Word: swensen
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...David Swensen is easily the best money manager in higher education. He may be the best, period. In 20 years of running Yale University's endowment, which has $15 billion, he has delivered average annual returns of 16.1%--blowing away the typical college endowment's return of 11.6%. Swensen, 51, author of Unconventional Success (Free Press), spoke with TIME's DANIEL KADLEC on how mutual funds fail the average Joe, why Peter Lynch is misguided and how you should invest...
...Swensen If you want to distill my book into two pages, yes, it's about indexing being the best way for individuals to invest. The costs are low, and you can get true diversification. But it's not just about that. It's also about investor behavior. Most people buy a fund after it's gone up and sell after it's gone down. You can't make money that way. My hope is that people will understand how to do the right thing--and stick with...
...Swensen A truly diversified portfolio and strong orientation toward equity or equity-like investments. That part translates very well to individuals, who can buy a broad range of funds, including real estate. The other part, though, is getting strong active-management results. The individual just cannot do that. They don't have access to the same managers that institutions use, and they don't have the resources to properly evaluate what is available to them...
...Swensen He is so wrong, and I'd be happy to tell him that. It's really, really hard to beat the market. You can't do it by spending a few evenings each week and a few hours on weekends putting together a portfolio. The few people who can beat the market tend to be obsessed...
...Swensen Domestic, foreign developed and emerging-market stocks, REITs, government bonds and inflation-indexed bonds--all through low-cost index funds. Regardless of what happens to interest rates and currencies, you ought to get a decent result...