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Expected Returns: An Investor's Guide to Harvesting Market Rewards Hardcover – Illustrated, March 14 2011
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"This is the best book on active management ever written - and it achieves that status without mentioning a single stock or bond by name. Anyone who performs the rigorous analysis Ilmanen describes - admittedly a neat trick, since the world's most sophisticated investors struggle to do it successfully - will beat the market."
—Laurence B. Siegel, Former Director of Research, The Ford Foundation
"Antti Ilmanen shows the way forward for the investment management profession in this remarkable book. In a comprehensive and impressive way, he combines financial theory, historical performance data and forward-looking indicators, into a consistent framework for assessing expected returns and risk. His approach is both scientific and practical, based on decades of studies and his own trading experience. With a touch of personal wisdom and humility, Ilmanen's book is a fascinating and educational journey into the future of investment management."
—Knut N. Kjaer, Founding CEO of the Norwegian Government Pension Fund/NBIM and former president of RiskMetrics Group
"Ilmanen's wonderful book manages to be exquisitely readable while covering just about every aspect of the investment process. Filled with many, many fresh and useful insights. This volume deserves to be read and then kept close at hand - because it is sure to be needed again and again."
—Martin L. Leibowitz, Managing Director, Morgan Stanley, and former CIO, TIAA-CREF
- Publisher : Wiley; 1st edition (March 14 2011)
- Language : English
- Hardcover : 608 pages
- ISBN-10 : 1119990726
- ISBN-13 : 978-1119990727
- Item weight : 1.16 kg
- Dimensions : 17.78 x 3.81 x 24.64 cm
- Best Sellers Rank: #228,870 in Books (See Top 100 in Books)
- #198 in Investments & Securities Textbooks
- #824 in Accounting Industries & Professions
- #888 in Accounting (Books)
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There are many strengths; firstly the book is bang up to date with the latest literature, including commentary on the 2007/ 08 credit crunch. Secondly it covers all asset classes ranging from stock, bonds through to alternatives. Thirdly it is as international as the literature enables, there is still a massive bias to the US but this is inevitable given that this is where almost all the research is carried out. Finally the author has an unwavering grasp of the subject and is an authority in this area.
It must be emphasised however that the book is really a textbook in nature and is heavy going from page 1. Expect to have to read it several times and keep referring back to it. It is not a light read and does presume some prior knowledge. If you do not have a degree from business school you may be better off starting on an easier book because you are unlikely to understand more than half of the content.
Overall it is an impressive feat of scholarship and a massive contribution to this area of study.