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Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least by [Antti Ilmanen]

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Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least Kindle Edition

4.4 out of 5 stars 114 ratings

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From the Inside Flap

In Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least, renowned institutional investor advisor Dr. Antti Ilmanen delivers a timeless—and timely—treatment of strategic investment processes in times of low returns.

The author outlines the low expected return challenge now facing investors due to the past four-decade stretch that has seen markets with ever-increasing valuations and realized returns with falling yields. Assuming high realized returns will persist, especially in an era of low starting yields, is therefore complacent.

The key building blocks to improving long-run returns—including major asset class premia, illiquidity premia, style premia, and the always elusive alpha—are discussed as well, with extensive empirical evidence used to bolster the book’s exploration of the most reliable sources of investment returns.

Readers will learn how to construct an efficient portfolio from these building blocks as well as how to manage risk and control costs, informed by detailed descriptions of competing investment models and best practices amongst large institutional asset owners.

Perennial investing topics are explored at length, with fulsome discussions of the pros and cons of liquid vs. illiquid investments, active vs. passive management, as well as the merits of factor investing, ESG investing, macro-resilient portfolios, and tail hedging. Humble forecasting and bold diversification are emphasized throughout the book, as is the need for a combination of good investments with a patient approach.

With a foreword by Cliff Asness, managing and founding principal at AQR Capital Management, Investing Amid Low Expected Returns is a can’t-miss resource for institutional investors and active individual investors seeking an authoritative and eye-opening treatment of intelligent investing principles in the context of diminishing returns.

--This text refers to the hardcover edition.

About the Author

ANTTI ILMANEN, PHD, is Principal and Global Co-head of the Portfolio Solutions Group at AQR Capital Management. He advises institutional investors and develops AQR’s high-level investment ideas. He is the author of Expected Returns and a recipient of the Graham and Dodd award, the Harry M. Markowitz Special Distinction Award, and multiple Bernstein Fabozzi/Jacobs Levy awards.

--This text refers to the hardcover edition.

Product details

  • ASIN ‏ : ‎ B09Y2JK2WF
  • Publisher ‏ : ‎ Wiley; 1st edition (April 14 2022)
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 21011 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Enabled
  • Word Wise ‏ : ‎ Not Enabled
  • Print length ‏ : ‎ 279 pages
  • Page numbers source ISBN ‏ : ‎ 1119860199
  • Customer Reviews:
    4.4 out of 5 stars 114 ratings

About the author

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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

4.4 out of 5 stars
4.4 out of 5
114 global ratings

Top reviews from Canada

Reviewed in Canada on June 28, 2022
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avid reader
3.0 out of 5 stars It does not answer the question in the title
Reviewed in the United Kingdom on June 19, 2022
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One person found this helpful
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5.0 out of 5 stars Da ist noch mehr aber man muss noch graben.
Reviewed in Germany on July 26, 2022
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5.0 out of 5 stars Well done Antti!
Reviewed in Germany on June 9, 2022
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Kindle Customer
5.0 out of 5 stars Well written, timely, and packed with critical wisdom.
Reviewed in the United States on April 24, 2022
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16 people found this helpful
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3.0 out of 5 stars A lot of math
Reviewed in the United States on May 6, 2022
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11 people found this helpful
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