Buy new:
$106.00$106.00
FREE delivery:
Wednesday, June 7
Ships from: Amazon.ca Sold by: Amazon.ca
Buy used: $65.78

Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet or computer – no Kindle device required. Learn more
Read instantly on your browser with Kindle for Web.
Using your mobile phone camera, scan the code below and download the Kindle app.


Expected Returns: An Investor's Guide to Harvesting Market Rewards Hardcover – Illustrated, March 14 2011
Amazon Price | New from | Used from |
Kindle Edition
"Please retry" | — | — |
- Kindle Edition
$84.99 Read with Our Free App - Hardcover
$106.00
Purchase options and add-ons
- ISBN-101119990726
- ISBN-13978-1119990727
- Edition1st
- PublisherWiley
- Publication dateMarch 14 2011
- LanguageEnglish
- Dimensions17.78 x 3.81 x 24.64 cm
- Print length608 pages
Frequently bought together

Customers who bought this item also bought
Product description
Review
From the Inside Flap
"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
From the Back Cover
"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
About the Author
Antti Ilmanen is a Principal at AQR Capital Management, a leading global investment-management firm. Since starting as a central bank portfolio manager in Finland in 1986, Antti has worn many hats to bridge academic finance and practitioner investing. Having earned a finance PhD in 1994 from the University of Chicago Graduate School of Business, he spent a decade at Salomon Brothers/Citigroup as a bond researcher, strategist, managing director and a trader. Before joining Brevan Howard in 2004, Antti had published extensively in finance and investment journals and had received a Graham & Dodd scroll and the Bernstein Fabozzi/Jacobs Levy award for his articles. Over the years, Antti has advised many institutional investors, most regularly Norway's Government Pension Fund Global on its long-run investment strategy.
Product details
- 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)
- Customer Reviews:
About the author

Antti Ilmanen is a Principal at AQR Capital Management and the author of "Expected Returns" (Wiley, 2011) as well as its monograph, "Expected Returns on Major Asset Classes." Antti’s second book "Investing Amid Low Expected Returns" will be available in Spring 2022.
A renowned expert on financial investments, Antti has three decades of experience in the investment industry, where he has skillfully served as a bridge between practitioners and financial academic research. At AQR, Antti co-heads the Portfolio Solutions Group, the team responsible for advising institutional investors and developing the firm's broad investment ideas. Prior to joining AQR in 2011, Antti spent seven years as a senior portfolio manager at Brevan Howard and a decade in a variety of roles at Salomon Brothers/Citigroup. He began his career as a central bank portfolio manager in Finland. Over the years, he has advised many institutional investors, including Norway’s Government Pension Fund Global and the Government of Singapore Investment Corporation. Antti has published extensively in finance and investment journals and has received a Graham and Dodd award, the Harry M. Markowitz special distinction award, and multiple Bernstein Fabozzi/Jacobs Levy awards for his articles. He also received the CFA Institute's 2017 Leadership in Global Investment Award.
Antti earned M.Sc. degrees in economics and law from the University of Helsinki and a Ph.D. in finance from the University of Chicago.
Customer reviews
-
Top reviews
Top review from Canada
There was a problem filtering reviews right now. Please try again later.
Top reviews from other countries

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.

