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Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least - Antti Ilmanen April 14, 2022 PDF  BOOKS
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Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least
Author: Antti Ilmanen
Year: April 14, 2022
Format: PDF
File size: PDF 3.3 MB
Language: English



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Book Investing Amid Low Expected Returns - Making the Most When Markets Offer the Least Introduction: Investing Amid Low Expected Returns is a comprehensive guide to navigating the challenges of the current investment landscape, where decades of market tailwinds have given way to headwinds. The book provides a blueprint for successful investing in an era of record-low future returns, emphasizing the importance of timeless investment practices, discipline, humility, and patience. It delves into the common investor responses to the low expected return challenge and offers extensive empirical evidence on the critical ingredients of an effective portfolio, including major asset class premia, style premia, illiquidity premia, and alpha. Chapter 1: The Low Return Environment The chapter begins by examining the current investment landscape, where yields are falling and asset prices are soaring, leading to record-high valuations. This has resulted in a significant shift in the investment paradigm, as investors must now contend with the prospect of lower returns in the future. The authors highlight the need for a new approach to investing, one that prioritizes discipline, humility, and patience over speculation and chasing short-term gains.
Book Investing Amid Low Expected Returns - Making the Most When Markets Offer ast Introduction: Investing Amid Low Expected Returns - всеобъемлющее руководство по навигации по вызовам текущего инвестиционного ландшафта, где десятилетия рыночных попутных ветров уступили место встречным ветрам. Книга представляет собой план успешного инвестирования в эпоху рекордно низких будущих доходов, подчеркивая важность вневременных инвестиционных практик, дисциплины, смирения и терпения. Он углубляется в общие ответы инвесторов на проблему низкой ожидаемой доходности и предлагает обширные эмпирические данные о критических ингредиентах эффективного портфеля, включая премии по основным классам активов, премии по стилю, премии по неликвидности и альфа. Глава 1: Среда с низкой доходностью Глава начинается с изучения текущего инвестиционного ландшафта, где доходность падает, а цены на активы растут, что приводит к рекордно высоким оценкам. Это привело к значительному изменению инвестиционной парадигмы, поскольку теперь инвесторы должны бороться с перспективой снижения доходности в будущем. Авторы подчеркивают необходимость нового подхода к инвестированию, который отдает приоритет дисциплине, смирению и терпению, а не спекуляциям и погоне за краткосрочной прибылью.
Book Investing Amid Low Expected Returns - Making the Most When Markets Offer ast Introduction : Investing Amid Low Expected Returns - un guide complet de navigation sur les défis du paysage d'investissement actuel, où des décennies de vent de marché ont cédé la place aux vents contraires. livre est un plan d'investissement réussi à une époque de revenus futurs record, soulignant l'importance des pratiques d'investissement intemporelles, de la discipline, de l'humilité et de la patience. Il explore les réponses générales des investisseurs au problème des faibles rendements attendus et fournit des données empiriques exhaustives sur les ingrédients essentiels d'un portefeuille efficace, y compris les primes par grandes classes d'actifs, les primes de style, les primes d'illiquidité et les primes alpha. Chapitre 1 : Un environnement à faible rendement chapitre commence par une étude du paysage actuel de l'investissement, où le rendement baisse et les prix des actifs augmentent, ce qui conduit à des estimations record. Cela a entraîné un changement significatif du paradigme d'investissement, car les investisseurs doivent maintenant faire face à la perspective d'une baisse des rendements à l'avenir. s auteurs soulignent la nécessité d'une nouvelle approche de l'investissement qui privilégie la discipline, l'humilité et la patience plutôt que la spéculation et la poursuite du profit à court terme.
Book Investing Amid Low Expected Returns - Making the Most When Markets Offer ast Introduction: Investing Amid Low Expected Returns - una guía completa para navegar por las llamadas de inversión actuales un paisaje donde décadas de vientos de cola de mercado han dado paso a vientos contrarios. libro es un plan para invertir con éxito en una era de ingresos futuros récord, destacando la importancia de prácticas de inversión atemporales, disciplina, humildad y paciencia. Se profundiza en las respuestas generales de los inversores al problema de la baja rentabilidad esperada y ofrece una amplia evidencia empírica sobre los ingredientes críticos de una cartera eficiente, incluyendo primas para las principales clases de activos, primas de estilo, primas de iliquidez y alfa. Capítulo 1: Un entorno con bajos rendimientos capítulo comienza explorando el panorama actual de inversión, donde los rendimientos caen y los precios de los activos suben, lo que lleva a unas estimaciones récord altas. Esto ha provocado un cambio significativo en el paradigma de inversión, ya que ahora los inversores deben luchar contra la perspectiva de una rentabilidad más baja en el futuro. autores subrayan la necesidad de un nuevo enfoque de la inversión que priorice la disciplina, la humildad y la paciencia en lugar de la especulación y la búsqueda de beneficios a corto plazo.
Book Investing Amid Low Expected Returns - Making the Matt When Markets Offer ast Introduction: Investing Amid Low Expected Returns è una guida completa per la navigazione sulle sfide del panorama degli investimenti in corso, dove decenni di veti di mercato hanno ceduto il loro posto Venti contrari. Il libro è un piano per investire con successo in un'epoca di redditi futuri record, sottolineando l'importanza di pratiche di investimento tardive, disciplina, umiltà e pazienza. approfondisce nelle risposte generali degli investitori al problema del basso rendimento previsto e offre ampie informazioni esperienziali sugli ingredienti critici di un portafoglio efficiente, tra cui premi per le principali classi di asset, premi di stile, premi di illiquidità e alfa. Capitolo 1: Ambiente a basso rendimento Capitolo inizia esplorando il panorama attuale degli investimenti, dove i rendimenti scendono e i prezzi degli asset aumentano, portando a stime record. Ciò ha portato a un significativo cambiamento del paradigma degli investimenti, perché gli investitori devono ora affrontare la prospettiva di un calo dei rendimenti in futuro. Gli autori sottolineano la necessità di un nuovo approccio all'investimento, che dia priorità alla disciplina, all'umiltà e alla pazienza, piuttosto che alla speculazione e alla ricerca del profitto a breve termine.
Book Investing Amid Low Expected Returns - Making the Most When Markets Offer ast Introduction: Investing Amid Low Expected Returns ist ein umfassender itfaden zur Navigation durch die Herausforderungen der aktuellen Investmentlandschaft, in der jahrzehntelanger Marktrückstoß dem Gegenwind gewichen ist. Das Buch ist ein Plan für eine erfolgreiche Investition in eine Ära rekordniedriger zukünftiger Renditen und unterstreicht die Bedeutung zeitloser Anlagepraktiken, Disziplin, Demut und Geduld. Es vertieft sich in die allgemeinen Reaktionen der Anleger auf das Problem der niedrigen erwarteten Renditen und bietet umfangreiche empirische Daten zu den kritischen Inhaltsstoffen eines effizienten Portfolios, einschließlich Prämien für die wichtigsten Anlageklassen, Stilprämien, Illiquiditätsprämien und Alpha. Kapitel 1: Niedrigrendite-Umfeld Das Kapitel beginnt mit einer Untersuchung der aktuellen Investmentlandschaft, in der die Renditen sinken und die Vermögenspreise steigen, was zu rekordhohen Bewertungen führt. Dies hat zu einem deutlichen Wandel des Anlageparadigmas geführt, da die Anleger nun mit der Aussicht auf sinkende Renditen in der Zukunft zu kämpfen haben. Die Autoren betonen die Notwendigkeit eines neuen Ansatzes für Investitionen, der Disziplin, Demut und Geduld Vorrang vor Spekulation und dem Streben nach kurzfristigen Gewinnen einräumt.
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Düşük Beklenen Getiriler Arasında Kitap Yatırımı - Piyasalar En Az Giriş Sunduğunda En Çok Yatırım Yapmak: Düşük Beklenen Getiriler Arasında Yatırım Yapmak, onlarca yıllık piyasa rüzgarlarının yerini rüzgara bıraktığı mevcut yatırım ortamının zorluklarını ele almak için kapsamlı bir kılavuzdur. Kitap, rekor düşük gelecekteki getiri çağına başarılı bir şekilde yatırım yapmak için bir plan olup, zamansız yatırım uygulamalarının, disiplinin, alçakgönüllülüğün ve sabrın önemini vurgulamaktadır. Yatırımcıların düşük beklenen getiri sorununa genel tepkilerini inceler ve büyük varlık sınıfı primleri, stil primleri, likit olmayan primler ve alfa dahil olmak üzere etkili bir portföyün kritik bileşenleri hakkında kapsamlı ampirik veriler sunar. Bölüm 1: Düşük Verim Ortamı Bölüm, getirilerin düştüğü ve varlık fiyatlarının yükseldiği ve rekor yüksek değerlemelerle sonuçlanan mevcut yatırım manzarasını inceleyerek başlar. Bu, yatırımcıların şimdi gelecekte daha düşük getiri beklentisiyle uğraşması gerektiği için yatırım paradigmasında önemli bir değişime yol açmıştır. Yazarlar, spekülasyon üzerinde disiplin, alçakgönüllülük ve sabrı ve kısa vadeli getiri arayışını önceleyen yeni bir yatırım yaklaşımına duyulan ihtiyacı vurgulamaktadır.
الاستثمار في الكتب وسط عائدات منخفضة متوقعة - تحقيق أقصى استفادة عندما تقدم الأسواق أقل مقدمة: الاستثمار وسط عائدات منخفضة متوقعة هو دليل شامل للتغلب على تحديات المشهد الاستثماري الحالي، حيث أفسحت عقود من الرياح الخلفية للسوق الطريق للرياح المعاكسة. الكتاب هو مخطط للاستثمار الناجح في عصر العوائد المستقبلية المنخفضة القياسية، مما يسلط الضوء على أهمية ممارسات الاستثمار الخالدة والانضباط والتواضع والصبر. إنه يتعمق في استجابات المستثمرين الإجمالية لمسألة العوائد المنخفضة المتوقعة ويقدم بيانات تجريبية واسعة النطاق حول المكونات الحيوية لمحفظة فعالة، بما في ذلك أقساط فئة الأصول الرئيسية، وأقساط الأسلوب، وأقساط عدم السيولة، وألفا. الفصل 1: بيئة العائد المنخفض يبدأ الفصل بفحص المشهد الاستثماري الحالي، حيث تنخفض العائدات وترتفع أسعار الأصول، مما يؤدي إلى تقييمات قياسية عالية. وقد أدى ذلك إلى تحول كبير في نموذج الاستثمار حيث يجب على المستثمرين الآن التعامل مع احتمال انخفاض العوائد في المستقبل. يؤكد المؤلفون على الحاجة إلى نهج جديد للاستثمار يعطي الأولوية للانضباط والتواضع والصبر على التكهنات والسعي لتحقيق عوائد قصيرة الأجل.

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