September 2, 2005
In a New Book, Yale's Investment Guru Tackles Big Mutual Funds
The country's mammoth mutual-fund industry has failed small investors. So says David F. Swensen, whose latest book, Unconventional Success: A Fundamental Approach to Personal Investment (Free Press, 2005), is sure to rankle mutual-fund giants like Fidelity, Putnam, and T. Rowe Price.
Most mutual funds, says the author, Yale University's chief investment officer, are inherently conflicted: Actions that improve their bottom lines often detract from investment performance, and vice versa.
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