دانلود کتاب Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least

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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
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