Expected Returns：An Investor's Guide to Harvesting Market Rewards

图书标准信息

• 作者 Antti Ilmanen 著
• 出版社 Wiley
• 出版时间 2011-03
• 版次 1
• ISBN 9781119990727
• 定价 578.60元
• 装帧 精装
• 开本 其他
• 纸张 其他
• 页数 592页
• 正文语种 英语

【内容简介】

ExpectedReturnsisaone-stopreferencethatgivesinvestorsacomprehensivetoolkitforharvestingmarketrewardsfromawiderangeofinvestments.Writtenbyanexperiencedportfoliomanager,scholar,strategist,investmentadvisorandhedgefundtrader,thisbookchallengesinvestorstobroadentheirmindsfromatoo-narrowassetclassperspectiveandexcessivefocusonhistoricalperformance.Coverageincludesmajorassetclasses(stocks,bonds,alternatives),investmentstrategies(value,carry,momentum,volatility)andtheeffectsofunderlyingriskfactors(growth,inflation,illiquidity,tailrisks).Judgingexpectedreturnsrequiresbalancinghistoricalreturnswithboththeoreticalconsiderationsandcurrentmarketconditions.ExpectedReturnssummarizesthestateofknowledgeonallofthesetopics,providingextensiveempiricalevidence,surveysofrisk-basedandbehavioraltheories,andpracticalinsights."Thisisthebestbookonactivemanagementeverwritten-anditachievesthatstatuswithoutmentioningasinglestockorbondbyname.AnyonewhoperformstherigorousanalysisIlmanendescribes-admittedlyaneattrick,sincetheworld'smostsophisticatedinvestorsstruggletodoitsuccessfully-willbeatthemarket."
LaurenceB.Siegel,FormerDirectorofResearch,TheFordFoundation"AnttiIlmanenshowsthewayforwardfortheinvestmentmanagementprofessioninthisremarkablebook.Inacomprehensiveandimpressiveway,hecombinesfinancialtheory,historicalperformancedataandforward-lookingindicators,intoaconsistentframeworkforassessingexpectedreturnsandrisk.Hisapproachisbothscientificandpractical,basedondecadesofstudiesandhisowntradingexperience.Withatouchofpersonalwisdomandhumility,Ilmanen'sbookisafascinatingandeducationaljourneyintothefutureofinvestmentmanagement."
KnutN.Kjaer,FoundingCEOoftheNorwegianGovernmentPensionFund/NBIMandformerpresidentofRiskMetricsGroup"Ilmanen'swonderfulbookmanagestobeexquisitelyreadablewhilecoveringjustabouteveryaspectoftheinvestmentprocess.Filledwithmany,manyfreshandusefulinsights.Thisvolumedeservestobereadandthenkeptcloseathand-becauseitissuretobeneededagainandagain."
MartinL.Leibowitz,ManagingDirector,MorganStanley,andformerCIO,TIAA-CREF"Joboneforanyinvestoristoestimateassetclassreturns.Forthefirsttime,AnttiIlmanenhasassembledintoonevolumeallofthetoolsnecessaryforthistask:fortheworkingmoneymanager,auniquetreasuretroveofanalyticaltechniquesandempiricalevidence;fortheacademic,acomprehensiveguidetotherelevantacademicliterature;andfortheconsultant,ablindinglightwithwhichtoilluminateperformance.ExpectedReturnsisdestinedtooccupythefrontshelvesofinvestmentprofessionalsaroundtheworld."
WilliamJ.Bernstein,authorofTheIntelligentAssetAllocator,TheBirthofPlenty,andASplendidExchange,andco-principalofEfficientFrontierAdvisors"Antti'ssynthesisofexperienceandtheoryhasgivenusabookwhichfillsamajorgapintheliteratureoninvesting.Amazing,buttrue,thisisthefirstbookdedicatedtothecriticalandchallengingtaskofestimatinghowmuchweshouldexpecttoearnonourinvestments.Thisilluminatingbook,teamingwithvaluableinsightsthathaveneverbeforebeengatheredunderoneroof,cannotfailtomakethereaderamoresuccessfulanddiscerninginvestor."
VictorHaghani,AssociateLecturer,LondonSchoolofEconomics,andformerfoundingpartnerofLTCM"Ilmanenhaswrittenathoroughanddetailedanalysisofoneofthecentralissuesininvesting."
KenFrench,HeidtProfessorofFinance,DartmouthCollege"Investors'decisionsshouldbeevidencebased.AnttiIlmanenassemblesaglobalbodyofevidence,andinterpretsitwithinsight.Readthisbookandyouwillimproveyourunderstandingofthefuture."
ElroyDimson,EmeritusProfessorofFinance,LondonBusinessSchool"IfIcouldchooseonlyonebookonactivemanagement,IwouldchooseExpectedReturns.Thisbookisextremelythoroughandwellresearched,yetdirectandtothepoint."
RogerG.Ibbotson,ProfessorinthePracticeofFinance,YaleSchoolofManagement,andChairmanandCIOofZebraCapitalManagement

【作者简介】

AnttiIlmanenisaseniorportfoliomanageratBrevanHoward,oneoftheworld'sforemostmacrohedgefunds.SincestartingasacentralbankportfoliomanagerinFinlandin1986,Anttihaswornmanyhatstobridgeacademicfinanceandpractitionerinvesting.HavingearnedafinancePhDin1994fromtheUniversityofChicagoGraduateSchoolofBusiness,hespentadecadeatSalomonBrothers/Citigroupasabondresearcher,strategist,managingdirectorandatrader.BeforejoiningBrevanHowardin2004,AnttihadpublishedextensivelyinfinanceandinvestmentjournalsandhadreceivedaGraham&DoddscrollandtheBernsteinFabozzi/JacobsLevyawardforhisarticles.Overtheyears,Anttihasadvisedmanyinstitutionalinvestors,mostregularlyNorway'sGovernmentPensionFundGlobalonitslong-runinvestmentstrategy.