开拓投资组合的管理 PIONEERING PORTFOLIO MAN 下载 mobi 免费 pdf 百度网盘 epub 2025 在线 电子书

Swensen has been the chief investment officer for the past 14 years at Yale University,where he is responsible for managing and investing more than $6 billion of the university's endowment assets and investment funds.Realizing an annual return of more than 16 percent on his investments,Swensen has added more than $2 billion to Yale's coffers,and his consistent track record has attracted the notice of Wall Street portfolio managers.Here Swensen provides a brief history of endowment funds and explains the purpose of endowment accumulation and the goals for institutional portfolios.One of the strategies behind his success has been to diversify asset classes and move beyond a reliance on domestic marketable securities.He distinguishes between traditional and alternative asset classes,looks at performance evaluation issues and tools,and considers the investment decision-making process.Although its audience will be limited,this book is a necessary purchase for libraries with collections that include the topic of investment management.David Rouse.

Foreword:Tobin's Friend

1.Introduction

2.Endowment Purposes

3.Investment and Spending Goals

4.Investment Philosophy

5.Asset Allocation

6.Portfolio Management

7.Traditional Asset Classes

8.Alternative Assent Classes

9.Investment Advisers

10.Performance Assessment

11.Investment Process

Notes

Index

About the Author

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成功的基金经理要想开发出高明的投资策略，不仅需要掌握金融理论，还要洞悉人类心理特点，深谙历史发展之道，并且通晓时事的来龙去脉。

组合管理过程非常复杂，要做出正确的资产配置决定，既需要自上而下地把握各种资产类别的特征，还需要自下而上地评估各种资产类别的投资机会。

采取投资行动是，必须遵循并严格执行严密的分析框架，并且细致深入地考察特定的投资机会……组合建立之后，投资者需要进行大量的再平衡操作，买进低配的资产，卖出超配的资产，最终使各项资产的配置接近目标水平。

投资者要认清自己，通过深入分析判断自己是否具有积极管理的能力，并根据对自己的认识在投资过程中有所为、有所不为，从而提高投资成功的几率

耶鲁基金长期的超高投资回报自然吸引了大家的注意，特别是很多投资项目的创新与成功；但是仔细分析会发现，耶鲁基金成功的奥秘不在于连续5年、10年，甚至20年的持续高回报，而在于贯彻始终的防御、防御，还是防御。

读者也许会有这样的疑问，耶鲁基金的收益率如此之高，怎么可能是依靠防御呢？还记得长期投资的至理名言吗？“如果你损失了50%，只有再获得100%的收益才能抹平。”“如果投资者可以避免重大的损失，高收益就是水到渠成的事情了。”相信资深投资者都有过这样的经历，对收益最重要的不是成功的大小，而是不要犯大的错误。只要避免出现大的灾难，一切就没有问题。

巴菲特在2007年3月为伯克希尔·哈撒韦寻找首席投资官——他的继任者——时，曾经列出希望基金经理具备的品质：

“选对人不是一件容易的任务。聪明的、投资记录出色的人并不难找，但是长期投资成功需要的不仅是聪明的头脑和近期的成绩。

随着时间的流逝，市场总会出现不同寻常甚至很奇怪的事情。基金经理犯一个严重的错误也许意味着此前所有的成功被一笔勾销，所以需要我们寻找那些在骨子里就能够识别和规避重大风险的人，即使这样的风险从来没有出现过。投资策略中存在一些隐患，但是现在金融机构广泛采用的模型未能捕捉这些风险。

基金经理的脾气秉性也十分重要。是否能够独立思考，是否具备沉稳的性格，是否能够对个人和机构投资行为有深刻的理解，这些都对成功投资至关重要。我就亲眼见过很多头脑十分聪明的人缺乏这些优秀品质。

最后一个环节就是在招聘时要考虑我们将来能否留得住这些人才。在简历中加上伯克希尔·哈撒韦这样一笔，会提升一个投资经理的市场价值。我们需要的是能够扎住根的人才，特别是当他/她在面临收入上更具诱惑力的选择时，会否选择继续留在伯克希尔·哈撒韦。”

1985年后的20年中，风险投资的年均回报率的中位数低得惊人，为3.1%，同时期标普500的回报率为11.9%。风险投资回报率分布得很分散，最高为721%，最低为-100%，标准差为51.1%。排名第一四分位的平均回报率为16.9%，大幅高出中位数；排名三四位的平均回报率仅为-6.7%，对投资者的资本构成了明显的损失

Rebalancing represents supremely rational behavior. Maintaining portfolio targets in the face of market moves dictates sale of strong relative performers and purchase of poor relative performers. Stated differently, disciplined rebalancers sell what’s hot and buy what’s not. Under normal circumstances, rebalancing asks for modest degrees of fortitude. When markets make extreme moves, rebalancing requires substantial amounts of courage.

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"A masterful work by the master himself. We at Harvard wish that David Swensen would find a new job."

——Burton G. Malkiel, Chemical Bank Chairman?s Professor of Economics, Princeton University

　　"One of the world's most successful institutional fund managers presents powerful insights to help us become better investors. A must-read for both institutional and serious individual investors."

　　　　　　　　　　　　　　　　　　　　——Peter L. Bernstein, President,Peter L. Bernstein, Inc.

"This book will be a classic: it is essential reading for all investors, great and small. David Swensen is a leader and pioneer whose words reveal a rare combination of courage, integrity, and intelligence. No one can fail to find value here."

——Barton M. Biggs, Chairman,Morgan Stanley Dean Witter Investment Management.

　　"David Swensen is one of the best and most original fiduciaries of modern times. His thinking has survived the battlefields and it has worked for big money."

　　　　　　　　　　　　　　　　　　　　——Richard C. Levin,F.W. Beinecke Professor of Economics and President, Yale University.

书籍介绍

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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.