Investing amid Low Expected Returns: Making the Most When Markets Offer the Least
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Newark
John Wiley & Sons, Incorporated
2022
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| Online-Zugang: | HWR01 |
| Beschreibung: | 1 Online-Ressource (304 Seiten) |
| ISBN: | 9781119860204 |
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| 505 | 8 | |a Cover -- Title Page -- Copyright Page -- Contents -- Foreword -- Part I Setting the Stage -- Chapter 1 Introduction -- 1.1. Serenity Prayer and Low Expected Returns -- 1.2. Outline of This Book -- 1.3. On Investment Beliefs -- Chapter 2 The Secular Low Expected Return Challenge -- 2.1. Broad Context -- 2.2. Rearview-Mirror Expectations, Discount Rate Effect, and Low Expected Returns -- 2.3. How Low Are "Riskless" Long-term Yields from a Historical Perspective? -- 2.4. Decadal Perspective on Investment Returns -- Chapter 3 Major Investor Types and Their Responses to This Challenge -- 3.1. Three Broad Investor Types -- 3.2. History of Institutional Asset Allocation -- 3.3. How Has the Low Expected Return Challenge Hurt Various Investor Types? -- 3.4. How Are Investors Responding to the Low Expected Return Challenge? -- Part II Building Blocks of Long-Run Returns -- Chapter 4 Liquid Asset Class Premia -- 4.1. Riskless Cash Return -- 4.2. Equity Premium -- 4.3. Bond Risk Premium -- 4.4. Credit Premium -- 4.5. Commodity Premium -- Chapter 5 Illiquidity Premia -- 5.1. Illiquid Alternative/Private Assets -- 5.2. Less Liquid Public Assets -- 5.3. Liquidity Provision Strategies -- Chapter 6 Style Premia -- 6.1. Value and Other Contrarian Strategies -- 6.2. Momentum and Other Extrapolative Strategies -- 6.3. Carry and Other Income Strategies -- 6.4. Defensive and Other Low-Risk/Quality Strategies -- Chapter 7 Alpha and Its Cousins -- 7.1. Alpha and Active Returns -- 7.2. Reviewing the Classification of Portfolio Return Sources -- 7.3. Demystifying Hedge Funds, Superstars, and Other Active Managers -- Chapter 8 Theories Explaining Long-run Return Sources -- 8.1. Rational Reward for Risk or Irrational Mispricing? -- 8.2. "Bad Returns in Bad Times" at the Heart of Risk Premia -- 8.3. Other Core Ideas for Rational Risk Premia and Behavioral Premia | |
| 505 | 8 | |a 8.4. Who Is on the Other Side? - and Related Crowding Concerns -- Chapter 9 Sustaining Conviction and Patience on Long-run Return Sources -- 9.1. Patience: Sustaining Conviction When Faced with Adversity2 -- 9.2. Economic Rationale - and Has the World Changed? -- 9.3. Empirical Evidence - and Data Mining Concern -- Chapter 10 Four Equations and Predictive Techniques -- 10.1. Four Key Equations and Some Extensions -- 10.2. Overview of Predictive Techniques -- Part III Putting It all Together -- Chapter 11 Diversification - Its Power and Its Dark Sides -- 11.1. Outline of the Remainder of This Book -- 11.2. Ode to Diversification -- 11.3. Critics' Laments -- Chapter 12 Portfolio Construction -- 12.1. Top-down Decisions on the Portfolio -- 12.2. Mean-variance Optimization Basics and Beyond -- 12.3. Pitfalls with MVO and How to Deal with Them -- Chapter 13 Risk Management -- 13.1. Broad Lens and Big Risks -- 13.2. Techniques for Managing Investment Risk -- 13.3. Managing Tail Risks: Contrasting Put and Trend Strategies -- 13.4. Managing Market Risks: Portfolio Volatility and Beyond -- Chapter 14 ESG Investing -- 14.1. Booming ESG -- 14.2. How Does ESG Affect Returns? -- 14.3. ESG Impact of ESG Investing - a Case Study on Climate Change -- Chapter 15 Costs and Fees -- 15.1. Trading Costs -- 15.2. Asset Management Fees -- Chapter 16 Tactical Timing on Medium-term Expected Returns -- 16.1. Contrarian Timing of the US Equity Market -- 16.2. Beyond Contrarian Timing of Equities: Other Assets and Factors, Other Predictors -- Chapter 17 Bad Habits and Good Practices -- 17.1. Multiyear Return Chasing -- 17.2. Other Bad Habits and Good Practices -- Chapter 18 Concluding Remarks -- Acknowledgments -- Author Bio -- Acronyms -- References -- Index -- Boxes -- 3.1 Global Market Portfolio -- 4.1 A Brief History of Inflation | |
| 505 | 8 | |a 4.2 Weak Empirical Relationship Between GDP Growth and Equity Returns -- 5.1 Share of Illiquid Assets in Global Wealth -- 5.2 Calendar Strategies -- 6.1 The Size Premium -- 7.1 Systematic Versus Discretionary Investing -- 8.1 How to Make Sense of Flow Data When Every Buyer Has a Seller -- 10.1 Machine Learning -- 11.1 Rebalancing -- 12.1 Modern Portfolio Theory and Two-Fund Separation -- 13.1 Can Risk Management Enhance Returns? Volatility Targeting -- 15.1 Taxes -- EULA. | |
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| contents | Cover -- Title Page -- Copyright Page -- Contents -- Foreword -- Part I Setting the Stage -- Chapter 1 Introduction -- 1.1. Serenity Prayer and Low Expected Returns -- 1.2. Outline of This Book -- 1.3. On Investment Beliefs -- Chapter 2 The Secular Low Expected Return Challenge -- 2.1. Broad Context -- 2.2. Rearview-Mirror Expectations, Discount Rate Effect, and Low Expected Returns -- 2.3. How Low Are "Riskless" Long-term Yields from a Historical Perspective? -- 2.4. Decadal Perspective on Investment Returns -- Chapter 3 Major Investor Types and Their Responses to This Challenge -- 3.1. Three Broad Investor Types -- 3.2. History of Institutional Asset Allocation -- 3.3. How Has the Low Expected Return Challenge Hurt Various Investor Types? -- 3.4. How Are Investors Responding to the Low Expected Return Challenge? -- Part II Building Blocks of Long-Run Returns -- Chapter 4 Liquid Asset Class Premia -- 4.1. Riskless Cash Return -- 4.2. Equity Premium -- 4.3. Bond Risk Premium -- 4.4. Credit Premium -- 4.5. Commodity Premium -- Chapter 5 Illiquidity Premia -- 5.1. Illiquid Alternative/Private Assets -- 5.2. Less Liquid Public Assets -- 5.3. Liquidity Provision Strategies -- Chapter 6 Style Premia -- 6.1. Value and Other Contrarian Strategies -- 6.2. Momentum and Other Extrapolative Strategies -- 6.3. Carry and Other Income Strategies -- 6.4. Defensive and Other Low-Risk/Quality Strategies -- Chapter 7 Alpha and Its Cousins -- 7.1. Alpha and Active Returns -- 7.2. Reviewing the Classification of Portfolio Return Sources -- 7.3. Demystifying Hedge Funds, Superstars, and Other Active Managers -- Chapter 8 Theories Explaining Long-run Return Sources -- 8.1. Rational Reward for Risk or Irrational Mispricing? -- 8.2. "Bad Returns in Bad Times" at the Heart of Risk Premia -- 8.3. Other Core Ideas for Rational Risk Premia and Behavioral Premia 8.4. Who Is on the Other Side? - and Related Crowding Concerns -- Chapter 9 Sustaining Conviction and Patience on Long-run Return Sources -- 9.1. Patience: Sustaining Conviction When Faced with Adversity2 -- 9.2. Economic Rationale - and Has the World Changed? -- 9.3. Empirical Evidence - and Data Mining Concern -- Chapter 10 Four Equations and Predictive Techniques -- 10.1. Four Key Equations and Some Extensions -- 10.2. Overview of Predictive Techniques -- Part III Putting It all Together -- Chapter 11 Diversification - Its Power and Its Dark Sides -- 11.1. Outline of the Remainder of This Book -- 11.2. Ode to Diversification -- 11.3. Critics' Laments -- Chapter 12 Portfolio Construction -- 12.1. Top-down Decisions on the Portfolio -- 12.2. Mean-variance Optimization Basics and Beyond -- 12.3. Pitfalls with MVO and How to Deal with Them -- Chapter 13 Risk Management -- 13.1. Broad Lens and Big Risks -- 13.2. Techniques for Managing Investment Risk -- 13.3. Managing Tail Risks: Contrasting Put and Trend Strategies -- 13.4. Managing Market Risks: Portfolio Volatility and Beyond -- Chapter 14 ESG Investing -- 14.1. Booming ESG -- 14.2. How Does ESG Affect Returns? -- 14.3. ESG Impact of ESG Investing - a Case Study on Climate Change -- Chapter 15 Costs and Fees -- 15.1. Trading Costs -- 15.2. Asset Management Fees -- Chapter 16 Tactical Timing on Medium-term Expected Returns -- 16.1. Contrarian Timing of the US Equity Market -- 16.2. Beyond Contrarian Timing of Equities: Other Assets and Factors, Other Predictors -- Chapter 17 Bad Habits and Good Practices -- 17.1. Multiyear Return Chasing -- 17.2. Other Bad Habits and Good Practices -- Chapter 18 Concluding Remarks -- Acknowledgments -- Author Bio -- Acronyms -- References -- Index -- Boxes -- 3.1 Global Market Portfolio -- 4.1 A Brief History of Inflation 4.2 Weak Empirical Relationship Between GDP Growth and Equity Returns -- 5.1 Share of Illiquid Assets in Global Wealth -- 5.2 Calendar Strategies -- 6.1 The Size Premium -- 7.1 Systematic Versus Discretionary Investing -- 8.1 How to Make Sense of Flow Data When Every Buyer Has a Seller -- 10.1 Machine Learning -- 11.1 Rebalancing -- 12.1 Modern Portfolio Theory and Two-Fund Separation -- 13.1 Can Risk Management Enhance Returns? Volatility Targeting -- 15.1 Taxes -- EULA. |
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| id | DE-604.BV048324010 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:12:43Z |
| indexdate | 2024-07-10T09:35:17Z |
| institution | BVB |
| isbn | 9781119860204 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033703306 |
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| physical | 1 Online-Ressource (304 Seiten) |
| psigel | ZDB-30-PQE ZDB-30-PQE HWR_PDA_PQE |
| publishDate | 2022 |
| publishDateSearch | 2022 |
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| publisher | John Wiley & Sons, Incorporated |
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| spelling | Ilmanen, Antti Verfasser aut Investing amid Low Expected Returns Making the Most When Markets Offer the Least Newark John Wiley & Sons, Incorporated 2022 ©2022 1 Online-Ressource (304 Seiten) txt rdacontent c rdamedia cr rdacarrier Cover -- Title Page -- Copyright Page -- Contents -- Foreword -- Part I Setting the Stage -- Chapter 1 Introduction -- 1.1. Serenity Prayer and Low Expected Returns -- 1.2. Outline of This Book -- 1.3. On Investment Beliefs -- Chapter 2 The Secular Low Expected Return Challenge -- 2.1. Broad Context -- 2.2. Rearview-Mirror Expectations, Discount Rate Effect, and Low Expected Returns -- 2.3. How Low Are "Riskless" Long-term Yields from a Historical Perspective? -- 2.4. Decadal Perspective on Investment Returns -- Chapter 3 Major Investor Types and Their Responses to This Challenge -- 3.1. Three Broad Investor Types -- 3.2. History of Institutional Asset Allocation -- 3.3. How Has the Low Expected Return Challenge Hurt Various Investor Types? -- 3.4. How Are Investors Responding to the Low Expected Return Challenge? -- Part II Building Blocks of Long-Run Returns -- Chapter 4 Liquid Asset Class Premia -- 4.1. Riskless Cash Return -- 4.2. Equity Premium -- 4.3. Bond Risk Premium -- 4.4. Credit Premium -- 4.5. Commodity Premium -- Chapter 5 Illiquidity Premia -- 5.1. Illiquid Alternative/Private Assets -- 5.2. Less Liquid Public Assets -- 5.3. Liquidity Provision Strategies -- Chapter 6 Style Premia -- 6.1. Value and Other Contrarian Strategies -- 6.2. Momentum and Other Extrapolative Strategies -- 6.3. Carry and Other Income Strategies -- 6.4. Defensive and Other Low-Risk/Quality Strategies -- Chapter 7 Alpha and Its Cousins -- 7.1. Alpha and Active Returns -- 7.2. Reviewing the Classification of Portfolio Return Sources -- 7.3. Demystifying Hedge Funds, Superstars, and Other Active Managers -- Chapter 8 Theories Explaining Long-run Return Sources -- 8.1. Rational Reward for Risk or Irrational Mispricing? -- 8.2. "Bad Returns in Bad Times" at the Heart of Risk Premia -- 8.3. Other Core Ideas for Rational Risk Premia and Behavioral Premia 8.4. Who Is on the Other Side? - and Related Crowding Concerns -- Chapter 9 Sustaining Conviction and Patience on Long-run Return Sources -- 9.1. Patience: Sustaining Conviction When Faced with Adversity2 -- 9.2. Economic Rationale - and Has the World Changed? -- 9.3. Empirical Evidence - and Data Mining Concern -- Chapter 10 Four Equations and Predictive Techniques -- 10.1. Four Key Equations and Some Extensions -- 10.2. Overview of Predictive Techniques -- Part III Putting It all Together -- Chapter 11 Diversification - Its Power and Its Dark Sides -- 11.1. Outline of the Remainder of This Book -- 11.2. Ode to Diversification -- 11.3. Critics' Laments -- Chapter 12 Portfolio Construction -- 12.1. Top-down Decisions on the Portfolio -- 12.2. Mean-variance Optimization Basics and Beyond -- 12.3. Pitfalls with MVO and How to Deal with Them -- Chapter 13 Risk Management -- 13.1. Broad Lens and Big Risks -- 13.2. Techniques for Managing Investment Risk -- 13.3. Managing Tail Risks: Contrasting Put and Trend Strategies -- 13.4. Managing Market Risks: Portfolio Volatility and Beyond -- Chapter 14 ESG Investing -- 14.1. Booming ESG -- 14.2. How Does ESG Affect Returns? -- 14.3. ESG Impact of ESG Investing - a Case Study on Climate Change -- Chapter 15 Costs and Fees -- 15.1. Trading Costs -- 15.2. Asset Management Fees -- Chapter 16 Tactical Timing on Medium-term Expected Returns -- 16.1. Contrarian Timing of the US Equity Market -- 16.2. Beyond Contrarian Timing of Equities: Other Assets and Factors, Other Predictors -- Chapter 17 Bad Habits and Good Practices -- 17.1. Multiyear Return Chasing -- 17.2. Other Bad Habits and Good Practices -- Chapter 18 Concluding Remarks -- Acknowledgments -- Author Bio -- Acronyms -- References -- Index -- Boxes -- 3.1 Global Market Portfolio -- 4.1 A Brief History of Inflation 4.2 Weak Empirical Relationship Between GDP Growth and Equity Returns -- 5.1 Share of Illiquid Assets in Global Wealth -- 5.2 Calendar Strategies -- 6.1 The Size Premium -- 7.1 Systematic Versus Discretionary Investing -- 8.1 How to Make Sense of Flow Data When Every Buyer Has a Seller -- 10.1 Machine Learning -- 11.1 Rebalancing -- 12.1 Modern Portfolio Theory and Two-Fund Separation -- 13.1 Can Risk Management Enhance Returns? Volatility Targeting -- 15.1 Taxes -- EULA. Electronic books Erscheint auch als Druck-Ausgabe Ilmanen, Antti Investing amid Low Expected Returns Newark : John Wiley & Sons, Incorporated,c2022 9781119860198 |
| spellingShingle | Ilmanen, Antti Investing amid Low Expected Returns Making the Most When Markets Offer the Least Cover -- Title Page -- Copyright Page -- Contents -- Foreword -- Part I Setting the Stage -- Chapter 1 Introduction -- 1.1. Serenity Prayer and Low Expected Returns -- 1.2. Outline of This Book -- 1.3. On Investment Beliefs -- Chapter 2 The Secular Low Expected Return Challenge -- 2.1. Broad Context -- 2.2. Rearview-Mirror Expectations, Discount Rate Effect, and Low Expected Returns -- 2.3. How Low Are "Riskless" Long-term Yields from a Historical Perspective? -- 2.4. Decadal Perspective on Investment Returns -- Chapter 3 Major Investor Types and Their Responses to This Challenge -- 3.1. Three Broad Investor Types -- 3.2. History of Institutional Asset Allocation -- 3.3. How Has the Low Expected Return Challenge Hurt Various Investor Types? -- 3.4. How Are Investors Responding to the Low Expected Return Challenge? -- Part II Building Blocks of Long-Run Returns -- Chapter 4 Liquid Asset Class Premia -- 4.1. Riskless Cash Return -- 4.2. Equity Premium -- 4.3. Bond Risk Premium -- 4.4. Credit Premium -- 4.5. Commodity Premium -- Chapter 5 Illiquidity Premia -- 5.1. Illiquid Alternative/Private Assets -- 5.2. Less Liquid Public Assets -- 5.3. Liquidity Provision Strategies -- Chapter 6 Style Premia -- 6.1. Value and Other Contrarian Strategies -- 6.2. Momentum and Other Extrapolative Strategies -- 6.3. Carry and Other Income Strategies -- 6.4. Defensive and Other Low-Risk/Quality Strategies -- Chapter 7 Alpha and Its Cousins -- 7.1. Alpha and Active Returns -- 7.2. Reviewing the Classification of Portfolio Return Sources -- 7.3. Demystifying Hedge Funds, Superstars, and Other Active Managers -- Chapter 8 Theories Explaining Long-run Return Sources -- 8.1. Rational Reward for Risk or Irrational Mispricing? -- 8.2. "Bad Returns in Bad Times" at the Heart of Risk Premia -- 8.3. Other Core Ideas for Rational Risk Premia and Behavioral Premia 8.4. Who Is on the Other Side? - and Related Crowding Concerns -- Chapter 9 Sustaining Conviction and Patience on Long-run Return Sources -- 9.1. Patience: Sustaining Conviction When Faced with Adversity2 -- 9.2. Economic Rationale - and Has the World Changed? -- 9.3. Empirical Evidence - and Data Mining Concern -- Chapter 10 Four Equations and Predictive Techniques -- 10.1. Four Key Equations and Some Extensions -- 10.2. Overview of Predictive Techniques -- Part III Putting It all Together -- Chapter 11 Diversification - Its Power and Its Dark Sides -- 11.1. Outline of the Remainder of This Book -- 11.2. Ode to Diversification -- 11.3. Critics' Laments -- Chapter 12 Portfolio Construction -- 12.1. Top-down Decisions on the Portfolio -- 12.2. Mean-variance Optimization Basics and Beyond -- 12.3. Pitfalls with MVO and How to Deal with Them -- Chapter 13 Risk Management -- 13.1. Broad Lens and Big Risks -- 13.2. Techniques for Managing Investment Risk -- 13.3. Managing Tail Risks: Contrasting Put and Trend Strategies -- 13.4. Managing Market Risks: Portfolio Volatility and Beyond -- Chapter 14 ESG Investing -- 14.1. Booming ESG -- 14.2. How Does ESG Affect Returns? -- 14.3. ESG Impact of ESG Investing - a Case Study on Climate Change -- Chapter 15 Costs and Fees -- 15.1. Trading Costs -- 15.2. Asset Management Fees -- Chapter 16 Tactical Timing on Medium-term Expected Returns -- 16.1. Contrarian Timing of the US Equity Market -- 16.2. Beyond Contrarian Timing of Equities: Other Assets and Factors, Other Predictors -- Chapter 17 Bad Habits and Good Practices -- 17.1. Multiyear Return Chasing -- 17.2. Other Bad Habits and Good Practices -- Chapter 18 Concluding Remarks -- Acknowledgments -- Author Bio -- Acronyms -- References -- Index -- Boxes -- 3.1 Global Market Portfolio -- 4.1 A Brief History of Inflation 4.2 Weak Empirical Relationship Between GDP Growth and Equity Returns -- 5.1 Share of Illiquid Assets in Global Wealth -- 5.2 Calendar Strategies -- 6.1 The Size Premium -- 7.1 Systematic Versus Discretionary Investing -- 8.1 How to Make Sense of Flow Data When Every Buyer Has a Seller -- 10.1 Machine Learning -- 11.1 Rebalancing -- 12.1 Modern Portfolio Theory and Two-Fund Separation -- 13.1 Can Risk Management Enhance Returns? Volatility Targeting -- 15.1 Taxes -- EULA. |
| title | Investing amid Low Expected Returns Making the Most When Markets Offer the Least |
| title_auth | Investing amid Low Expected Returns Making the Most When Markets Offer the Least |
| title_exact_search | Investing amid Low Expected Returns Making the Most When Markets Offer the Least |
| title_exact_search_txtP | Investing amid Low Expected Returns Making the Most When Markets Offer the Least |
| title_full | Investing amid Low Expected Returns Making the Most When Markets Offer the Least |
| title_fullStr | Investing amid Low Expected Returns Making the Most When Markets Offer the Least |
| title_full_unstemmed | Investing amid Low Expected Returns Making the Most When Markets Offer the Least |
| title_short | Investing amid Low Expected Returns |
| title_sort | investing amid low expected returns making the most when markets offer the least |
| title_sub | Making the Most When Markets Offer the Least |
| work_keys_str_mv | AT ilmanenantti investingamidlowexpectedreturnsmakingthemostwhenmarketsoffertheleast |