Buy new:
FREE delivery Wednesday, February 8 on your first order. Details
Or fastest delivery Sunday, February 5. Order within 2 hrs 5 mins. Details
In Stock.
$$33.65 () Includes selected options. Includes initial monthly payment and selected options. Details
Initial payment breakdown
Shipping cost, delivery date and order total (including tax) shown at checkout.
Your transaction is secure
We work hard to protect your security and privacy. Our payment security system encrypts your information during transmission. We don’t share your credit card details with third-party sellers, and we don’t sell your information to others. Learn more
Ships from and sold by
Have one to sell?
Kindle app logo image

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.

QR code to download the Kindle app

Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more

Follow the Author

Something went wrong. Please try your request again later.

Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least Hardcover – April 12 2022

4.3 out of 5 stars 130 ratings

Amazon Price
New from Used from
Kindle Edition
$30.77 $64.89
Great on Kindle
Great Experience. Great Value.
iphone with kindle app
Putting our best book forward
Each Great on Kindle book offers a great reading experience, at a better value than print to keep your wallet happy.

Explore your book, then jump right back to where you left off with Page Flip.

View high quality images that let you zoom in to take a closer look.

Enjoy features only possible in digital – start reading right away, carry your library with you, adjust the font, create shareable notes and highlights, and more.

Discover additional details about the events, people, and places in your book, with Wikipedia integration.

Get the free Kindle app: Link to the kindle app page Link to the kindle app page
Enjoy a great reading experience when you buy the Kindle edition of this book. Learn more about Great on Kindle, available in select categories.

Enhance your purchase

Frequently bought together

  • Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least
  • +
  • Beyond Diversification: What Every Investor Needs to Know About Asset Allocation
  • +
  • Strategic Risk Management: Designing Portfolios and Managing Risk
Total price:
To see our price, add these items to your cart.
Some of these items ship sooner than the others.
Choose items to buy together.

Product description

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.

From the Back Cover

PRAISE FOR Investing Amid Low Expected Returns

“Call it secular stagnation, low neutral rates or hyper liquidity, we are in a very different interest rate era than most of us grew up in. Few, if any, financial questions are more important than what it all means for investment strategy. This important book is the best take that has yet appeared.”

― LAWRENCE H. SUMMERS, Charles W. Eliot University Professor and President Emeritus at Harvard University, Former Secretary of the Treasury and Director of the National Economic Council

“Don’t let the title sway you, this book is foundational investing in every return environment. It is filled with solid investment wisdom that will help all investors build a resilient portfolio and stay the course. The core tenets of investment beliefs, portfolio construction, managing risks, and minimizing costs have withstood the test of time. This is a book for all markets and all investors.”

―CHRISTOPHER AILMAN, Chief Investment Officer, CalSTRS

“Antti has earned the right to be called one of investing’s great practical empiricists. If a research paper has value, he has found it and incorporated it into his comprehensive, well-structured toolkit. He clearly states what is known well and where humility is required. Investment practitioners everywhere need this book.”

―JASE AUBY, Chief Investment Officer, Teacher Retirement System of Texas

“Timeless advice for uncertain times. A rare combination of being both erudite and accessible.”

― EDWIN CASS, Chief Investment Officer, Total Fund Management, Canada Pension Plan Investment Board

“Antti has written an important book addressing the most critical challenge to investing for retirement – low prospective returns for the key asset classes. Reviewing extensive histories with humility and experienced judgment, Antti comes up with a balanced and yet optimistic outlook. Reasonable return streams remain for investors to diversify into; however, patience and good risk control will be required. This book is an encouraging read for investors!”


“I often describe Antti’s previous book, Expected Returns, as the encyclopedia of empirical research of investment management. More than a decade later, Antti has once again written the quintessential guide to navigating the challenging low-return and high-volatility market environment that may lie ahead. He shares his deep understanding and insights into the various components driving returns and provides a clear framework to guide investors in constructing a portfolio to weather the storm.”

― YU (BEN) MENG, Chair of Asia-Pacific of Franklin Templeton and former CIO of CalPERS

“Antti provides a vital update to the canonical toolkit he presented in Expected Returns. The new book has even broader coverage, yet is more succinct. Investors who read this book will leave with a straightforward risk-return framework, a well-considered set of investment beliefs, a list of bad habits to avoid, and empirically good practices to follow. This book is the foundation of solid portfolio management for institutional and retail investors.”

― LARRY SWEDROE, Chief Research Officer, Buckingham Wealth Partners

Hugs, kisses, and gift cards

Product details

  • Publisher ‏ : ‎ Wiley; 1st edition (April 12 2022)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 304 pages
  • ISBN-10 ‏ : ‎ 1119860199
  • ISBN-13 ‏ : ‎ 978-1119860198
  • Item weight ‏ : ‎ 748 g
  • Dimensions ‏ : ‎ 18.54 x 3.81 x 26.16 cm
  • Customer Reviews:
    4.3 out of 5 stars 130 ratings

About the author

Follow authors to get new release updates, plus improved recommendations.
Brief content visible, double tap to read full content.
Full content visible, double tap to read brief content.

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

4.3 out of 5 stars
4.3 out of 5
130 global ratings

Top reviews from Canada

Reviewed in Canada 🇨🇦 on June 20, 2022
Verified Purchase
Reviewed in Canada 🇨🇦 on June 28, 2022
Verified Purchase

Top reviews from other countries

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
Verified Purchase
One person found this helpful
Report abuse
5.0 out of 5 stars Da ist noch mehr aber man muss noch graben.
Reviewed in Germany 🇩🇪 on July 26, 2022
Verified Purchase
Bob Bishop
1.0 out of 5 stars Amazon Print on Demand is a SCAM!
Reviewed in Australia 🇦🇺 on December 15, 2022
Verified Purchase
5.0 out of 5 stars Well done Antti!
Reviewed in Germany 🇩🇪 on June 9, 2022
Verified Purchase
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
Verified Purchase
16 people found this helpful
Report abuse