非传统的成功/UNCONVENTIONAL SUCCESS A Fundamental Approach to Personal Investment 下载 pdf 2025 网盘 epub 在线 mobi 免费

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.

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

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投资期限的影响

在制定投资方案时，成功的投资者会特别关注投资期限。投资者在意持有投资组合的时间，并会审视投资成果的期限，这两点决定了投资组合的风险承受程度，也是评估投资策略能否成功实施的关键。投资期限对资产配置决策的影响尤其重大！

资产配置决策取决于何时使用所投入的资金。比如，大学的储蓄计划会因为距离预期即将入学时间的远近而不同。一个两岁孩子的大学储蓄计划应当配置高风险、高预期收益的投资组合；一位高中生的大学储蓄计划则应该配置波动小、流动性高的资产。究其原因，年幼孩子的投资期限相对较长，可以承受较高程度的投资风险，以达到获取长期更高收益的可能。而较为年长的青少年很快要交学费，因此需要保持一定数量的银行存款以确保届时有钱可以拿来交学费。

通常，相对于为供孩子读书所做的储蓄，资产配置者通过投资积攒购房首付款的目标要模糊许多。比如，退休人士可能希望能够有稳定的资金流来支付当期消费，同时基础资产能够不断地增值以应对自己在未来的消费需求。

此外，大多数投资者都试图用自己投入的资金来满足他们的多个目标。年轻的投资者可能同时为购房、孩子的教育以及退休后的生活做储蓄。为了满足多个目标，投资者会为未来期望的现金流制订一个计划，从而确定与需求相匹配的投资期限。通过将不同的需求及愿望清单进行汇总，一个关于投资期限的完整蓝图会不断呈现。

可承受的投资风险大小取决于该笔资金将于何时被拿来使用。对于在未来1~2年甚至更短时间内就需要使用的资金，应将其投入银行存款、货币市场基金或者短期债券基金。通过避免客观存在的信贷风险及寻求低廉的管理费用，投资者解决了短线投资这一简单问题。

Capital markets provide three tools for investors to employ in generating investment returns: asset allocation, market timing, and security selection.

Explicit understanding of the nature and power of the three portfolio management tools allows investors to emphasize the factors most likely to contribute to long-term investment goals and deemphasize the factors most likely to interfere with long-term goals.

Establishing a coherent investment program begins with understanding the relative importance of asset allocation, market timing, and security selection.

Asset-allocation decisions play a central rol in determining investor results. A number of well-regarded studies of institutional portfolios conclude that approximately 90 percent of the variability of returns stems from asset allocation, leaving approximately 10 percent of the variability to be determined by security selection and marekt timing.

In fact, the studies cited reflect investor behavior, not finance theory. Investors gain important insights into questions of portfolio structure through understanding the forces that place asset allocation in a starring role, while leaving security selection and market timing in the wings.

Three basic investment principles inform asset-allocation decisions in well-constructed portfolios. First, long-term investors build portfolios with a pronou...

三大策略

指数化投资：大部分基金都跑不赢股指基金，用指数化投资平抑风险。

多元化投资：不同行业、地区、资产类型分配

定期再平衡：股票、地产、证券等等保持合理比例，定期重新调整资产比例，以平衡资产组合。

三种能获得投资收益的工具

资产配置

择时交易

证券选择

资产配置的决策在决定投资结果上起着主导作用，占据90%的作用，证券选择与择时交易占据10%的作用。

在结构合理的投资组合中

长期投资者在构建投资组合时应明显偏重股票

谨慎的投资者应构造一个非常多元化的投资组合

理智的投资者在构造投资组合时应考虑税负方面的因素

股票投资的长期收益率远比国债、债券优秀。

Haryy Markowitz：多元化十经济界中罕见的「免费午餐」，通过多元化投资，投资者可以在降低风险的同时保持收益不变，或者在风险不变的情况下提高收益。

择时交易对个人投资者的投资组合往往会产生负面影响，要坚持长期的资产配置策略。

一种由两种证券组成的投资组合的风险是市场风险的两倍到三倍

一种由二十种证券组成的投资组合的风险比市场风险高出1/3~2/3。

一种由五十种证券组成的投资组合和市场风险非常接近。

对于一种由几十种甚至几百种证券组成具有代表性的多元化股票型投资组合，其收益基本上由市场决定。

如果每个投资者在持有市场投资组合时都遵循被动管理的策略，那么他们都将获得市场收益。这样，证券选择就没有任何意义。

当然，大量的投资者都奉行主动管理的策略，试图战胜市场，获取超额收益，但是，一个主动的投资者只有在市场上其他投资者减持一只股票时才能增持这只股票，从定义上来看，增持的头寸必须等于减持的头寸，从而使股市上的总头寸保持不变。

很明显，根据这只股票随后的表现，加仓者和减仓者就分别成为了winer和loser。如果这只股票的表现比股市好，那么加仓者胜而减仓者败，反之。

如果不考虑交易费用，基金管理似乎就是一场零和游戏，即胜者...

Three basic investment principles inform asset-allocation decisions in well-constructed portfolios. First, long-term investors build portfolios with a pronounced equity bias. Second, careful investors fashion protfolios with substantial diversification. Third, sensible investors create portfolios with concern for tax considerations. The principles of equity orientation, diversification, and tax sensitivity find support both in common sense and academic theory. Surprisingly, basic investment principles seem to find little support in real-world asset-allocation activity.

Genertions of economics students who learned that “there ain't no such thing as a free lunch” may be surprised to discover that Nobel laureate Harry Markowitz called diversification one of the economic world’s rare “free lunch”.

书籍介绍

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

"This is not only investing made easy, it's investing made smart."

"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