Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment

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Simon and Schuster, 2000 - Business & Economics - 366 pages
3 Reviews
During his fourteen years as Yale's chief investment officer, David F. Swensen has transformed the management of the university's portfolio. Largely by focusing on nonconventional strategies, including a heavy allocation to private equity, Swensen has achieved an annualized return of 16.2 percent, which has propelled Yale's endowment into the top tier of institutional funds. Now, this acknowledged leader of fund managers draws on his experience and deep knowledge of the financial markets to provide a compendium of powerful investment strategies.

Swensen presents an overview of the investment world populated by institutional fund managers, pension fund fiduciaries, investment managers, and trustees of universities, museums, hospitals, and foundations. He offers penetrating insights from his experience managing Yale's endowment, ranging from broad issues of goals and investment philosophy to the strategic and tactical aspects of portfolio management. Swensen's exceptionally readable book addresses critical concepts such as handling risk, selecting investment advisers, and negotiating the opportunities and pitfalls in individual asset classes. Fundamental investment ideas are illustrated by real-world concrete examples, and each chapter contains strategies that any manager can put into action.

At a time when it is becoming increasingly difficult to cope with the relentless challenges provided by today's financial markets, Swensen's book is an indispensable roadmap for creating a successful investment program for every institutional fund manager. Any student of markets will benefit from Pioneering Portfolio Management.


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User Review  - browner56 - LibraryThing

When describing the optimal approach to designing an investment portfolio, financial economists often begin by considering the problem faced by an infinite-lived investor. Of course, given that all ... Read full review

LibraryThing Review

User Review  - bezoar44 - LibraryThing

This very thoughtful and thorough book lays out an approach to institutional investment -- management of a university endowment, specifically -- that is both pragmatic and grounded in rigorous finance ... Read full review


Endowment Purposes
Investment and Spending Goals
Investment Philosophy
Asset Allocation
Portfolio Management
Traditional Asset Classes
Alternative Asset Classes
Investment Advisers
Performance Assessment
Investment Process
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About the author (2000)

David F. Swensen is Yale University's Chief Investment Officer and manages the university's $7 billion dollar endowment as well as several hundreds of millions of dollars in other investment funds. He serves as a Trustee of the Carnegie Institution of Washington, Director of the Investment Fund for Foundations, Member of the Hopkins Committee of Trustees and Member of the Investment Advisory Committees for the Howard Hughes Medical Institute and the State of Massachusetts. Mr. Swensen also teaches classes on portfolio management at Yale in New Haven

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