What is *Investing Amid Low Expected Returns* by Antti Ilmanen about?

*Investing Amid Low Expected Returns* provides evidence-based strategies for navigating challenging market conditions where future returns are projected to remain low. It emphasizes disciplined practices like portfolio diversification, risk management, and cost control, while advocating for style premia such as value investing. The book synthesizes decades of financial research to help investors adapt to environments where traditional tailwinds (like falling yields) have diminished.

Who should read *Investing Amid Low Expected Returns*?

This book is ideal for institutional investors, financial advisors, and active individual investors seeking to optimize portfolios in low-return environments. It’s particularly valuable for those interested in factor-based investing, long-term risk management, and academic insights translated into practical strategies. Antti Ilmanen’s analysis also benefits professionals advising sovereign wealth funds or pension funds.

Is *Investing Amid Low Expected Returns* worth reading?

Yes, the book is widely endorsed by industry leaders like Cliff Asness and offers timeless frameworks for portfolio construction amid macroeconomic uncertainty. Its blend of empirical research and actionable advice makes it a critical resource for investors preparing for prolonged low returns. The focus on humility, patience, and discipline ensures relevance across market cycles.

What are the main strategies in *Investing Amid Low Expected Returns*?

Key strategies include tilting portfolios toward value stocks, exploiting liquidity premiums, and diversifying across alternative assets. Ilmanen advocates for systematic long/short equity approaches and dynamic risk management to enhance returns while mitigating downside. The book also stresses cost efficiency and avoiding behavioral pitfalls like overconfidence.

How does the book address current market challenges?

Ilmanen analyzes post-2020 market conditions, highlighting inflated asset valuations and reduced bond yields as headwinds. He provides tools to counteract these challenges, such as harnessing style premia (e.g., value, momentum) and incorporating defensive derivatives strategies. The book also critiques overreliance on historical returns, urging forward-looking adjustments.

What role does value investing play in *Investing Amid Low Expected Returns*?

Value investing is a cornerstone of Ilmanen’s framework, with evidence showing value stocks outperform over time despite recent underperformance. The book explains how metrics like price-to-earnings ratios identify undervalued equities and argues for maintaining value tilts even during growth-dominated markets. Ilmanen views value as a persistent premium enhanced by contrarian discipline.

How does this book compare to Ilmanen’s *Expected Returns*?

While *Expected Returns* focused on historical asset-class analysis, this book addresses modern low-return realities with updated tactics. It expands on style premia, liquidity management, and adaptive portfolio construction, reflecting lessons from the 2010s–2020s. Both books emphasize evidence-based investing, but the newer work prioritizes pragmatic solutions for today’s investors.

What are the key takeaways from *Investing Amid Low Expected Returns*?

1. **Embrace factor investing**: Prioritize value, momentum, and carry premiums 2. **Manage costs**: Minimize fees and taxes through efficient implementation 3. **Stay liquid**: Avoid illiquid assets unless compensated with significant risk premiums 4. **Balanced humility**: Acknowledge forecasting limitations while exploiting persistent market inefficiencies

『賢い投資家は「平常心」で資産を増やす』の要約

忍耐が戦いの半分以上である理由

アンティ・イルマネン

3.79(210 Reviews)

『賢い投資家は「平常心」で資産を増やす』の要約の概要

収益が減少傾向にある世界において、AQRのアンティ・イルマネンは、ハーバード大学のローレンス・サマーズも推奨する投資の青写真を提供しています。市場の期待収益が最も低い時期に成功を収める秘訣が、CalSTRSのクリストファー・アイルマンさえも「確かな投資の知恵」と呼ぶ、時代を超越した教えにあるとしたらどうでしょうか？

語り方を選ぶ

『賢い投資家は「平常心」で資産を増やす』の要約をさまざまな学習スタイルで探る

賢い投資家は「平常心」で資産を増やすの同じアイデアを、あなたに合う声・深さ・ペースで学べます。いつでも切り替えられます。

第1章

When Markets Offer the Least: Navigating the Low Return Challenge

In the heart of New York's financial district, investment professionals gather around conference tables grappling with a sobering reality: the era of easy returns is over. Antti Ilmanen's "Investing Amid Low Expected Returns" has become their essential roadmap for this challenging landscape. The book has gained cult status among institutional investors since its 2022 release, with sovereign wealth fund managers and pension executives alike calling it their "investing bible for the new era." Even Ray Dalio praised it as "required reading for anyone responsible for multi-generational wealth." What makes this work so compelling is how it transforms the anxiety-inducing reality of historically low expected returns into a framework for thoughtful action, offering not just warnings but practical strategies for survival and success in what may be the defining investment challenge of our generation.

第2章

The Serenity Prayer for Investors: Accepting the Low Return Reality

The investment world faces a generational challenge: historically low expected returns across virtually all asset classes. This isn't just a temporary blip but a structural condition affecting pension plans, individual retirement savers, and endowments accustomed to spending 5% annually. Despite previous warnings about low returns, markets (especially U.S. markets) delivered generous returns through the 2010s due to what Ilmanen calls the "discount rate effect" - falling yields and rising valuations created windfall gains but simultaneously reduced future return prospects. Think of this like harvesting fruit trees. For decades, investors enjoyed both the fruit (income) and watched the trees grow taller (capital appreciation). Now, the trees have reached their maximum height, leaving only the fruit as return. Even worse, the fruit yield itself has diminished. This environment stems from post-Global Financial Crisis slow growth and low inflation, which prompted central banks to maintain loose monetary policies. The math is simple but brutal: all assets are priced as expected cash flows divided by a discount rate. When the risk-free component of this discount rate approaches zero, everything appears expensive. The situation creates a paradox for investors: should they accept lower returns by moderating spending plans, or take more risk by moving into higher-yielding but riskier investments? Using the Serenity Prayer as a framework, Ilmanen observes that few investors have shown "serenity to accept" lower returns, while many have shown "courage to change" by taking more risk. This collective behavior suggests a lack of "wisdom to know the difference," setting investors up for disappointment as they cannot all escape the fate of lower returns. The problem is compounded by aging demographics across developed nations. With the ratio of old-age to working-age population projected to rise dramatically by 2050, the pressure on investment returns intensifies. We've effectively "borrowed returns from the future" through the windfall gains of falling discount rates - a one-time boost that cannot be repeated.

聴きながら、すべての言葉を目で追えます

『賢い投資家は「平常心」で資産を増やす』の要約の一語一語が音声に合わせてリアルタイムでハイライトされ、自然に読み進められます。

第3章

Major Investor Types and Their Responses to the Challenge

Different investor types face unique versions of the low-return challenge. Defined benefit (DB) pension plans, individual defined-contribution (DC) savers, and university endowments all share the common goal of saving to meet future liabilities or spending plans, but with significant differences in approach. DB pension plans carry legally binding liabilities where sponsors bear investment and longevity risks. Many corporate sponsors have shifted to DC plans to transfer these risks to employees. Public DB plans often use higher discount rates based on expected returns rather than market-based yields, making their funding ratios appear better than they truly are. Despite favorable market conditions, US corporate DB plans averaged just 83% funding in the 2010s, down from over 100% in 2007, while public DB plans saw their average funding ratio fall from 102% in 2001 to 72% by 2020. Individual DC savers bear investment and longevity risks themselves, often saving insufficiently. The low-return environment demands nearly doubling savings rates - achieving a 75% salary replacement rate requires increasing annual savings from 8% (when expecting 5.5% real returns) to 15% (with 3.5% expected returns). For better than 50/50 odds of reaching retirement targets, savings may need to reach 20%. University endowments represent perpetual wealth pools without binding liabilities, typically following spending rules that withdraw about 5% annually. They've weathered the low-return environment through fast recoveries and smoothing in both illiquid asset valuations and spending rules. However, they must question whether they can maintain their 5% spending rule if markets offer only 3% real returns, potentially forcing them to consume capital. Institutional investing has evolved dramatically over time, with two major trends dominating: the shift from fixed income to equity-dominated portfolios, and later, increasing allocations to illiquid alternatives. Both trends were pioneered by large US endowments before spreading to other institutions globally. US equity ownership has transformed from over 90% direct household ownership in 1950 to just over 30% by 2020, with mutual funds (including ETFs) now holding an equal share.

第4章

Building Blocks of Long-Run Returns

Every long-only investment can be decomposed into the riskless cash return (reward for time) plus various risk premia. Ilmanen presents a pyramid framework showing how portfolio returns comprise different components, from cash returns at the base through various risk premia to alpha at the peak. Cash returns deserve special focus as their abnormally low levels drive today's investment challenges. While the historical "normal" US cash rate was around 4% (2-3% inflation plus 1-2% real rate), recent years have seen near-zero or even negative rates globally. The recent period of persistently negative real rates since 2008 contrasts sharply with peak values of 3-4% in the 1980s and 2000. The equity risk premium stands as the most important risk premium for most investors. Public equities dominate many portfolios, and their premium influences many assets beyond public stocks, including high-yield bonds and private equity. According to Dimson-Marsh-Staunton data covering 1900-2020, global equities delivered 5.3% real return, 4.4% premium over bills, and 3.1% premium over bonds. US equities outperformed other countries (6.6% versus 4.5% real return), primarily due to faster real dividend growth. However, historical average returns almost certainly overstate future prospects. Looking forward, mid-2021 estimates point to about 3.2% real return on US equities (1.7% income, 1.5% growth), or 5.5% nominal return with 2.3% inflation. Non-US markets offer higher expected returns due to lower valuations. The bond risk premium or term premium is the excess return of long-term government bonds over cash. Over the century 1920-2020, bonds delivered a 1.8% annual premium over cash. The 10-year Treasury yield can be broken down into three components: expected average inflation rates, expected average real short rates over the next decade, and the required bond risk premium. All three components contributed to the decline in Treasury yields over time, and by 2020, all were near historical lows.

『賢い投資家は「平常心」で資産を増やす』の要約をもっと深く楽しむ

毎日の新しい気づきを10万件以上のレッスンから
言葉をハイライトして音声と同期
ライブラリを保存して、どの端末からでも利用

第5章

The Illusion of Illiquidity Premia

Many investors believe strongly in illiquidity premia - the extra return earned for accepting lockups and trading limitations. However, careful empirical analysis reveals surprisingly modest returns for the illiquidity risks taken. Private assets like real estate, private equity, and infrastructure are often marketed as offering superior returns in exchange for illiquidity, but the evidence is less compelling than commonly believed. Contrary to expectations, more liquid REITs outperformed illiquid NCREIF investments (7% versus 4% compound return over cash) during the 43-year period from 1978-2020. Even when adjusted for differences in leverage and sector composition, REITs still showed mildly higher returns. The surprising scarcity of illiquidity premia can be explained by private assets' lack of mark-to-market pricing, which artificially lowers measured risk and flatters diversification potential. While investors theoretically should demand 3-5% excess return for decade-long capital lockups, our collective preference for smooth returns likely offsets much of this fair premium. As Keynes noted in 1938, the absence of visible price fluctuations doesn't make investments safer. Real estate investors should recognize that recent decades' rising prices benefited from the one-off boost of falling real yields. Attribution analysis shows that starting from today's 4% gross yield (2.7% net) and assuming zero real growth and valuation changes, the expected real return is just 2.7% - potentially lower if real income growth remains negative or valuations mean-revert.

第6章

Style Premia: The Overlooked Opportunity

Style premia represent systematic dynamic long/short strategies with expected positive rewards, supported by compelling long-run evidence across multiple asset classes. Four major style categories - value, momentum, carry, and defensive - have historically generated positive returns in-sample and out-of-sample, across various asset classes, and using multiple specifications. Value investing applies contrarian principles across security selection, asset allocation, and market timing. Dating back to Graham-Dodd's work in the 1930s, value investing has centuries of success despite notorious periods of failure. Value strategies typically involve comparing current market prices with fundamental anchors to identify cheap or expensive assets. While value strategies performed dismally between 2018-2020, the resulting extreme valuation gap created a compelling opportunity, with value beginning to recover in late 2020. Momentum strategies buy recent winners and sell recent losers, applied either as directional trend following on individual assets or as cross-sectional momentum portfolios based on relative performance. While contrarian strategies buy weakness, momentum buys strength - the key is that they work at different time horizons. Assets exhibit trending tendencies up to one year but mean-revert at multiyear horizons. The negative correlation between value and momentum strategies (often near -0.5) makes them excellent complements in a portfolio. Carry strategies earn positive income over time, typically by buying high-yielding assets against selling low-yielding ones. Though positive carry doesn't guarantee positive returns, it empirically predicts them, with varying effectiveness across asset classes. Carry strategies are notorious for asymmetric outcomes ("going up the stairs, down the elevator") but their left-tail risk can be diversified away in a broad carry portfolio since crashes tend to be asset-class specific. Defensive strategies exploit the empirical fact that "boring" assets have earned better risk-adjusted returns than speculative ones across most asset classes. Within stock markets, defensive stocks have earned at least as high long-term returns as riskier stocks, contradicting the notion of a positive risk-reward trade-off. This phenomenon can be explained by leverage constraints (investors cannot fully exploit boring stocks' superior Sharpe ratios by levering them up) and lottery preferences (many investors prefer high-risk stocks for their embedded leverage and lottery-like payoffs).

聴きながら、すべての言葉を目で追えます

『賢い投資家は「平常心」で資産を増やす』の要約の一語一語が音声に合わせてリアルタイムでハイライトされ、自然に読み進められます。

第7章

Portfolio Construction in a Low Return World

Portfolio construction involves balancing risk and reward through constrained mean-variance optimization (MVO). The key insight in unconstrained MVO is valuing high Sharpe ratios and good diversifiers, trading off these features against constraints on leverage and liquidity. Diversification offers tremendous benefits that are frequently underutilized, with most investors maintaining home-biased portfolios dominated by equity risk. Few take full advantage of multiple rewarded factors, which would require shorting and leverage but could potentially boost Sharpe ratios fourfold. Risk parity portfolios with equal risk across uncorrelated assets can achieve Sharpe ratios 1.7 times higher than individual asset classes, though leverage is needed to match 60/40 returns. Alternative risk premia diversification offers the greatest benefits, particularly with lowly-correlated long/short strategies. Combining four styles across four asset classes can potentially quadruple Sharpe ratios from 0.2 to 0.8. Empirical evidence from a century of data confirms these benefits - single-style strategies averaged 0.4 Sharpe ratios, multi-style composites reached 0.8, and the all-in composite achieved 1.5. However, aggressive diversification has downsides beyond high leverage - diversified portfolios often lack conventionality and simple narratives that investors find comforting. These very limitations may explain why the high Sharpe ratios of diversified portfolios have persisted for decades. In practice, most investors talk diversification but walk concentration, with portfolios dominated by equity market risk.

第8章

Risk Management: Survival First

Risk management differs fundamentally from risk minimization - successful investors must deliberately embrace certain risks while protecting against those that could threaten survival or derail long-term objectives. Ilmanen outlines three classic risk management techniques that form the foundation of institutional portfolio management: diversification (spreading allocations across multiple assets with low correlations), hedging (taking offsetting positions to eliminate specific unwanted risks), and insurance (paying upfront costs to limit downside exposure). The implementation of these techniques requires careful consideration of costs and tradeoffs. Diversification, while powerful, can become less effective during market stress when correlations spike. Hedging through futures or forwards may be cheaper than options but requires active management. Insurance through put options provides reliable protection but at a significant cost that erodes long-term returns. In his notable debate with Nassim Taleb about tail risk management, Ilmanen presents evidence that put options consistently act as expensive insurance rather than cheap hedges. Historical data shows that put buying strategies generate negative long-run returns due to the persistent volatility risk premium. In contrast, trend-following strategies have delivered positive long-term returns while still providing valuable tail risk protection. This protection proves effective because most equity market crashes develop gradually enough for trend-followers to adjust their positions, with examples including the 2008 financial crisis and 2020 COVID crash. Beyond traditional volatility measures, sophisticated investors must consider multiple interconnected risk dimensions. These include multi-factor exposures (sensitivity to interest rates, credit spreads, liquidity conditions, and volatility regimes), investor-specific preferences (asymmetric aversion to losses, requirements for liquid assets), operational risks (counterparty, systems, human error), and fundamentally unmeasurable Knightian uncertainty where probability distributions cannot be known. Institutional investors face additional complexity in balancing multiple risk objectives. They must determine optimal trade-offs between absolute portfolio risk (total portfolio volatility), active risk versus benchmarks (tracking error), surplus risk (assets versus liabilities), and maverick risk (deviating too far from peer portfolios). The appropriate balance depends on factors like funding status, time horizon, and governance structure. Effective risk management requires regular stress testing of portfolios against both historical scenarios and hypothetical events. This helps identify potential vulnerabilities and ensures survival during severe market dislocations while maintaining the ability to generate required returns over full market cycles.

『賢い投資家は「平常心」で資産を増やす』の要約をもっと深く楽しむ

毎日の新しい気づきを10万件以上のレッスンから
言葉をハイライトして音声と同期
ライブラリを保存して、どの端末からでも利用

第9章

The ESG Revolution and Its Impact

ESG (Environmental, Social, and Governance) investing has become the past decade's biggest game-changer in institutional investing practices and corporate behavior. By 2020, over 3000 institutions with collective assets exceeding $100 trillion had signed the United Nations Principles for Responsible Investment, representing a seismic shift in how capital is allocated globally. Major asset managers like BlackRock, Vanguard, and State Street have made ESG integration central to their investment processes. The ESG investing landscape encompasses multiple sophisticated approaches. Responsible asset selection has evolved from simple negative screening (excluding "sin stocks" like tobacco or weapons) to positive screening (actively seeking companies with strong ESG practices) and comprehensive ESG integration into fundamental analysis. This integration includes analyzing climate risk exposure, labor practices, supply chain sustainability, board diversity, and executive compensation structures. Responsible ownership has also matured, with investors expressing opinions through proxy voting on ESG issues and direct corporate engagement through shareholder proposals and private dialogue with management teams. The impact of ESG investing on financial performance remains actively debated both theoretically and empirically. ESG proponents argue for a win-win scenario where virtuous investing doesn't sacrifice returns, pointing to companies like Tesla, rsted, and Unilever as examples of strong ESG performers delivering market-beating returns. They contend that companies with strong ESG practices are better positioned to navigate future risks and capitalize on opportunities in the transition to a sustainable economy. Traditional finance theory suggests that any investment constraint, including ESG filters, should mathematically reduce the opportunity set and potentially harm returns. However, these perspectives can be reconciled by considering the transition timeline and market efficiency dynamics. During early stages of ESG adoption, identifying mispriced ESG risks and opportunities can potentially generate alpha. As markets mature and ESG factors become fully priced, returns may normalize. Empirically, governance signals like board independence, shareholder rights, and accounting quality have consistently shown positive correlation with performance across multiple studies and time periods. Environmental and social impacts show mixed results, with some studies finding positive effects in specific sectors or time periods, while others show neutral or negative impacts. Regional differences are also significant, with European markets generally showing stronger ESG-performance relationships than other regions. The rise of standardized ESG reporting frameworks, improved data quality, and sophisticated analytics tools continues to reshape how investors evaluate and integrate ESG factors into their investment processes. This evolution suggests that ESG considerations will likely become increasingly embedded in mainstream investment analysis rather than remaining a separate specialty approach.

第10章

The Limits of Tactical Timing

Tactical market timing strategies often present beautifully in backtests and historical analyses but consistently fall short when implemented in real-world conditions. This is particularly evident with contrarian timing approaches using the Shiller CAPE (cyclically adjusted P/E ratio) for the S&P 500. While historical charts showing entry and exit points based on CAPE valuations appear compelling, these strategies have repeatedly disappointed investors in live trading environments. The data reveals a peculiar pattern: market timing strategies show mild outperformance over very long periods spanning 120 years, yet fail to deliver meaningful advantages during any individual investor's typical investment horizon of 30-40 years. Contrarian timing signals face several significant challenges that limit their effectiveness. First, they often trigger "too early" - identifying overvaluation or undervaluation long before markets actually reverse. This early positioning can lead to substantial opportunity costs and psychological strain as markets continue moving against the position. For instance, investors who went defensive based on high CAPE readings in 1996 missed out on several years of strong returns before the eventual dot-com crash. The second major challenge is the constant battle against both short-term momentum effects and long-term structural market changes. Markets can remain "overvalued" or "undervalued" far longer than most investors can maintain their contrarian positions. Additionally, structural changes in the market, such as the shift toward technology companies, changes in accounting standards, and evolving business models, can render historical valuation metrics less relevant for current market conditions. When examining the empirical evidence, the improvements from timing strategies are surprisingly modest. While diversification across long/short style premia can achieve a doubling of the Sharpe ratio, and further diversification across multiple asset classes can nearly double it again, even the most successful out-of-sample style timing strategies only managed to improve the strategic long-run Sharpe ratio by less than 10%. This modest improvement hardly justifies the additional complexity, trading costs, and psychological challenges of implementing timing strategies. The research also shows that timing signals tend to be too coarse for effective market timing. Markets rarely follow the clean, predictable patterns that historical analyses might suggest. Instead, they respond to a complex web of factors including monetary policy, geopolitical events, technological disruption, and changing investor behavior patterns - making precise timing based on any single metric or set of metrics extremely challenging.

聴きながら、すべての言葉を目で追えます

『賢い投資家は「平常心」で資産を増やす』の要約の一語一語が音声に合わせてリアルタイムでハイライトされ、自然に読み進められます。

第11章

Avoiding Bad Habits in a Low Return World

Successful investing requires both good investments and good investors who can resist bad habits while cultivating good practices. Multiyear return chasing - buying winners and selling laggards across asset classes, strategies, stocks, or funds - stems from our deep behavioral tendency to imitate and extrapolate. While momentum works over multi-month horizons, markets exhibit mean reversion at multiyear horizons, making investor flows often poorly timed. Goyal-Wahal's analysis of pension plans' manager hiring/firing decisions found that fired managers later outperformed their replacements. Stock returns show one-year momentum but five-year reversals - yet investors "act like momentum investors at reversal horizons," often abandoning strategies after 3-5 years of underperformance, just when higher returns might follow. Other bad habits include impatience (leading to insufficient retirement savings), overextrapolation, herding, and overconfidence. Good practices include cultivating discipline, patience, and probabilistic thinking. As Morgan Housel puts it: "Save like a pessimist, invest like an optimist," emphasizing the importance of saving more in a low-return world while taking necessary risks.

第12章

Finding Serenity in the Low Return Reality

The central dilemma facing investors in a low-return environment is whether to take more risk to meet return goals or reduce risk because expected returns are historically low. While many have chosen to increase risk, this path requires "open eyes" since investments have higher valuations and may be more vulnerable to corrections. Conversely, moving to cash is equally challenging with negative real rates. The most justifiable approach may be maintaining a broadly similar portfolio as in normal times - sticking with long-term strategies while accepting lower returns, reducing waste, and investing efficiently. Having "borrowed returns from the future through multi-decade windfall gains," investors face a future of low returns that may materialize either as "slow pain" (persistent low income) or "fast pain" (repricing toward lower valuations and higher prospective returns). Good long-term investing principles are timeless but matter more in challenging market environments: thoughtfully selecting return sources based on realistic investment beliefs; appropriately sizing risks based on risk-adjusted expected excess returns; investing strategically and patiently with minimal tactical timing; diversifying boldly with robust portfolios; executing cost-effectively; and governing well. The author advocates for stable confidence rather than excessive humility, noting that investment outcomes depend on both luck and skill, with luck often dominating short-term results. Referencing the Serenity Prayer, he reminds investors to control the process while recognizing luck's role in outcomes. A serene mindset helps investors become more patient and consistent - essential qualities when a strategy is only good if you can stick with it.

★★★★★

『賢い投資家は「平常心」で資産を増やす』の要約を最後まで読み終えました

“23日間、毎日使い続けています。今では日課の一部です。”

jayallen

『賢い投資家は「平常心」で資産を増やす』の要約の主要テーマ

expected return forecasting
discount rate effect
asset class premiums
retirement funding gap
portfolio risk management

『賢い投資家は「平常心」で資産を増やす』の要約の名言集

We've effectively "borrowed returns from the future".

『賢い投資家は「平常心」で資産を増やす』の要約の登場人物

Antti IlmanenAuthor and investment strategist

著者について

アンティ・イルマネン（Antti Ilmanen）氏は、高く評価されている著書『Investing Amid Low Expected Returns（期待リターンが低い中での投資）』の著者であり、機関投資家へのアドバイザリー業務において30年以上の経験を持つ、世界的に認められた投資戦略家です。

AQRキャピタル・マネジメントのプリンシパルとしてポートフォリオ・ソリューション・グループを共同で率いるイルマネン氏は、学術的な厳密さと実践的なポートフォリオ構築の架け橋となり、困難な市場環境を乗り切るための専門知識を提供しています。

彼の研究は、アセットクラスのパフォーマンスを包括的に分析し、グラハム・アンド・ドッド賞やハリー・M・マーコウィッツ特別賞など、業界の数々の賞を受賞した独創的な著書『Expected Returns』（2011年）のテーマに基づいています。

シカゴ大学で財務学の博士号を取得したイルマネン氏は、ノルウェー政府年金基金（GPFG）のような政府系ファンドの投資戦略の形成に寄与してきました。エリートが集う金融カンファレンスで頻繁に登壇しており、彼の研究は主要な金融ジャーナルで広く引用されています。

『Investing Amid Low Expected Returns』は、今日の低利回り市場に適応しようとする専門家にとって不可欠な一冊となっており、現代ポートフォリオ理論における卓越した論客としてのイルマネン氏の地位を確固たるものにしています。

賢い投資家は「平常心」で資産を増やすの要約をダウンロード

賢い投資家は「平常心」で資産を増やすの要約をPDFまたはEPUBで無料でダウンロード。印刷やオフラインでいつでもお読みいただけます。

他のユーザーのお気に入り

Bank Investing

Suhail Chandy

The Little Book of Common Sense Investing

20 sources

Investing Without Fear

Little Book of Alternative Investments

Ben Stein & Phil DeMuth

21st Century Investing

William Burckart & Steven D. & Lydenberg

The Anxious Investor

Scott Nations

Stop. Think. Invest.

Michael Bailey

Stock Investing for Dummies

Paul Mladjenovic

Little Book of Sideways Markets

Vitaliy N. Katsenelson

『賢い投資家は「平常心」で資産を増やす』の要約についてのよくある質問

学習プラン

Investing & history

This learning plan bridges timeless investment wisdom with practical portfolio construction skills, essential for anyone seeking to build lasting wealth through markets. It's ideal for aspiring investors, finance professionals, or anyone managing their own retirement accounts who wants to move beyond surface-level knowledge and understand both the principles and historical context that separate successful long-term investors from speculators.

3 h 28 m•4 セクション

学習プラン

The Boring Path to Prosperity

This plan is essential for investors who want to move beyond market hype and understand the structural foundations of wealth. It is ideal for Australians and global learners seeking to combine historical financial literacy with practical, low-risk portfolio management.

1 h 30 m•4 セクション

学習プラン

Wealth with Peace: Naval, Burkeman & Manson

This curriculum bridges the gap between financial independence and mental tranquility by blending modern entrepreneurship with timeless philosophy. It is designed for ambitious professionals who want to achieve high-level success without sacrificing their sanity or sense of purpose.

4 h 7 m•5 セクション

学習プラン

The Investor's Temperament

Success in investing is often determined more by psychology than by spreadsheets. This plan is designed for individuals who want to master their emotions and understand the cognitive biases that lead to costly financial mistakes.

1 h 30 m•3 セクション

学習プラン

Boost investing intelligence

This learning plan transforms beginners and intermediate investors into confident, intelligent decision-makers by combining timeless investment principles with modern portfolio theory and behavioral science. It's ideal for anyone who wants to move beyond reactive trading and build sustainable wealth through disciplined, strategic investing grounded in proven frameworks used by the world's most successful investors.

3 h 45 m•4 セクション

学習プラン

The Strategic Wealth Architect

This plan is essential for investors and leaders who want to bridge the gap between human psychology and financial success. It benefits those seeking to master market heuristics and systematic growth to achieve long-term wealth.

2 h•4 セクション

学習プラン

Trading & Investment

This comprehensive trading and investment program bridges the gap between beginner confusion and professional-level competence in financial markets. It's designed for aspiring investors and traders who want to build real wealth through evidence-based strategies rather than gambling on hot tips, combining timeless investing wisdom with modern technical analysis and the psychological discipline required for long-term success.

3 h 44 m•4 セクション

学習プラン

The Munger Latticework: Worldly Wisdom for Better Decisions

This plan distills Charlie Munger’s philosophy into actionable strategies for navigating complex systems. It is essential for investors, strategists, and leaders who want to avoid cognitive biases and build wealth through rational, multidisciplinary thinking.

1 h 27 m•3 セクション

コロンビア大学卒業生が開発 | サンフランシスコ発

BeFreedは好奇心旺盛な仲間が集うグローバルコミュニティ

4.7

平均評価

7,840件以上のアプリ評価

BeFreedコミュニティ

正直、まだアプリを使いこなせていませんが、この数日使っただけで本当に感動しました… BeFreed は、今まで使ったどの学習アプリともレベルが違います。夢中になれるうえに集中力も実際に上がるので、スマホをだらだら見てしまう人にぴったりです！

@ladyInfinity

ちょうど 23 日前に BeFreed を購入して、それから毎日欠かさず使っています。仕事の流れと学習習慣に完全に溶け込みました。

@jayallen

正直なところ、このアプリは期待をすべて超えてきました。どんなテーマでも音声を生成してもらえて、その結果には驚かされます。私の専門は心理療法で、多分野にまたがる領域ですが、それでも回答はとても正確です。

@Raguipa

何よりありがたいのは、スマホをだらだら見る時間が減ったことです。探す時間が減って、吸収する時間が増えました。オーディオブック、ポッドキャスト、学習プランの組み合わせが素晴らしいです。

@colonyofcreatorsNGO

私は 24 年間、PhotoReading 加速学習のインストラクターをしています… 本と読書と学びが私の専門ですが、BeFreed は情報を消化しやすい形で届ける革新的なアプローチを見事に実現しています。

@BeFreed user

ただの本の要約アプリではありません。「ファン」スタイルを使ってみたら、従来のやり方よりずっと良い要約で、アイデアもつかみやすいです。これだけでも十分元が取れます。

@austinakon

このアプリが大好きです。数日使っただけで、聞くのが止まらなくなりました。始め方として最高です。

@jcrules328

本当に気に入っています。約 1 か月試していますが、まさに掘り出し物だと感じます。BeFreed で自分だけのテーマを作れるのが便利で、声も素晴らしく、ナレーションの選択肢は無限です。

@DanielCZ

正直、まだアプリを使いこなせていませんが、この数日使っただけで本当に感動しました… BeFreed は、今まで使ったどの学習アプリともレベルが違います。夢中になれるうえに集中力も実際に上がるので、スマホをだらだら見てしまう人にぴったりです！

@ladyInfinity

ちょうど 23 日前に BeFreed を購入して、それから毎日欠かさず使っています。仕事の流れと学習習慣に完全に溶け込みました。

@jayallen

正直なところ、このアプリは期待をすべて超えてきました。どんなテーマでも音声を生成してもらえて、その結果には驚かされます。私の専門は心理療法で、多分野にまたがる領域ですが、それでも回答はとても正確です。

@Raguipa

何よりありがたいのは、スマホをだらだら見る時間が減ったことです。探す時間が減って、吸収する時間が増えました。オーディオブック、ポッドキャスト、学習プランの組み合わせが素晴らしいです。

@colonyofcreatorsNGO

私は 24 年間、PhotoReading 加速学習のインストラクターをしています… 本と読書と学びが私の専門ですが、BeFreed は情報を消化しやすい形で届ける革新的なアプローチを見事に実現しています。

@BeFreed user

ただの本の要約アプリではありません。「ファン」スタイルを使ってみたら、従来のやり方よりずっと良い要約で、アイデアもつかみやすいです。これだけでも十分元が取れます。

@austinakon

このアプリが大好きです。数日使っただけで、聞くのが止まらなくなりました。始め方として最高です。

@jcrules328

本当に気に入っています。約 1 か月試していますが、まさに掘り出し物だと感じます。BeFreed で自分だけのテーマを作れるのが便利で、声も素晴らしく、ナレーションの選択肢は無限です。

@DanielCZ

役立つ情報やアイデアを 8〜15 分のポッドキャスト風音声にぎゅっとまとめて聞けるのが最高です。ポッドキャストは余計な話が多くて苦手でしたが、これは無駄を全部そぎ落としてくれます。

@BeFreed user

博士課程の仕上げの段階で、なじみのない資料を大量に読む必要があります… BeFreed ならプロンプトを入力するだけで、アプリが資料を探して音声ポッドキャストを作ってくれます。BeFreed のほうが NotebookLM よりも流れがスムーズだと感じます。

@Brad

朝食を作りながら、散歩しながら、通勤しながら聞くものを YouTube でよく探していましたが、BeFreed は広告も余計な話もなしで、もっと的を絞った聞き方をさせてくれます！

@BeFreed user

このプラットフォームの一番の魅力は、その万能さです。扱えないテーマは文字どおりひとつもありません。何を投げても応えてくれます… 制限がまったくないのに約束をきちんと果たしてくれる学習ツールには、なかなか出会えません。

@jayallen

BeFreed は素晴らしいです。使いやすいデザインのおかげで、操作に迷う時間が減り、学ぶ時間が増えました。オーディオブック、ポッドキャスト、学習プランの組み合わせは天才的で、毎日の習慣がすっかり変わりました。

@BeFreed user

最初はイタリア語でポッドキャストを作る方法を理解するのに少し時間がかかりましたが、わかった瞬間、最高でした！どんなテーマでも説明してもらえて、しかもとても賢く、うまく話してくれます！

@matteo77

BeFreed は毎日使うオーディオブックアプリになりました… 一番気に入っているのは、自分のテキストを入れると、外出先でも聞ける音声にしてくれるところです。

@kotanzu1

役立つ情報やアイデアを 8〜15 分のポッドキャスト風音声にぎゅっとまとめて聞けるのが最高です。ポッドキャストは余計な話が多くて苦手でしたが、これは無駄を全部そぎ落としてくれます。

@BeFreed user

博士課程の仕上げの段階で、なじみのない資料を大量に読む必要があります… BeFreed ならプロンプトを入力するだけで、アプリが資料を探して音声ポッドキャストを作ってくれます。BeFreed のほうが NotebookLM よりも流れがスムーズだと感じます。

@Brad

朝食を作りながら、散歩しながら、通勤しながら聞くものを YouTube でよく探していましたが、BeFreed は広告も余計な話もなしで、もっと的を絞った聞き方をさせてくれます！

@BeFreed user

このプラットフォームの一番の魅力は、その万能さです。扱えないテーマは文字どおりひとつもありません。何を投げても応えてくれます… 制限がまったくないのに約束をきちんと果たしてくれる学習ツールには、なかなか出会えません。

@jayallen

BeFreed は素晴らしいです。使いやすいデザインのおかげで、操作に迷う時間が減り、学ぶ時間が増えました。オーディオブック、ポッドキャスト、学習プランの組み合わせは天才的で、毎日の習慣がすっかり変わりました。

@BeFreed user

最初はイタリア語でポッドキャストを作る方法を理解するのに少し時間がかかりましたが、わかった瞬間、最高でした！どんなテーマでも説明してもらえて、しかもとても賢く、うまく話してくれます！

@matteo77

BeFreed は毎日使うオーディオブックアプリになりました… 一番気に入っているのは、自分のテキストを入れると、外出先でも聞ける音声にしてくれるところです。

@kotanzu1

BeFreedがウェブ上でどのように話題になっているかをもっと見る

今すぐ学習の旅を始めよう

第9章

『賢い投資家は「平常心」で資産を増やす』の要約

『賢い投資家は「平常心」で資産を増やす』の要約の概要

『賢い投資家は「平常心」で資産を増やす』の要約をさまざまな学習スタイルで探る

When Markets Offer the Least: Navigating the Low Return Challenge

The Serenity Prayer for Investors: Accepting the Low Return Reality

聴きながら、すべての言葉を目で追えます

Major Investor Types and Their Responses to the Challenge

Building Blocks of Long-Run Returns

『賢い投資家は「平常心」で資産を増やす』の要約をもっと深く楽しむ

The Illusion of Illiquidity Premia

Style Premia: The Overlooked Opportunity

聴きながら、すべての言葉を目で追えます

Portfolio Construction in a Low Return World

Risk Management: Survival First

『賢い投資家は「平常心」で資産を増やす』の要約をもっと深く楽しむ

The ESG Revolution and Its Impact

The Limits of Tactical Timing

聴きながら、すべての言葉を目で追えます

Avoiding Bad Habits in a Low Return World

Finding Serenity in the Low Return Reality

『賢い投資家は「平常心」で資産を増やす』の要約を最後まで読み終えました

『賢い投資家は「平常心」で資産を増やす』の要約の主要テーマ

『賢い投資家は「平常心」で資産を増やす』の要約の名言集

『賢い投資家は「平常心」で資産を増やす』の要約の登場人物

著者について

賢い投資家は「平常心」で資産を増やすの要約をダウンロード

他のユーザーのお気に入り

『賢い投資家は「平常心」で資産を増やす』の要約についてのよくある質問

What is Investing Amid Low Expected Returns by Antti Ilmanen about?

Who should read Investing Amid Low Expected Returns?

Is Investing Amid Low Expected Returns worth reading?

What are the main strategies in Investing Amid Low Expected Returns?

もっと見る

BeFreedは好奇心旺盛な仲間が集うグローバルコミュニティ

『賢い投資家は「平常心」で資産を増やす』の要約をさまざまな学習スタイルで探る

When Markets Offer the Least: Navigating the Low Return Challenge

The Serenity Prayer for Investors: Accepting the Low Return Reality

聴きながら、すべての言葉を目で追えます

Major Investor Types and Their Responses to the Challenge

Building Blocks of Long-Run Returns

『賢い投資家は「平常心」で資産を増やす』の要約をもっと深く楽しむ

The Illusion of Illiquidity Premia

Style Premia: The Overlooked Opportunity

聴きながら、すべての言葉を目で追えます

Portfolio Construction in a Low Return World

Risk Management: Survival First

『賢い投資家は「平常心」で資産を増やす』の要約をもっと深く楽しむ

The ESG Revolution and Its Impact

The Limits of Tactical Timing

聴きながら、すべての言葉を目で追えます

Avoiding Bad Habits in a Low Return World

Finding Serenity in the Low Return Reality

『賢い投資家は「平常心」で資産を増やす』の要約を最後まで読み終えました

他のユーザーのお気に入り

もっと見る