{"product_id":"investing-amid-low-expected-returns-9781119860198","title":"Investing Amid Low Expected Returns","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eForeword by Cliff Asness xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: Setting the Stage 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 \u003c\/b\u003e\u003cb\u003eIntroduction 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1. Serenity Prayer and Low Expected Returns 3\u003c\/p\u003e \u003cp\u003e1.2. Outline of This Book 6\u003c\/p\u003e \u003cp\u003e1.3. On Investment Beliefs 11\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 \u003c\/b\u003e\u003cb\u003eThe Secular Low Expected Return Challenge 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1. Broad Context 15\u003c\/p\u003e \u003cp\u003e2.2. Rearview-Mirror Expectations, Discount Rate Effect, and Low Expected Returns 17\u003c\/p\u003e \u003cp\u003e2.3. How Low Are “Riskless” Long-term Yields from a Historical Perspective? 21\u003c\/p\u003e \u003cp\u003e2.4. Decadal Perspective on Investment Returns 24\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 \u003c\/b\u003e\u003cb\u003eMajor Investor Types and Their Responses to This Challenge 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1. Three Broad Investor Types 28\u003c\/p\u003e \u003cp\u003e3.2. History of Institutional Asset Allocation 33\u003c\/p\u003e \u003cp\u003e3.3. How Has the Low Expected Return Challenge Hurt Various Investor Types? 42\u003c\/p\u003e \u003cp\u003e3.4. How Are Investors Responding to the Low Expected Return Challenge? 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II: Building Blocks of Long-Run Returns 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 \u003c\/b\u003e\u003cb\u003eLiquid Asset Class Premia 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1. Riskless Cash Return 52\u003c\/p\u003e \u003cp\u003e4.2. Equity Premium 55\u003c\/p\u003e \u003cp\u003e4.3. Bond Risk Premium 69\u003c\/p\u003e \u003cp\u003e4.4. Credit Premium 74\u003c\/p\u003e \u003cp\u003e4.5. Commodity Premium 81\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 \u003c\/b\u003e\u003cb\u003eIlliquidity Premia 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1. Illiquid Alternative\/Private Assets 88\u003c\/p\u003e \u003cp\u003e5.2. Less Liquid Public Assets 101\u003c\/p\u003e \u003cp\u003e5.3. Liquidity Provision Strategies 102\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 \u003c\/b\u003e\u003cb\u003eStyle Premia 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1. Value and Other Contrarian Strategies 109\u003c\/p\u003e \u003cp\u003e6.2. Momentum and Other Extrapolative Strategies 117\u003c\/p\u003e \u003cp\u003e6.3. Carry and Other Income Strategies 124\u003c\/p\u003e \u003cp\u003e6.4. Defensive and Other Low-Risk\/ Quality Strategies 131\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 \u003c\/b\u003e\u003cb\u003eAlpha and Its Cousins 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1. Alpha and Active Returns 139\u003c\/p\u003e \u003cp\u003e7.2. Reviewing the Classification of Portfolio Return Sources 146\u003c\/p\u003e \u003cp\u003e7.3. Demystifying Hedge Funds, Superstars, and Other Active Managers 147\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 \u003c\/b\u003e\u003cb\u003eTheories Explaining Long-run Return Sources 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1. Rational Reward for Risk or Irrational Mispricing? 152\u003c\/p\u003e \u003cp\u003e8.2. “Bad Returns in Bad Times” at the Heart of Risk Premia 153\u003c\/p\u003e \u003cp\u003e8.3. Other Core Ideas for Rational Risk Premia and Behavioral Premia 155\u003c\/p\u003e \u003cp\u003e8.4. Who Is on the Other Side? – and Related Crowding Concerns 158\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 \u003c\/b\u003e\u003cb\u003eSustaining Conviction and Patience on Long-run Return Sources 163\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1. Patience: Sustaining Conviction When Faced with Adversity 164\u003c\/p\u003e \u003cp\u003e9.2. Economic Rationale – and Has the World Changed? 169\u003c\/p\u003e \u003cp\u003e9.3. Empirical Evidence – and Data Mining Concern 170\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 \u003c\/b\u003e\u003cb\u003eFour Equations and Predictive Techniques 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1. Four Key Equations and Some Extensions 173\u003c\/p\u003e \u003cp\u003e10.2. Overview of Predictive Techniques 180\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III: Putting It all Together 185\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 \u003c\/b\u003e\u003cb\u003eDiversification – Its Power and Its Dark Sides 187\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1. Outline of the Remainder of This Book 187\u003c\/p\u003e \u003cp\u003e11.2. Ode to Diversification 188\u003c\/p\u003e \u003cp\u003e11.3. Critics’ Laments 193\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 \u003c\/b\u003e\u003cb\u003ePortfolio Construction 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1. Top-down Decisions on the Portfolio 195\u003c\/p\u003e \u003cp\u003e12.2. Mean-variance Optimization Basics and Beyond 200\u003c\/p\u003e \u003cp\u003e12.3. Pitfalls with MVO and How to Deal with Them 204\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 \u003c\/b\u003e\u003cb\u003eRisk Management 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1. Broad Lens and Big Risks 208\u003c\/p\u003e \u003cp\u003e13.2. Techniques for Managing Investment Risk 209\u003c\/p\u003e \u003cp\u003e13.3. Managing Tail Risks: Contrasting Put and Trend Strategies 210\u003c\/p\u003e \u003cp\u003e13.4. Managing Market Risks: Portfolio Volatility and Beyond 214\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 \u003c\/b\u003e\u003cb\u003eESG Investing 219\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1. Booming ESG 220\u003c\/p\u003e \u003cp\u003e14.2. How Does ESG Affect Returns? 221\u003c\/p\u003e \u003cp\u003e14.3. ESG Impact of ESG Investing – a Case Study on Climate Change 224\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 \u003c\/b\u003e\u003cb\u003eCosts and Fees 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1. Trading Costs 226\u003c\/p\u003e \u003cp\u003e15.2. Asset Management Fees 230\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 \u003c\/b\u003e\u003cb\u003eTactical Timing on Medium-term Expected Returns 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1. Contrarian Timing of the US Equity Market 235\u003c\/p\u003e \u003cp\u003e16.2. Beyond Contrarian Timing of Equities: Other Assets and Factors, Other Predictors 240\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 \u003c\/b\u003e\u003cb\u003eBad Habits and Good Practices 243\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1. Multiyear Return Chasing 244\u003c\/p\u003e \u003cp\u003e17.2. Other Bad Habits and Good Practices 246\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 \u003c\/b\u003e\u003cb\u003eConcluding Remarks 249\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAcknowledgments 253\u003c\/p\u003e \u003cp\u003eAuthor Bio 255\u003c\/p\u003e \u003cp\u003eAcronyms 257\u003c\/p\u003e \u003cp\u003eReferences 259\u003c\/p\u003e \u003cp\u003eIndex 277\u003c\/p\u003e \u003cp\u003e\u003cb\u003eBoxes\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Global Market Portfolio 39\u003c\/p\u003e \u003cp\u003e4.1 A Brief History of Inflation 54\u003c\/p\u003e \u003cp\u003e4.2 Weak Empirical Relationship Between GDP Growth and Equity Returns 67\u003c\/p\u003e \u003cp\u003e5.1 Share of Illiquid Assets in Global Wealth 89\u003c\/p\u003e \u003cp\u003e5.2 Calendar Strategies 103\u003c\/p\u003e \u003cp\u003e6.1 The Size Premium 107\u003c\/p\u003e \u003cp\u003e7.1 Systematic Versus Discretionary Investing 142\u003c\/p\u003e \u003cp\u003e8.1 How to Make Sense of Flow Data When Every Buyer Has a Seller 161\u003c\/p\u003e \u003cp\u003e10.1 Machine Learning 183\u003c\/p\u003e \u003cp\u003e11.1 Rebalancing 192\u003c\/p\u003e \u003cp\u003e12.1 Modern Portfolio Theory and Two-Fund Separation 202\u003c\/p\u003e \u003cp\u003e13.1 Can Risk Management Enhance Returns? Volatility Targeting 216\u003c\/p\u003e \u003cp\u003e15.1 Taxes 233\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":48866421080407,"sku":"9781119860198","price":18.69,"currency_code":"GBP","in_stock":true}],"url":"https:\/\/bookcurl.com\/products\/investing-amid-low-expected-returns-9781119860198","provider":"Book Curl","version":"1.0","type":"link"}