在预期回报较低的情况下投资：在市场提供的回报最低的情况下实现最大回报，为数十年的市场顺风转变为逆风时的成功投资提供了一个基于证据的蓝图。
一代人以来，收益率下降和资产价格飙升推高了实际回报。然而，过去的这笔横财让退休储蓄者和投资者现在面临着未来创纪录的低预期回报。这本书强调了这一紧迫挑战，强调了永恒的投资实践——纪律、谦逊和耐心——将在促成投资成功方面发挥的作用。然后，它评估了当前的投资者实践和大量经验证据，以阐明在当今和未来环境中提高长期回报的基石。文章最后回顾了如何通过有效的投资组合构建、风险管理和成本控制实践将它们结合在一起。
在这本书中，读者也会发现
到目前为止，普通投资者对低预期回报的挑战做出了反应
关于有效投资组合关键要素的大量经验证据：主要资产类别溢价、流动性不足溢价、风格溢价和阿尔法溢价
讨论非流动性投资、要素投资、ESG投资、风险缓解策略和市场时机的利弊
对整个自上而下投资过程的报道——贯穿全书，支持战术预测的谦逊和多样化的大胆
对于机构投资者和活跃的个人投资者来说，在低预期回报率下投资是一种永恒的资源，即使在更恶劣的金融条件下，也能让他们平静地投资。
Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least
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.
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