Exito poco convencional: un enfoque fundamenal para la inversion personal

En UNCONVENTIONAL SUCCESS, el legendario inversor David Swensen revela por qué la industria de los fondos de inversión con fines de lucro fracasa constantemente ante el inversor medio, desde sus excesivas comisiones de gestión e incentivos hasta la frecuente "renovación" de las carteras que obliga a los inversores a pagar impuestos más altos. Tal vez lo más destructivo de todo sean los esquemas flagrantes diseñados para frustrar a los reguladores y erosionar aún más las carteras, limitando la elección de los inversores y reduciendo los rendimientos. ¿La solución de Swensen? Una alternativa de inversión "contraria" que crea carteras más diversificadas, orientadas a la renta variable y "que imitan al mercado", que minimizan las pérdidas y recompensan al inversor con el coraje de mantener el rumbo. Swensen respalda su propuesta poco convencional con pruebas bien documentadas que respaldan a las empresas de gestión de inversiones sin fines de lucro como Vanguard y consejos sobre cómo mantenerse alejado de los fondos mal construidos. ¿En resumen? Swensen proporciona la orientación y el conocimiento financiero para mejorar el resultado final del inversor personal. 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. Even if investors manage to emerge unscathed from an encounter with the profit-seeking mutual fund industry, individuals face the likelihood of self-inflicted pain. The common practice of selling losers and buying winners (and doing both too often) damages portfolio returns and increases tax liabilities, delivering a one-two punch to investor aspirations. In short: Nearly insurmountable hurdles confront ordinary investors. Swensen's solution? A contrarian investment alternative that promotes well-diversified, equity-oriented, "market-mimicking" portfolios that reward investors who exhibit the courage to stay the course. Swensen suggests implementing his nonconformist proposal with investor-friendly, not-for-profit investment companies such as Vanguard and TIAA-CREF. By avoiding actively managed funds and employing client-oriented mutual fund managers, investors create the preconditions for investment success. Bottom line? Unconventional Success provides the guidance and financial know-how for improving the personal investor's financial future. A guide for investors offers advice on how to overcome fees, taxes, and other portfolio-compromising factors by avoiding expensive investment management companies and working with not-for-profit groups