David Swensen's 'Unconventional Success'
Free Press
David Swensen and his book, Unconventional Success.
David Swensen has outperformed 99 percent of U.S. mutual funds since 1985. As Yale's chief investment officer, Swensen manages the school's $15 billion endowment. Now he has a new book, Unconventional Success.
In it, Swensen takes aim at one of the most engrained institutions in modern America: the mutual fund industry.
Despite their huge growth in controlled assets in the past 20 years, mutual funds -- most of which are meant to create profits for their managers -- fail everyday investors, Swensen says.
Two of the biggest factors in his displeasure are high management fees and funds' habits of turning over their holdings.
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