Comments on: Book Review: Pioneering Portfolio Management http://enlightened-american.com/2009/09/23/book-review-pioneering-portfolio-management One person's quest to make sense of a senseless American economy and society. Sun, 08 Jan 2012 12:07:34 +0000 hourly 1 http://wordpress.org/?v=3.0 By: The Enlightened American » REITs Vs Private Equity http://enlightened-american.com/2009/09/23/book-review-pioneering-portfolio-management/comment-page-1#comment-35635 The Enlightened American » REITs Vs Private Equity Thu, 13 May 2010 22:20:51 +0000 http://enlightened-american.com/?p=422#comment-35635 [...] were prominent topics of David Swensen’s seminal book, Pioneering Portfolio Management (see my review of this book). David Swensen, the influential architect of Yale University’s endowment fund investment [...] [...] were prominent topics of David Swensen’s seminal book, Pioneering Portfolio Management (see my review of this book). David Swensen, the influential architect of Yale University’s endowment fund investment [...]

]]> By: BH http://enlightened-american.com/2009/09/23/book-review-pioneering-portfolio-management/comment-page-1#comment-24948 BH Thu, 24 Sep 2009 00:31:35 +0000 http://enlightened-american.com/?p=422#comment-24948 If I recall he was a big fan of REITs that were supposed to offer some sort of diversification but instead turned out to be high beta financial stocks. In the previous bear market after the Tech Bubble they did seem to work, I'll give him that. There was sort of a cottage industry making ETF asset allocation porfolios to mimic the endowments and it turned out all that stuff (stocks, REITs, commodities) moved in the same direction. I tend to think there's only three asset classes: treasuries, gold, and risk (everything else). If I recall he was a big fan of REITs that were supposed to offer some sort of diversification but instead turned out to be high beta financial stocks. In the previous bear market after the Tech Bubble they did seem to work, I’ll give him that.

There was sort of a cottage industry making ETF asset allocation porfolios to mimic the endowments and it turned out all that stuff (stocks, REITs, commodities) moved in the same direction.

I tend to think there’s only three asset classes: treasuries, gold, and risk (everything else).

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