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Pioneering Portfolio Management, Fully Revised and Updated
- An Unconventional Approach to Institutional Investment
- Narrated by: Scott R. Pollak
- Length: 17 hrs and 47 mins
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Publisher's summary
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.
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The Index Revolution argues that active investing is a loser's game, and that a passive approach is more profitable in today's market. By adjusting your portfolio asset weights to match a performance index, you consistently earn higher rates of returns and come out on top in the long run. This book explains why, and describes how individual investors can take advantage of indexing to make their portfolio stronger and more profitable.
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A better way to invest
- By BSuave on 06-17-24
By: Charles D. Ellis
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The New Rules of Investing
- Wealth Strategies for Our Turbulent Times
- By: Mark Haefele, Richard C. Morais
- Length: 7 hrs
- Unabridged
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In the New Rules of Investing, Mark shares the investing strategies he uses at UBS and offers a playbook for protecting and growing your wealth. By the end of this book, investors of all levels should be able to walk away knowing—through theory and Mark’s life stories—how to invest more successfully for the long term, how not to sweat the daily ups and downs of the markets, and how to be happier with both the results and the process.
By: Mark Haefele, and others
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The Stoic Path to Wealth
- Ancient Wisdom for Enduring Prosperity
- By: Darius Foroux
- Narrated by: Mark Deakins
- Length: 5 hrs and 6 mins
- Unabridged
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The Stoics understood that if you can control your reactions and manage your emotions, you can achieve success. The same principles apply to our financial lives today. The greatest investors approach the markets with discipline, emotional distance, and self-mastery—lessons that the Stoics have been teaching us for thousands of years.
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Incredibly Simple!!!
- By awesome on 07-24-24
By: Darius Foroux
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Mastering the Market Cycle
- Getting the Odds on Your Side
- By: Howard Marks
- Narrated by: LJ Ganser, Howard Marks
- Length: 9 hrs and 39 mins
- Unabridged
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The legendary investor shows how to identify and master the cycles that govern the markets. We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets and companies, but also human psychology and the investing behaviors that result.
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Cycles : nothing new!
- By Amazon Customer on 11-01-18
By: Howard Marks
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When Money Dies
- The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar, Germany
- By: Adam Fergusson
- Narrated by: Antony Ferguson
- Length: 9 hrs
- Unabridged
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When Money Dies is the classic history of what happens when a nations currency depreciates beyond recovery. In 1923, with its currency effectively worthless (the exchange rate in December of that year was one dollar to 4,200,000,000,000 marks), the German republic was all but reduced to a barter economy. Expensive cigars, artworks, and jewels were routinely exchanged for staples such as bread; a cinema ticket could be bought for a lump of coal; and a bottle of paraffin for a silk shirt....
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Useless details, missing the big points
- By Jean Le Lupi on 07-04-12
By: Adam Fergusson
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The Only Investment Guide You'll Ever Need: Revised Edition
- By: Andrew Tobias
- Narrated by: Chris Sorensen
- Length: 10 hrs and 52 mins
- Unabridged
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The Only Investment Guide You'll Ever Need has been a favorite finance guide, earning the allegiance of more than a million fans across America. Using concise, witty, and truly understandable tips and explanations, Andrew Tobias delivers sensible advice and useful information on savings, investments, preparing for retirement, and much more. This completely updated edition will show you the best way to manage your money, no matter what your means.
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comprehensive and a bit of a surprise
- By David on 02-23-23
By: Andrew Tobias
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The Fund
- Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend
- By: Rob Copeland
- Narrated by: Rob Copeland, Will Damron
- Length: 12 hrs and 54 mins
- Unabridged
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Ray Dalio does not want you to listen to this audiobook. Late last year, when the billionaire founder of Bridgewater Associates, the largest hedge fund on the planet, announced that he was stepping down from the company he started out of his apartment nearly 50 years ago, the news made headlines around the world. Dalio cultivated an aura of international admiration and fame thanks to his company’s eye-popping success, coupled with a mystique he encouraged with frequent media appearances, celebrity hobnobbing, and his bestselling book, Principles.
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Best finance book I've read in years
- By Aaron on 12-16-23
By: Rob Copeland
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The Intelligent Investor Rev Ed.
- By: Benjamin Graham
- Narrated by: Luke Daniels
- Length: 17 hrs and 48 mins
- Unabridged
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The greatest investment advisor of the 20th century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of "value investing" - which shields investors from substantial error and teaches them to develop long-term strategies - has made The Intelligent Investor the stock market Bible ever since its original publication in 1949.
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This book does not belong on audio
- By Craig on 09-12-17
By: Benjamin Graham
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Principles
- Life and Work
- By: Ray Dalio
- Narrated by: Ray Dalio, Jeremy Bobb
- Length: 16 hrs and 5 mins
- Unabridged
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Ray Dalio, one of the world's most successful investors and entrepreneurs, shares the unconventional principles that he's developed, refined, and used over the past 40 years to create unique results in both life and business - and which any person or organization can adopt to help achieve their goals.
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Idea-meritocracy/Principles Reference
- By P Eberle on 06-30-18
By: Ray Dalio
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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
- By: John C. Bogle
- Narrated by: L. J. Ganser
- Length: 5 hrs and 50 mins
- Unabridged
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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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Same as Ever
- A Guide to What Never Changes
- By: Morgan Housel
- Narrated by: Chris Hill
- Length: 5 hrs and 46 mins
- Unabridged
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Every investment plan under the sun is, at best, an informed speculation of what may happen in the future, based on a systematic extrapolation from the known past. Same as Ever reverses the process, inviting us to identify the many things that never, ever change. With his usual elan, Morgan Housel presents a master class on optimizing risk, seizing opportunity, and living your best life. Through a sequence of engaging stories and pithy examples, he shows how we can use our newfound grasp of the unchanging to see around corners.
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Beautifully Succinct Summary of Others Original Ideas
- By Mitch on 11-09-23
By: Morgan Housel
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Poor Charlie’s Almanack
- The Essential Wit and Wisdom of Charles T. Munger
- By: Charles T. Munger
- Narrated by: Grover Gardener
- Length: 13 hrs and 9 mins
- Unabridged
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"Spend each day trying to be a little wiser than you were when you woke up," Charles T. Munger advises in Poor Charlie’s Almanack. Originally published in 2005, this compendium of 11 talks, delivered by the legendary Berkshire Hathaway vice-chairman between 1986 and 2007, has become a touchstone for a generation of investors and entrepreneurs seeking to absorb the enduring wit and wisdom of one of the great minds of the 20th and 21st centuries.
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With over 225 titles in my audible. This is in my top 3!! On the hardback as well as the audible version
- By Johann Cohen on 01-09-24
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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- Anonymous User
- 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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