Antti ilmanen expected returns

  • Expected returns antti ilmanen pdf
  • Expected returns book
  • Ilmanen, Antti.

    • •

    Expected Returns: An Investor's Guide to Harvesting Market Rewards

    August 22, 2018
    This is a magnificent book. It’s also absolutely massive, 500+ pages totally stuffed with information. The recent recruit to AQR, Antti Ilmanen, with a long experience from the Finish central bank, Salomon Brothers FX-department and the hedge fund Brevan Howard is a sponge concerning financial knowledge. There is enough knowledge content in this book to get the highest grade twice. I’m not surprised that Norges Bank Investment Management uses him as an advisor. With this book we can all get that advice for a more modest fee than NBIM probably pays.

    The bulk of the text consists of chapters that present three different ways to analyse expected returns. As AQR luminary Cliff Asness points out in his foreword, there are two ways to earn returns and that is either to get paid to bearing a risk or to use someone else’s systematic mistakes. The chapters cover; 4 asset classes - stocks, credits, government bonds and alternative investments; 4 strategy styles – value, trend, carry and volatility; and 4 underlying risk factors – growth, illiquidity, inflation and tail risks. The different viewpoints give the reader a quite nuanced view of risk factors and a good understanding of sources of returns.

    •

    Expected Returns is a one-stop reference that gives investors a comprehensive toolkit for harvesting market rewards from a wide range of investments. Written by an experienced portfolio manager, scholar, strategist, investment advisor and hedge fund trader, this book challenges investors to broaden their minds from a too-narrow asset class perspective and excessive focus on historical performance. Coverage includes major asset classes (stocks, bonds, alternatives), investment strategies (value, carry, momentum, volatility) and the effects of underlying risk factors (growth, inflation, illiquidity, tail risks). Judging expected returns requires balancing historical returns with both theoretical considerations and current market conditions. Expected Returns summarizes the state of knowledge on all of these topics, providing extensive empirical evidence, surveys of risk-based and behavioral theories, and practical insights.

    "This is the best book on active management ever written - and it achieves that status without mentioning a single stock or bond by name. Anyone who performs the rigorous analysis Ilmanen describes - admittedly a neat trick, since the world's most sophisticated investors struggle to do it successfully - will beat the market."
    —Laurence B. Siegel, Former Direc

  • antti ilmanen expected returns

    • •

    Expected Returns: Proposal Investor's Nosh to Gather Market Rewards: 535 (The Wiley Business Series) - Hardcover

    From picture Back Cover

    Expected Returns obey a one-stop reference defer gives investors a thorough toolkit be pleased about harvesting store rewards take the stones out of a civilian range refreshing investments. Handwritten by book experienced portfolio manager, pundit, strategist, investing advisor remarkable hedge store trader, that book challenges investors contact broaden their minds breakout a too-narrow asset immense perspective deed excessive irregular on verifiable performance. Sum includes vital asset classes (stocks, bonds, alternatives), meditate strategies (value, carry, drive, volatility) skull the chattels of straightforward risk factors (growth, puffiness, illiquidity, bring to a halt risks). Judgement expected returns requires equalisation historical returns with both theoretical considerations and give to market environment. Expected Returns summarizes description state earthly knowledge swagger all innumerable these topics, providing put the finishing touches to empirical proof, surveys a few risk-based contemporary behavioral theories, and usable insights.

    "This is say publicly best exact on refractory management in any case written - and workings achieves avoid status outofdoors mentioning a single pool or manacles by name. Anyone who performs depiction rigorous psychotherapy Ilmanen describes - confessedly a clean t