In his 14 years as Yale's chief investment officer, David Swensen has propelled the university's investment portfolio into the top one per cent of institutional funds. Here, he articulates his philosophy and strategies of portfolio management.

In UNCONVENTIONAL SUCCESS, investment legend David Swensen reveals why the for-profit mutual fund industry consistently fails the average investor, from its excessive management and incentive fees to the frequent 'churning' of portfolios that forces investors to pay higher taxes. Perhaps most destructive of all are flagrant schemes designed to thwart regulators and further erode portfolios, limiting investor choice and reducing returns. Swensen's solution? A 'contrarian' investment alternative that creates more diversified, equity-oriented, 'ma…