Unconventional Success

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The bestselling author of Pioneering Portfolio Management returns with a guide for individual investors on managing financial assets. Investment legend David F. Swensen presents compelling evidence that the for-profit mutual fund industry consistently fails the average investor. High management fees and frequent portfolio "churning" undermine individual clients, while hidden schemes, such as "pay-to-play" fees and soft-dollar kickbacks, further limit choices and reduce returns. Even those who navigate the pitfalls of the mutual fund industry often inflict self-harm by frequently selling losers and buying winners, which damages returns and increases tax liabilities. Swensen identifies nearly insurmountable challenges for ordinary investors and proposes a contrarian investment strategy that emphasizes well-diversified, equity-oriented, "market-mimicking" portfolios. He advocates for using investor-friendly, not-for-profit investment companies like Vanguard and TIAA-CREF, steering clear of actively managed funds and opting for client-oriented mutual fund managers. Ultimately, this guide offers essential insights and strategies for improving the financial future of personal investors.