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Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least
Tác giả: Antti Ilmanen
NXB: Wiley
Chi tiết sản phẩm
- #68,030 in Books
- #46 in Investment Portfolio Management
- #70 in Business & Finance
- #138 in Introduction to Investing
Về tác giả — Antti Ilmanen
Follow authors to get new release updates, plus improved recommendations. 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. Read more about this author Read less about this author Read more about this author Read less about this author
Đánh giá từ chuyên gia
From the Inside FlapIn 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 CoverIn 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.
Mô tả nội dung sách Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least - Antti Ilmanen
Thông tin sách: Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least (Kindle, 304 trang) – Wiley, 2022. Ngôn ngữ: Tiếng Anh.
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.
Giá bán
645.000 ₫
Đánh giá sản phẩm(194)
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