书名：Unconventional Success: A Fundamental Approach to Personal Investment不落俗套的成功：个人投资的好方法
作者：David F. Swensen
出版社名称：Free Press
出版时间：2005
语种：英文
ISBN：9780743228381
商品尺寸：15.5 x 3.3 x 23.5 cm
包装：精装
页数：404（以实物为准）
继金融畅销书Pioneering Portfolio Management《机构投资与基金管理的创新》之后，它的作者又带来了一本指导个人投资者如何管理财产的好书——Unconventional Success: A Fundamental Approach to Personal Investment《不落俗套的成功：个人投资的好方法》。

在本书中，斯文森为个人投资者提供了指导意见和金融专业知识。他的投资建议与传统相悖，他建议选择对投资者友善的非盈利性投资公司。投资者如果能回避主动管理型基金，并选择为客户着想的共同基金管理人，就为取得投资成功创造了前提条件。

你想要了解更多个人投资方面的知识，在现在以及未来的理财之路上走得更加顺利吗？这本书将会是你很好的选择！

The bestselling author of Pioneering Portfolio Management, the definitive template for institutional fund management, returns with a book that shows individual investors how to manage their financial assets.

In Unconventional Success, investment legend David F. Swensen offers incontrovertible evidence that the for-profit mutual-fund industry consistently fails the average investor. From excessive management fees to the frequent "churning" of portfolios, the relentless pursuit of profits by mutual-fund management companies harms individual clients. Perhaps most destructive of all are the hidden schemes that limit investor choice and reduce returns, including "pay-to-play" product-placement fees, stale-price trading scams, soft-dollar kickbacks, and 12b-1 distribution charges.

Review
"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

"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
在Unconventional Success: A Fundamental Approach to Personal Investment《不落俗套的成功：个人投资的好方法》一书中，投资界的传奇人物大卫·F·斯文森用无可置疑的证据告诉我们：盈利性的基金业一直都在让普通投资者们失望，从过高的管理费用到投资组合的经常性“炒单”，基金管理公司对利润的不懈追求伤害了个人客户。即使投资者能在与追逐利润的共同基金业的交手巾安然无恙，个体投资者也可能会感到痛苦。追涨杀跌（经常是两者一起操作）这种常见的操作损害了投资组合的收益，又增加了税负。这对投资者是种双重打击。简而言之：普通投资者所面临的障碍几乎是不可逾越的。

斯文森的解决方法是什么呢？那就是一种逆向投资策略——选择多元化的、股票导向型，“模拟市场”的投资组合，有勇气坚持下来的投资者便会获得回报。
大卫·斯文森是耶鲁大学首席投资官，早年师从诺贝尔经济学奖得主托宾，曾在华尔街崭露头角，后应恩师之邀于1985年出任耶鲁大学首席投资官，并在耶鲁大学商学院教书育人。他的两本著作《机构投资与基金管理的创新》和《不落俗套的成功》涵盖了机构投资者和个人投资者理性和全面的分析，全面介绍了西方现有的金融资产类别。

David F Swensen is Yale University's CIO and manages the university's USD7 billion dollar endowment as well as several hundreds of millions of dollars in other investment funds. He also serves as a trustee and director on various investment boards and teaches at Yale.
The examination of two decades of mutual-fund performance by Robert Arnott, Andrew Berkin, and Jia Ye in “How Well Have Taxable Investors Been Served in (lie 1980s and 1990s?” published in Journal of Portfolio Management, Summer 2000, deserves a prominent place in investment literature because of the thoroughness and care with which the authors conducted their work. The study garners special kudos for considering tax issues and for including failed fund results. Another noteworthy aspect of the study concerns the use of an investable alternative—Vanguard’s 500 Index Fund—as the standard for measuring success and failure. The use of Vanguard’s passively managed account provides the advantage of employing an individual investor’s real-world investment alternative, albeit with the disadvantage of not matching the mutual-fund industry’s market-capitalization characteristics.
Few serious studies of mutual-fund performance address the knotty issue of after-tax returns. By gathering data on mutual-fund distributions and collecting information on historical tax rates, the authors enable the calculation of the tax impact on investment returns. The sheer magnitude of the task no doubt prevents others from pursuing similar studies. The authors leave only the mind-numbing complexity of state taxes for future study.
The Arnott team examined “all equity-oriented mutual funds with at least $100 million in assets in 1979, 1984, or 1989, including funds that subsequently disappeared.” By gathering data on funds that closed their doors or merged into other funds, the authors bring a critical dose of the reality of failure to what would otherwise represent a too-rosy picture of fund performance.
In the Arnott study of the 195 equity-oriented mutual funds with over $100 million in assets in existence in 1979, thirty-three funds, or 17 percent of the total, disappeared during the two-decade course of the study. The remaining 162 survivors produced a 1.8 percent per year deficit relative to the results of the Vanguard 500 Index Fund. By unearthing the returns of the thirty-three funds that disappeared, Arnott and his colleagues discover that the performance deficit increases to 2.1 percent annually. Table A.1 details the impact from inclusion of the returns from the disappearing funds. Correcting for survivorship bias, the tendency of surviving mutual funds to produce better returns than disappearing mutual funds makes a material difference in reported mutual-fund results.