Pioneering Portfolio Management
by David F. Swensen
Swensen's book for institutions: the Yale model of equity orientation, diversification into alternatives, contrarian rebalancing and manager selection. It is technical and written for endowments; individuals read it to understand what sophisticated investors do and why they themselves should not try.
Read it if…
you manage institutional money or want to understand the endowment model.
Skip it if…
you are an individual investor; his other book is for you.
Three things you will actually use
- Equity orientation and diversification over long horizons.
- Rebalancing is contrarian discipline.
- Manager selection requires access most do not have.
Do this first
Read the chapter on manager selection for the questions it asks.
Our verdict
Institutional and technical.
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