Expected Returns: An Investor's Guide to Harvesting Market Rewards By Antti Ilmanen
592 pages | 2011 | English | ISBN: 1119990726 | EPUB + MOBI | 5 + 7 MB
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Letitbit | 
UpstoExpected 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 Director of Research, The Ford Foundation
"Antti Ilmanen shows the way forward for the investment management  profession in this remarkable book. In a comprehensive and impressive  way, he combines financial theory, historical performance data and  forward-looking indicators, into a consistent framework for assessing  expected returns and risk. His approach is both scientific and  practical, based on decades of studies and his own trading experience.  With a touch of personal wisdom and humility, Ilmanen's book is a  fascinating and educational journey into the future of investment  management."
Knut N. Kjaer, Founding CEO of the Norwegian Government Pension Fund/NBIM and former president of RiskMetrics Group
"Ilmanen's wonderful book manages to be exquisitely readable while  covering just about every aspect of the investment process. Filled with  many, many fresh and useful insights. This volume deserves to be read  and then kept close at hand - because it is sure to be needed again and  again."
Martin L. Leibowitz, Managing Director, Morgan Stanley, and former CIO, TIAA-CREF
"Job one for any investor is to estimate asset class returns. For the  first time, Antti Ilmanen has assembled into one volume all of the tools  necessary for this task: for the working money manager, a unique  treasure trove of analytical techniques and empirical evidence; for the  academic, a comprehensive guide to the relevant academic literature; and  for the consultant, a blinding light with which to illuminate  performance. Expected Returns is destined to occupy the front shelves of  investment professionals around the world."
William J. Bernstein, author of The Intelligent Asset Allocator, The  Birth of Plenty, and A Splendid Exchange, and co-principal of Efficient  Frontier Advisors
"Antti's synthesis of experience and theory has given us a book which  fills a major gap in the literature on investing. Amazing, but true,  this is the first book dedicated to the critical and challenging task of  estimating how much we should expect to earn on our investments. This  illuminating book, teaming with valuable insights that have never before  been gathered under one roof, cannot fail to make the reader a more  successful and discerning investor."
Victor Haghani, Associate Lecturer, London School of Economics, and former founding partner of LTCM
"Ilmanen has written a thorough and detailed analysis of one of the central issues in investing."
Ken French, Heidt Professor of Finance, Dartmouth College
"Investors' decisions should be evidence based. Antti Ilmanen assembles a  global body of evidence, and interprets it with insight. Read this book  and you will improve your understanding of the future."
Elroy Dimson, Emeritus Professor of Finance, London Business School
"If I could choose only one book on active management, I would choose  Expected Returns. This book is extremely thorough and well researched,  yet direct and to the point."
Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of  Management, and Chairman and CIO of Zebra Capital Management
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