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.
