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#1
04-29-2007, 06:00 PM
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David Swensen\'s \"Pioneering Portfolio Management\"
Just finished this book. I recommend it for those who have all of these questions about portfolio construction. I also suggest it for those considering careers in VC, LBOs, hedge funds, asset management...it has insights into how a top asset allocator thinks about business models and firms in those industries.
This is an excellent book...it really captures a lot of the "dirty little secrets" of the asset management industry when it comes to incentives, etc. While it is dense, and comes from an institutional perspective, there are insights that are helpful for thinking about diversification among asset classes, for example when active mamagement is worth it, and when it is not. Frankly, most people won't be able to get through this book. But if you really care about this stuff, it's worth the effort. 
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#3
04-30-2007, 12:43 PM
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Re: David Swensen\'s \"Pioneering Portfolio Management\"
[ QUOTE ]
Would you recommend this book more so than "the intelligent asset allocator"? [/ QUOTE ] The real answer is "I don't know". But if I learned one thing at business school, it was too act like you know. So I went to Amazon to check out that book (I had never heard of it). It's sorta the difference between reading a book on basketball by Red Auerbach, meant for other team general managers and some really ardent fan writing for armchair fans. Sounds good for people who don't know what they are doing. Kinda like "Pioneering Portfolio Management for Dummies". For people who really care, perhaps they should read both, starting with the Intelligent Asset Allocator. I won't read that one though. I doubt it says much that Swensen does not say. He is the Barry Bonds of his industry, he has a top 1% track record and he has written almost an academic book explaining how it is done. This other guy is a self taught neurologist writing for the masses.
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#5
04-30-2007, 02:35 PM
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Re: David Swensen\'s \"Pioneering Portfolio Management\"
[ QUOTE ]
Just finished this book. I recommend it for those who have all of these questions about portfolio construction. I also suggest it for those considering careers in VC, LBOs, hedge funds, asset management...it has insights into how a top asset allocator thinks about business models and firms in those industries. This is an excellent book...it really captures a lot of the "dirty little secrets" of the asset management industry when it comes to incentives, etc. While it is dense, and comes from an institutional perspective, there are insights that are helpful for thinking about diversification among asset classes, for example when active mamagement is worth it, and when it is not. Frankly, most people won't be able to get through this book. But if you really care about this stuff, it's worth the effort. [/ QUOTE ] qft
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#6
04-30-2007, 02:56 PM
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Re: David Swensen\'s \"Pioneering Portfolio Management\"
Did you read the other book by David Swensen called "Unconventional Success : A Fundamental Approach to Personal Investment"? Which book do you think is better for individual investors?
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#7
04-30-2007, 03:29 PM
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Re: David Swensen\'s \"Pioneering Portfolio Management\"
[ QUOTE ]
Did you read the other book by David Swensen called "Unconventional Success : A Fundamental Approach to Personal Investment"? Which book do you think is better for individual investors? [/ QUOTE ] Sorry, I haven't. I am sure it's good...I would be interested in the take on anyone who has read both whether its worth reading both.
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