🕚Get Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least by Antti Ilmanen
Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least by Antti Ilmanen
Elevate your game in the face of challenging market conditions with this eye-opening guide to portfolio management Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least provides an evidence-based blueprint for successful investing when decades of market tailwinds are turning into headwinds. For a generation, falling yields and soaring asset prices have boosted realized returns. However, this past windfall leaves retirement savers and investors now facing the prospect of record-low future expected returns. Emphasizing this pressing challenge, the book highlights the role that timeless investment practices – discipline, humility, and patience – will play in enabling investment success. It then assesses current investor practices and the body of empirical evidence to illuminate the building blocks for improving long-run returns in today’s environment and beyond. It concludes by reviewing how to put them together through effective portfolio construction, risk management, and cost control practices. In this book, readers will also find: The common investor responses so far to the low expected return challenge Extensive empirical evidence on the critical ingredients of an effective portfolio: major asset class premia, illiquidity premia, style premia, and alpha Discussions of the pros and cons of illiquid investments, factor investing, ESG investing, risk mitigation strategies, and market timing Coverage of the whole top-down investment process – throughout the book endorsing humility in tactical forecasting and boldness in diversification Ideal for institutional and active individual investors, Investing Amid Low Expected Returns is a timeless resource that enables investing with serenity even in harsher financial conditions. Read more
I had high expectations for this after reading "Expected Returns", and impressively Antti has managed to exceed them. For me this is without a doubt the best Finance/Investing book I have read. The book is primarily geared for financial professionals/practitioners however there is an enormous amount of wisdom that I believe even retail investors can also largely benefit from as well. If you are looking for a book that will tell you "buy these 5 ETFs" at the end of the book, this is not it. Instead this book provides the knowledge and framework required to carefully examine historical returns, muster your own investing convictions and stick with them. Turns out Antti's own convictions, which he shares at the beginning and throughout the chapters, are very sensible and backed by thoughtful analysis of both theory and evidence. Highly recommend for anyone serious about long-term "evidence-based" investing. If you can, I would read "Expected Returns" first, but it's not required.
Publisher -> Wiley; 1st edition (April 12, 2022) Language -> English Hardcover -> 304 pages ISBN-10 -> 1119860199 ISBN-13 -> 978-1119860198 Item Weight -> 1.65 pounds Dimensions -> 7.3 x 1.5 x 10.3 inches Best Sellers Rank: #20,763 in Books (See Top 100 in Books) #15 in Investment Portfolio Management #84 in Business & Finance #115 in Introduction to Investing
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