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Unconventional Success: A Fundamental Approach to Personal Investment (Anglais) Relié – 17 octobre 2005

4,2 étoiles sur 5
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4,2 étoiles sur 5 141 commentaires provenant des USA

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Description du produit

Revue de presse

"Mutual fund managers and marketers are not going to like David Swensen's thoughtful and intelligently opinionated analysis of their 'colossal failure' resulting from the fund industry's 'systemic exploitation of investors.' Coming from the mind and heart of one of America's most successful and integrity-laden money managers, this is a book that will change the way you think about mutual funds. It's high time for you to follow the elegantly simple advice he presents in this wonderful book."
-- John C. Bogle, founder and former CEO, The Vanguard Group

"Swensen is the best. Always a pioneer, his new book presents an approach to investing that is both brilliant and practical."
-- Barton Biggs, former Chief Global Strategist, Morgan Stanley

"A legendary institutional investor reveals the conflicts of interest that induce most financial services companies to provide inadequate products for the individual investor. Swensen's wise solution: Low cost, tax efficient, market-mimicking funds available either through Exchange Traded Funds (ETFs) or from not-for-profit mutual fund companies. Unconventional Success does for the individual investor what Swensen's Pioneering Portfolio Management did for the institutional investor."
-- Burton G. Malkiel, author of A Random Walk Down Wall Street

"David Swensen is one of today's best endowment managers, if not the best. Unconventional Success is a perfect summary of what is wrong with a very important industry. This book should lead the reader to better investment decisions."
-- Michael F. Price, Managing Partner, MFP Investors

"Unfortunately, at the bottom of our industry -- money management -- there is a rather thick layer of muck, and Swensen's Unconventional Success rakes through this muck in spectacular fashion and great detail. It is the truth, the whole truth, and the very ugly truth. If you want to avoid the snares that lurk in money management, and save yourself lots of money, you must read it."
-- Jeremy Grantham, Chairman of GMO

Présentation de l'éditeur

In UNCONVENTIONAL SUCCESS, investment legend David Swensen reveals why the for-profit mutual fund industry consistently fails the average investor, from its excessive management and incentive fees to the frequent 'churning' of portfolios that forces investors to pay higher taxes. Perhaps most destructive of all are flagrant schemes designed to thwart regulators and further erode portfolios, limiting investor choice and reducing returns.
Swensen's solution? A 'contrarian' investment alternative that creates more diversified, equity-oriented, 'market-mimicking' portfolios that minimize loss and reward the investor with the courage to stay the course. Swensen backs up his unconventional proposal with well-documented evidence supporting not-for-profit investment management companies such as Vanguard and advice on steering clear of poorly constructed funds. Bottom line? Swensen provides the guidance and financial know-how for improving the personal investor's bottom line.

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Commentaires en ligne

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Commentaires client les plus utiles sur Amazon.com (beta) (Peut contenir des commentaires issus du programme Early Reviewer Rewards)

Amazon.com: 4.2 étoiles sur 5 141 commentaires
3 internautes sur 3 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 Great book, but definitely targeted at older beginners 4 septembre 2016
Par Simon Swanson - Publié sur Amazon.com
Format: Relié Achat vérifié
David Swensen has clearly had success investing. I think that is indisputable. His advice is relatively sound, but I find it to be too hand-wavy in some cases and too general to provide useful information to anyone who has spent their time roving Bogleheads or MMM. The most informative thing I found was his explanation on why he invests exclusively in US Treasury bonds instead of junk/corporate bonds. The information on active vs. index funds has been beaten to death, but for a beginner this is all still good information. I could do without the various conspiracy-like comments on how the government is in bed with various industries and how they're screwing over the middle class because that's not why I'm reading the book. I also found his asset allocation strategy to be very... closed-minded. Maximum of 35% of a portfolio in any section? And a minimum of 10%? So I go 10% bonds, 10% REITs because I'm very young and want to max my stock contribution, but then I have 80% to split between US and international stocks, which I can't do because I max out at 35% per category. His only mention of how to allocate the percentages was to look at your risk factors and decide what you can stomach. So in conclusion, this book is all information you could find on various sites on the internet (though this is a very compact package of information) and targeted towards older, more conservative investors. His advice should not be followed by everyone, but his advice is sound and easily followed.
3 internautes sur 3 ont trouvé ce commentaire utile 
3.0 étoiles sur 5 So you think you know mutual funds, eh? 20 avril 2016
Par Robert A. Lacroix - Publié sur Amazon.com
Format: Format Kindle Achat vérifié
I expected a more complete treatise on retail investing. While it's there, kind of, the book really swerves into investigative journalism-style reporting on the shadiness of the mutual fund industry. Entertaining nonetheless. To summarize: (1) For a retail investor, trying to beat the market is a fool's errand, don't do it, invest in 'the market' instead (index ETFs); (2) mutual funds are vehicles to make fund managers wealthy at the expense of the investor, don't buy them. That's a short & sweet redux.
1 internautes sur 1 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 Will help you understand and justify your asset allocation, so you can stay the course during bear markets 14 février 2016
Par Amazon Customer - Publié sur Amazon.com
Format: Relié Achat vérifié
The hardest part about index fund, buy-and-hold investing is staying the course during market downturns. You can never really know how tempted you will be to sell during a crisis.

This book provides the knowledge necessary for investors to choose their asset allocations, and most importantly, to be able to justify their asset allocations to themselves. The author details which investments belong in a portfolio, and which do not, using a variety of factors. Understanding the justifications for their investment choices asset allocations will give investors the conviction to stay the course during bear markets, rather than sell in a panic.
5.0 étoiles sur 5 An eye opening book 1 mars 2017
Par Kirk G Meyer - Publié sur Amazon.com
Format: Format Kindle Achat vérifié
This book serves as an excellent tool to the world of investing in mutual funds. Written in plain English so that anyone who is interested in investing can understand what the author is saying. It also exposes the mutual fund business as one in which the investor is behind the eight ball so to speak. But it is a valuable reference for the average investor in today fund driven world.
34 internautes sur 35 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 A useful investment book but not ground-breaking 14 août 2005
Par WP20 - Publié sur Amazon.com
Format: Relié Achat vérifié
Swensen is a fabulous institutional investor, a really great and ethical guy, and a wonderful teacher (as a Yale alum I took his course a few years ago, and it was amazing). His prior book on institutional investing is a classic, describing his ground-breaking departures from conventional asset allocations into "absolute return" and other unconventional categories (alas, not generally available to you and me). This new book is good, and useful, but not particularly ground-breaking. Swensen's real expertise is in utilizing unconventional asset categories and finding unbelievable managers, in the institutional setting. He provides a service in exposing the mutual fund industry mess and recommending asset managers more distant from all that (and of course the importance of rebalancing)--but this isn't really news. Still, read this book. You cannot help but profit from it. BTW, "Toby's" review is worthless. As several other readers have pointed out, he gets most things wrong and the rest he doesn't get. Ignore him. For those interested, the Yale website has a lengthy article on Swensen and this book online at [...]
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