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This book was recommended by a multi asset portfolio manager friend/colleague who read the first book by Antti. Unfortunately it has dated very quickly in the 6 months since it was written (I assume in q4 2021) when the nominal yields were low and equities overpriced. As Antti foresaw: "We still have near record rich equities, low bond yields....., and major corrections soon could make the book appear quickly dated." Despite the obvious competence, even brilliance, of the author I struggled to find something of huge value or originality to institutional or sophisticated retail investors today. I am told that Antti's first book was better and I intend to read it.
A lot of math for pretty straightforward solutions. I’m not sure this book is for the average investor but the one more math inclined. The author went through all the math that showed at the end we should be patient, expect lower returns, diversify, and be disciplined. Because of this, I didn’t feel like I got much new from the book. Some of the writing helped with some explanations but that wasn’t consistent throughout the book. My take on the investing industry is to stay away from high fees, focus on passive investing, stay long and be educated. If you’re not educated, people will have no problems taking your hard earned money. I did hold out hope for risk parity investing or all weather investing, but this seems to be equally fraught with setting up the different risks. One thing to think about is some sort of asymmetrical investment that does incredibly well if things go very bad like a pandemic or high inflammation. This will help offset some of the bad times. The average fund manager is not smart enough to do this for you so you need to do on your own.
I wish the author would look more deeply into tail risk strategies with options (derivatives). The example used for backtests (page 212-14) are to simple to fully grasp a real tail strategy by successful firms. I do not know if the author realizes that tail strategy are far more complex than shown in the book. This does not seem fair to those firms.