HackerNews Readings: Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated

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BostonianonMay 6, 2021

RIP. I recommend his book "Pioneering Portfolio Management" (2009) after one has read a more introductory book such as "Random Walk Down Wall Street" by Malkiel. One of Swensen's controversial ideas is that one should avoid corporate bonds as an asset class. He recommended Treasury bonds for one's bond allocation.

pgeonJan 24, 2012

If you're interested in a very good exploration of this topic(in the broader context of managing a large endowment), David Swensen's book Pioneering Portfolio Management is worth a read. Swensen manages Yale's very successful endowment and has been a thought leader in investment management. He is also an outspoken critic of actively managed mutual funds and supports his argument with solid data.

moxiousonAug 14, 2017

Read "Pioneering Portfolio Management" by David Swenson, the guy who runs the Yale endowment. Fascinating book on investing; one of his "super powers" as an investor is the fact that the Yale Endowment is immortal, and can invest on 100 year timelines. The rest of us who need to retire can't afford to think like that.

But if you can afford to think like that, new opportunities open up that no one else can compete with you on.

And that time perspective makes issues like the dot-com crash or the 2009 financial crisis look laughably irrelevant. If you zoom out the performance graph to the entire history of the US stock market, the great depression looks a bit more like a temporary downturn, whose total value is a small percentage relative to today's current level.