{"id":8718,"date":"2024-08-12T15:51:22","date_gmt":"2024-08-12T22:51:22","guid":{"rendered":"https:\/\/jeremywhittaker.com\/?p=8718"},"modified":"2024-08-12T15:57:13","modified_gmt":"2024-08-12T22:57:13","slug":"unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen","status":"publish","type":"post","link":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/","title":{"rendered":"Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0"},"content":{"rendered":"\n<p>I&#8217;ve had <em>Unconventional Success<\/em> by David F. Swensen on my shelf for five years, but it took me a while to finish. The book is somewhat dense and challenging, yet it offers valuable insights, particularly about the effects of drawdown on a portfolio. Swensen, Yale&#8217;s CIO for 36 years, managed to achieve an impressive 12% annual return during his tenure.<\/p>\n\n\n\n<p>One key takeaway is that while the S&amp;P 500 generally outperforms many strategies, certain portfolios can do better overall by minimizing drawdowns. Swensen emphasizes several principles that are common in investment literature:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Equities Should Dominate<\/strong>: Despite being riskier, equities offer higher long-term returns.<\/li>\n\n\n\n<li><strong>Passive Investing Over Active Management<\/strong>: Costs significantly impact your portfolio, so minimize them.<\/li>\n\n\n\n<li><strong>Diversification Is Essential<\/strong>: A portfolio solely composed of equities will suffer from severe drawdowns, which can take years to recover from. A well-balanced portfolio mitigates this risk.<\/li>\n\n\n\n<li><strong>Avoid Market Timing<\/strong>: Base your strategy on long-term thinking.<\/li>\n\n\n\n<li><strong>Rebalancing Is Crucial<\/strong>: Regularly sell overperforming assets and buy underperforming ones.<\/li>\n\n\n\n<li><strong>Consider Tax Implications<\/strong>: Be aware of the tax consequences when buying or selling assets.<\/li>\n\n\n\n<li><strong>Stay Disciplined<\/strong>: Don\u2019t let emotions dictate your investment decisions.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Swensen\u2019s Model Portfolio<\/h3>\n\n\n\n<p>Swensen\u2019s recommended allocation includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>U.S. Equities: 30%<\/li>\n\n\n\n<li>International Developed Market Equities: 15%<\/li>\n\n\n\n<li>Emerging Market Equities: 5%<\/li>\n\n\n\n<li>REITs: 20%<\/li>\n\n\n\n<li>U.S. Treasury Bonds: 15%<\/li>\n\n\n\n<li>TIPS: 15%<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Hypothetical Portfolios<\/h2>\n\n\n\n<p>I compiled and backtested several hypothetical portfolios based on Swensen\u2019s principles. While most failed to outperform the S&amp;P 500 over a 20-year period, one aggressive portfolio did manage to do so, primarily due to its better handling of drawdowns during the 2008-2009 recession.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Conservative Portfolio<\/strong>: $45,293<\/td><td><strong>Conservative B Portfolio<\/strong>: $38,916<\/td><\/tr><tr><td><strong>Moderate Portfolio<\/strong>: $54,785<\/td><td><strong>Moderate B Portfolio<\/strong>: $60,839<\/td><\/tr><tr><td><strong>Aggressive  Portfolio<\/strong>: $64,137<\/td><td><strong>Aggressive B Portfolio<\/strong>: $93,856<\/td><\/tr><tr><td><\/td><td><\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><strong>S&amp;P 500 (SPY)<\/strong>: $80,315<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Portfolio Allocations<\/h2>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Original Portfolios<\/strong><\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Conservative Portfolio<\/strong>:\n<ul class=\"wp-block-list\">\n<li>25% VTI, 10% EFA, 5% VWO, 15% VNQ, 25% IEF, 20% TIP<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Moderate Portfolio<\/strong>:\n<ul class=\"wp-block-list\">\n<li>30% VTI, 15% EFA, 10% VWO, 15% VNQ, 15% IEF, 15% TIP<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Aggressive Portfolio<\/strong>:\n<ul class=\"wp-block-list\">\n<li>40% VTI, 20% EFA, 15% VWO, 10% VNQ, 10% IEF, 5% TIP<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>B-Series Portfolios<\/strong><\/h4>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Conservative B Portfolio<\/strong>:\n<ul class=\"wp-block-list\">\n<li>20% VTSAX, 10% VEA, 5% VWO, 15% VNQ, 25% VBTLX, 25% VIPSX<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Moderate B Portfolio<\/strong>:\n<ul class=\"wp-block-list\">\n<li>25% VTSAX, 15% VEA, 10% VWO, 20% VNQ, 15% VBTLX, 15% VIPSX<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Aggressive B Portfolio<\/strong>:\n<ul class=\"wp-block-list\">\n<li>35% VTSAX, 20% VEA, 10% VWO, 20% VNQ, 10% VBTLX, 5% VIPSX<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Benchmark<\/strong><\/h4>\n\n\n\n<ol start=\"7\" class=\"wp-block-list\">\n<li><strong>S&amp;P 500 (SPY)<\/strong><\/li>\n<\/ol>\n\n\n\n<p>While beating the S&amp;P 500 over the long term is challenging, Swensen\u2019s strategies offer a solid foundation for those looking to manage risk and optimize returns. For most investors, simply investing in the S&amp;P 500 might be the best approach, but Swensen shows there are ways to potentially outperform through strategic portfolio management.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Annual Returns (2003 &#8211; 2023)<\/strong><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2003<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>18.34%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>19.90%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>21.45%<\/td><\/tr><tr><td>Conservative B<\/td><td>13.39%<\/td><\/tr><tr><td>Moderate B<\/td><td>18.30%<\/td><\/tr><tr><td>Aggressive B<\/td><td>23.95%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>28.18%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2004<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>11.55%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>12.49%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>14.08%<\/td><\/tr><tr><td>Conservative B<\/td><td>7.42%<\/td><\/tr><tr><td>Moderate B<\/td><td>19.80%<\/td><\/tr><tr><td>Aggressive B<\/td><td>21.28%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>10.70%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2005<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>8.62%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>10.46%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>12.24%<\/td><\/tr><tr><td>Conservative B<\/td><td>7.57%<\/td><\/tr><tr><td>Moderate B<\/td><td>10.68%<\/td><\/tr><tr><td>Aggressive B<\/td><td>11.77%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>4.83%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2006<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>18.71%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>21.07%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>23.19%<\/td><\/tr><tr><td>Conservative B<\/td><td>19.47%<\/td><\/tr><tr><td>Moderate B<\/td><td>22.66%<\/td><\/tr><tr><td>Aggressive B<\/td><td>26.71%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>15.85%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2007<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>6.92%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>7.64%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>9.07%<\/td><\/tr><tr><td>Conservative B<\/td><td>5.04%<\/td><\/tr><tr><td>Moderate B<\/td><td>6.09%<\/td><\/tr><tr><td>Aggressive B<\/td><td>7.82%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>5.14%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2008<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>-24.53%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>-27.55%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>-31.46%<\/td><\/tr><tr><td>Conservative B<\/td><td>-24.30%<\/td><\/tr><tr><td>Moderate B<\/td><td>-27.57%<\/td><\/tr><tr><td>Aggressive B<\/td><td>-33.20%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>-36.81%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2009<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>22.78%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>25.46%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>27.59%<\/td><\/tr><tr><td>Conservative B<\/td><td>26.79%<\/td><\/tr><tr><td>Moderate B<\/td><td>33.32%<\/td><\/tr><tr><td>Aggressive B<\/td><td>39.89%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>26.37%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2010<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>14.65%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>15.73%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>16.57%<\/td><\/tr><tr><td>Conservative B<\/td><td>12.81%<\/td><\/tr><tr><td>Moderate B<\/td><td>18.72%<\/td><\/tr><tr><td>Aggressive B<\/td><td>23.66%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>15.06%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2011<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>5.33%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>3.66%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>3.92%<\/td><\/tr><tr><td>Conservative B<\/td><td>3.07%<\/td><\/tr><tr><td>Moderate B<\/td><td>4.50%<\/td><\/tr><tr><td>Aggressive B<\/td><td>0.33%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>1.89%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2012<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>14.20%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>14.95%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>16.05%<\/td><\/tr><tr><td>Conservative B<\/td><td>11.49%<\/td><\/tr><tr><td>Moderate B<\/td><td>13.46%<\/td><\/tr><tr><td>Aggressive B<\/td><td>19.45%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>15.99%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2013<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>10.62%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>14.34%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>16.07%<\/td><\/tr><tr><td>Conservative B<\/td><td>10.61%<\/td><\/tr><tr><td>Moderate B<\/td><td>12.44%<\/td><\/tr><tr><td>Aggressive B<\/td><td>22.27%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>32.31%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2014<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>8.49%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>10.03%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>11.11%<\/td><\/tr><tr><td>Conservative B<\/td><td>7.99%<\/td><\/tr><tr><td>Moderate B<\/td><td>11.00%<\/td><\/tr><tr><td>Aggressive B<\/td><td>13.04%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>13.46%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2015<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>-1.37%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>-2.23%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>-3.02%<\/td><\/tr><tr><td>Conservative B<\/td><td>-1.60%<\/td><\/tr><tr><td>Moderate B<\/td><td>-1.42%<\/td><\/tr><tr><td>Aggressive B<\/td><td>-2.27%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>1.25%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2016<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>7.71%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>9.56%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>10.96%<\/td><\/tr><tr><td>Conservative B<\/td><td>7.62%<\/td><\/tr><tr><td>Moderate B<\/td><td>8.03%<\/td><\/tr><tr><td>Aggressive B<\/td><td>12.17%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>12.00%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2017<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>13.75%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>18.11%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>21.11%<\/td><\/tr><tr><td>Conservative B<\/td><td>12.78%<\/td><\/tr><tr><td>Moderate B<\/td><td>17.42%<\/td><\/tr><tr><td>Aggressive B<\/td><td>24.71%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>21.70%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2018<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>-6.43%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>-8.74%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>-11.04%<\/td><\/tr><tr><td>Conservative B<\/td><td>-6.69%<\/td><\/tr><tr><td>Moderate B<\/td><td>-7.04%<\/td><\/tr><tr><td>Aggressive B<\/td><td>-10.27%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>-4.56%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2019<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>21.73%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>23.58%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>26.23%<\/td><\/tr><tr><td>Conservative B<\/td><td>19.53%<\/td><\/tr><tr><td>Moderate B<\/td><td>21.70%<\/td><\/tr><tr><td>Aggressive B<\/td><td>29.21%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>31.22%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2020<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>10.83%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>13.58%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>15.56%<\/td><\/tr><tr><td>Conservative B<\/td><td>10.56%<\/td><\/tr><tr><td>Moderate B<\/td><td>11.04%<\/td><\/tr><tr><td>Aggressive B<\/td><td>14.82%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>18.37%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2021<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>12.71%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>16.57%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>20.73%<\/td><\/tr><tr><td>Conservative B<\/td><td>14.87%<\/td><\/tr><tr><td>Moderate B<\/td><td>17.24%<\/td><\/tr><tr><td>Aggressive B<\/td><td>23.33%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>28.75%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2022<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>-17.25%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>-18.32%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>-19.45%<\/td><\/tr><tr><td>Conservative B<\/td><td>-17.07%<\/td><\/tr><tr><td>Moderate B<\/td><td>-17.58%<\/td><\/tr><tr><td>Aggressive B<\/td><td>-19.11%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>-18.17%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2023<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Portfolio<\/th><th>Return<\/th><\/tr><\/thead><tbody><tr><td>Conservative Portfolio<\/td><td>14.22%<\/td><\/tr><tr><td>Moderate Portfolio<\/td><td>15.87%<\/td><\/tr><tr><td>Aggressive Portfolio<\/td><td>17.73%<\/td><\/tr><tr><td>Conservative B<\/td><td>13.49%<\/td><\/tr><tr><td>Moderate B<\/td><td>15.92%<\/td><\/tr><tr><td>Aggressive B<\/td><td>17.73%<\/td><\/tr><tr><td>S&amp;P 500 (SPY)<\/td><td>26.19%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>I also created a custom GPT for this book. You can find that <a href=\"https:\/\/chatgpt.com\/g\/g-9vdwPaGyj-unconventional-success-by-david-f-swensen\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;ve had Unconventional Success by David F. Swensen on my shelf for five years, but it took me a while to finish. The book is somewhat dense and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8723,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0 - Jeremy Whittaker<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0 - Jeremy Whittaker\" \/>\n<meta property=\"og:description\" content=\"I&#8217;ve had Unconventional Success by David F. Swensen on my shelf for five years, but it took me a while to finish. The book is somewhat dense and...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/\" \/>\n<meta property=\"og:site_name\" content=\"Jeremy Whittaker\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WhittakerJeremy\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/WhittakerJeremy\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-12T22:51:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-12T22:57:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/new.jeremywhittaker.com\/wp-content\/uploads\/2024\/08\/91tsZq7W2KL._AC_UF10001000_QL80_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"658\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"JeremyWhittaker\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"JeremyWhittaker\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/\"},\"author\":{\"name\":\"JeremyWhittaker\",\"@id\":\"https:\/\/new.jeremywhittaker.com\/#\/schema\/person\/ed0edfdefb3e180693efef453372980c\"},\"headline\":\"Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0\",\"datePublished\":\"2024-08-12T22:51:22+00:00\",\"dateModified\":\"2024-08-12T22:57:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/\"},\"wordCount\":831,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/new.jeremywhittaker.com\/#\/schema\/person\/ed0edfdefb3e180693efef453372980c\"},\"image\":{\"@id\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/new.jeremywhittaker.com\/wp-content\/uploads\/2024\/08\/91tsZq7W2KL._AC_UF10001000_QL80_.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/\",\"url\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/\",\"name\":\"Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0 - Jeremy Whittaker\",\"isPartOf\":{\"@id\":\"https:\/\/new.jeremywhittaker.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/new.jeremywhittaker.com\/wp-content\/uploads\/2024\/08\/91tsZq7W2KL._AC_UF10001000_QL80_.jpg\",\"datePublished\":\"2024-08-12T22:51:22+00:00\",\"dateModified\":\"2024-08-12T22:57:13+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#primaryimage\",\"url\":\"https:\/\/new.jeremywhittaker.com\/wp-content\/uploads\/2024\/08\/91tsZq7W2KL._AC_UF10001000_QL80_.jpg\",\"contentUrl\":\"https:\/\/new.jeremywhittaker.com\/wp-content\/uploads\/2024\/08\/91tsZq7W2KL._AC_UF10001000_QL80_.jpg\",\"width\":658,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/new.jeremywhittaker.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/new.jeremywhittaker.com\/#website\",\"url\":\"https:\/\/new.jeremywhittaker.com\/\",\"name\":\"Jeremy Whittaker\",\"description\":\"Research, software, markets, housing, and energy\",\"publisher\":{\"@id\":\"https:\/\/new.jeremywhittaker.com\/#\/schema\/person\/ed0edfdefb3e180693efef453372980c\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/new.jeremywhittaker.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\/\/new.jeremywhittaker.com\/#\/schema\/person\/ed0edfdefb3e180693efef453372980c\",\"name\":\"JeremyWhittaker\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/c8ac20e6dfa86b5f27ce9bffee4851099770cbea5ae7338a274865bfbc8c0218?s=96&d=retro&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c8ac20e6dfa86b5f27ce9bffee4851099770cbea5ae7338a274865bfbc8c0218?s=96&d=retro&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c8ac20e6dfa86b5f27ce9bffee4851099770cbea5ae7338a274865bfbc8c0218?s=96&d=retro&r=g\",\"caption\":\"JeremyWhittaker\"},\"logo\":{\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/c8ac20e6dfa86b5f27ce9bffee4851099770cbea5ae7338a274865bfbc8c0218?s=96&d=retro&r=g\"},\"sameAs\":[\"http:\/\/www.jeremywhittaker.com\",\"https:\/\/www.facebook.com\/WhittakerJeremy\",\"https:\/\/www.linkedin.com\/in\/jeremywhittaker\/\"],\"url\":\"https:\/\/new.jeremywhittaker.com\/index.php\/author\/jeremywhittaker\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0 - Jeremy Whittaker","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0 - Jeremy Whittaker","og_description":"I&#8217;ve had Unconventional Success by David F. Swensen on my shelf for five years, but it took me a while to finish. The book is somewhat dense and...","og_url":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/","og_site_name":"Jeremy Whittaker","article_publisher":"https:\/\/www.facebook.com\/WhittakerJeremy","article_author":"https:\/\/www.facebook.com\/WhittakerJeremy","article_published_time":"2024-08-12T22:51:22+00:00","article_modified_time":"2024-08-12T22:57:13+00:00","og_image":[{"width":658,"height":1000,"url":"https:\/\/new.jeremywhittaker.com\/wp-content\/uploads\/2024\/08\/91tsZq7W2KL._AC_UF10001000_QL80_.jpg","type":"image\/jpeg"}],"author":"JeremyWhittaker","twitter_card":"summary_large_image","twitter_misc":{"Written by":"JeremyWhittaker","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#article","isPartOf":{"@id":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/"},"author":{"name":"JeremyWhittaker","@id":"https:\/\/new.jeremywhittaker.com\/#\/schema\/person\/ed0edfdefb3e180693efef453372980c"},"headline":"Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0","datePublished":"2024-08-12T22:51:22+00:00","dateModified":"2024-08-12T22:57:13+00:00","mainEntityOfPage":{"@id":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/"},"wordCount":831,"commentCount":0,"publisher":{"@id":"https:\/\/new.jeremywhittaker.com\/#\/schema\/person\/ed0edfdefb3e180693efef453372980c"},"image":{"@id":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#primaryimage"},"thumbnailUrl":"https:\/\/new.jeremywhittaker.com\/wp-content\/uploads\/2024\/08\/91tsZq7W2KL._AC_UF10001000_QL80_.jpg","inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/","url":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/","name":"Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0 - Jeremy Whittaker","isPartOf":{"@id":"https:\/\/new.jeremywhittaker.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#primaryimage"},"image":{"@id":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#primaryimage"},"thumbnailUrl":"https:\/\/new.jeremywhittaker.com\/wp-content\/uploads\/2024\/08\/91tsZq7W2KL._AC_UF10001000_QL80_.jpg","datePublished":"2024-08-12T22:51:22+00:00","dateModified":"2024-08-12T22:57:13+00:00","breadcrumb":{"@id":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#primaryimage","url":"https:\/\/new.jeremywhittaker.com\/wp-content\/uploads\/2024\/08\/91tsZq7W2KL._AC_UF10001000_QL80_.jpg","contentUrl":"https:\/\/new.jeremywhittaker.com\/wp-content\/uploads\/2024\/08\/91tsZq7W2KL._AC_UF10001000_QL80_.jpg","width":658,"height":1000},{"@type":"BreadcrumbList","@id":"https:\/\/new.jeremywhittaker.com\/index.php\/2024\/08\/12\/unconventional-success-a-fundamental-approach-to-personal-investment-by-david-f-swensen\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/new.jeremywhittaker.com\/"},{"@type":"ListItem","position":2,"name":"Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen\u00a0"}]},{"@type":"WebSite","@id":"https:\/\/new.jeremywhittaker.com\/#website","url":"https:\/\/new.jeremywhittaker.com\/","name":"Jeremy Whittaker","description":"Research, software, markets, housing, and energy","publisher":{"@id":"https:\/\/new.jeremywhittaker.com\/#\/schema\/person\/ed0edfdefb3e180693efef453372980c"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/new.jeremywhittaker.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":["Person","Organization"],"@id":"https:\/\/new.jeremywhittaker.com\/#\/schema\/person\/ed0edfdefb3e180693efef453372980c","name":"JeremyWhittaker","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c8ac20e6dfa86b5f27ce9bffee4851099770cbea5ae7338a274865bfbc8c0218?s=96&d=retro&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c8ac20e6dfa86b5f27ce9bffee4851099770cbea5ae7338a274865bfbc8c0218?s=96&d=retro&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c8ac20e6dfa86b5f27ce9bffee4851099770cbea5ae7338a274865bfbc8c0218?s=96&d=retro&r=g","caption":"JeremyWhittaker"},"logo":{"@id":"https:\/\/secure.gravatar.com\/avatar\/c8ac20e6dfa86b5f27ce9bffee4851099770cbea5ae7338a274865bfbc8c0218?s=96&d=retro&r=g"},"sameAs":["http:\/\/www.jeremywhittaker.com","https:\/\/www.facebook.com\/WhittakerJeremy","https:\/\/www.linkedin.com\/in\/jeremywhittaker\/"],"url":"https:\/\/new.jeremywhittaker.com\/index.php\/author\/jeremywhittaker\/"}]}},"_links":{"self":[{"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/posts\/8718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/comments?post=8718"}],"version-history":[{"count":13,"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/posts\/8718\/revisions"}],"predecessor-version":[{"id":8733,"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/posts\/8718\/revisions\/8733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/media\/8723"}],"wp:attachment":[{"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/media?parent=8718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/categories?post=8718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.jeremywhittaker.com\/index.php\/wp-json\/wp\/v2\/tags?post=8718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}