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…
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…
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.…
去读读大卫·斯文森（David Swensen）写的《机构投资的创新之路》（Pioneering Portfolio Management）吧，他是掌管耶鲁捐赠基金的大佬。关于投资极具启发性的一本书；作为投资者，他的“超能力”之一就是耶鲁捐赠基金是永续存在的，可以以100年为周期进行投资……
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…
如果你对深入探讨这个话题感兴趣（在管理大型捐赠基金这一更宏观的背景下），大卫·斯文森的《机构投资的创新之路》非常值得一读。斯文森掌管着耶鲁极为成功的捐赠基金，一直是投资管理领域的领军人物。他也是主动管理型共同基金的直言不讳的批评者，并且支持他的……
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…
愿逝者安息（RIP）。在读完麦基尔（Malkiel）的《漫步华尔街》这类入门书后，我推荐读读他的《机构投资的创新之路》（2009）。斯文森最具争议的观点之一是：应该彻底避开公司债这一资产类别。……
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.…