another way to hedge risk is to purchase future locked in prices to balance against market fluctuation. Another memorable way to prevent risk is thru financial maneuvers like futures and shorts and options, which lock in a trade under a certain condition so you don’t lose excess money. A great way to provide steady returns is thru something yale pioneered called “absolute returns” which are independent of markets, like merger arbitrage. Importantly, policy based decisions and constant rebalancing lowers risk the most. A single bad decision can rank a firm and policy decisions prevent this from happening, while enabling compound interest to do its work.
While fundamental market forces will
Play out in the long run, short term trends may be damaging enough to end a firm, like GME, and it is important to not be over concentrated into a single security.
For management, consequently, this means that sometimes good performance is a result of the market and vice versa. If the manager is producing with sound investment principles, retain them. Otherwise, we see luck, as evidenced by investment charlatans decades and globes over.
Regarding management, anything below 50% in terms of performance on a bell graph with standard distribution, is likely to lose money. Indeed the top 25% make 3% above the market and the top 10% make 30% above the market on average. A good manager may face a bad market and vice versa, so it’s important to judge over a long period and not lake hasty decisions.
If you don’t have a good manager, passive investment is best.
And finally, in the appendix, corporate bonds and junk bonds and asset backed securities are horrid and do not belong in a portfolio. Low credibility and low diversity.
Bummer- this book doesn’t talk about crypto. Curious to see his thoughts on the subject
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- Elizabeth R.
- 06-12-22
Great analysis of investor considerations
This is a meaty but comprehensible overview of investment considerations for both nonprofit organizations and indirectly individual investors. It provides a fundamental framework for understanding different asset classes and the returns associated therewith, which then allows comparison between them. It also analyzes the motivations inherent in those who manage the investment assets and the extent to which they align with the goals of individual investors. Although it is not up-to-date, in places it is prescient; he foresees the debacle involving leveraged mortgage investments. I will provide this to my kids in the hopes that they read it, absorb it and use this as a framework for analyzing their future investments.
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- Joe
- 08-08-22
Narrator
This narrator is awful. He sounds like an AI. Made this tough for me to get through.
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- Deng Huang
- 01-14-21
mostly common knowledge you learn in b school
The book covers mostly common knowledge you learn in business school. Not many unique ideas that you don't see elsewhere.
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