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

평온한 투자 요약

인내심이 승부의 절반 이상인 이유

안티 일마넨

3.79(210 Reviews)

평온한 투자 요약 개요

수익률이 점차 낮아지는 세상에서, AQR의 안티 일마넨(Antti Ilmanen)은 하버드 대학의 로런스 서머스(Lawrence Summers)가 지지한 투자 청사진을 제시합니다. 시장이 가장 적은 수익을 제공할 때 번창할 수 있는 비결이 캘리포니아 교직원 퇴직연금(CalSTRS)의 크리스토퍼 에일먼(Christopher Ailman)조차 "견고한 투자 지혜"라고 부르는 시대를 초월한 통찰력에 담겨 있다면 어떨까요?

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1장

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.

2장

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.

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3장

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.

4장

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.

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5장

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.

6장

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).

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평온한 투자 요약의 각 단어가 오디오에 맞춰 실시간으로 강조되어 편하게 따라 읽을 수 있습니다.

7장

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.

8장

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.

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9장

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.

10장

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.

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11장

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.

12장

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.

★★★★★

평온한 투자 요약 완독을 축하합니다

“23일째 매일 사용하고 있어요. 이제 제 일상의 한 부분이 되었습니다.”

jayallen

평온한 투자 요약의 핵심 주제

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

평온한 투자 요약의 명문장

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

평온한 투자 요약의 등장인물

Antti IlmanenAuthor and investment strategist

저자 소개

안티 일마넨(Antti Ilmanen)은 찬사를 받은 저서 Investing Amid Low Expected Returns의 저자이자, 30년 이상 기관 투자자들에게 자문을 제공해 온 세계적으로 인정받는 투자 전략가입니다.

AQR 캐피털 매니지먼트(AQR Capital Management)의 매니징 디렉터(Principal)로서 포트폴리오 솔루션 그룹을 공동 이끌고 있는 일마넨은 학술적 엄밀함과 실무적인 포트폴리오 구축 사이의 가교 역할을 하며, 특히 도전적인 시장 환경을 헤쳐 나가는 데 전문성을 보유하고 있습니다.

그의 연구는 자산군 성과에 대한 포괄적인 분석을 담아 그래험 앤 도드 어워드(Graham and Dodd Award)와 해리 M. 마코위츠(Harry M. Markowitz) 특별상을 포함한 다수의 업계 상을 휩쓴 기념비적 저서 Expected Returns(2011)의 테마를 계승하고 있습니다.

일마넨은 시카고 대학교에서 재무학 박사 학위를 받았으며, 노르웨이 국부펀드(GPFG)와 같은 국부펀드의 투자 전략 수립에 기여해 왔습니다. 엘리트 금융 컨퍼런스의 단골 연사인 그의 연구는 주요 재무 학술지에 널리 인용되고 있습니다.

Investing Amid Low Expected Returns는 오늘날의 저수익 시장에 적응하려는 전문가들의 필독서가 되었으며, 현대 포트폴리오 이론 분야에서 독보적인 목소리를 내는 인물로서 일마넨의 명성을 공고히 했습니다.

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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 섹션

학습 계획

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 섹션

학습 계획

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 섹션

학습 계획

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 섹션

학습 계획

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 섹션

학습 계획

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 섹션

학습 계획

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 섹션

학습 계획

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 섹션

컬럼비아 대학교 동문들이 제작 | 샌프란시스코에서 개발

BeFreed는 호기심 넘치는 글로벌 커뮤니티를 하나로 연결합니다

4.7

평균 평점

앱 평가 7.84천 개 이상

BeFreed 커뮤니티

정말이지 아직 앱을 다 써 보지도 않았는데, 며칠 써 본 것만으로도 깊은 인상을 받았어요… BeFreed는 제가 써 본 어떤 학습 앱과도 차원이 달라요. 몰입감이 엄청나고 집중력도 실제로 좋아져서, 스마트폰을 하염없이 스크롤하는 분들께 딱이에요!

@ladyInfinity

정확히 23일 전에 BeFreed를 구입했는데, 그날부터 하루도 빠짐없이 쓰고 있어요. 제 일상 업무 흐름과 학습 습관에 완전히 자리 잡았어요.

@jayallen

솔직히 이 앱은 제 기대를 전부 뛰어넘었어요. 어떤 주제든 오디오로 만들어 달라고 할 수 있고, 결과물이 놀라워요. 제 전문 분야는 심리치료 쪽이고 여러 학문이 얽혀 있는데도 답변이 아주 정확해요.

@Raguipa

제일 고마운 건 스크롤하는 시간이 확 줄었다는 거예요. 검색하는 시간은 줄고 흡수하는 시간은 늘었어요. 오디오북 전권, 팟캐스트, 학습 플랜의 조합이 정말 훌륭해요.

@colonyofcreatorsNGO

저는 24년째 PhotoReading 속진 학습 강사로 일하고 있어요… 책과 독서, 배움이 제 전문인데, BeFreed는 정보를 소화하기 쉽게 전달하는 혁신적인 방식을 정말 잘 구현했어요.

@BeFreed user

단순한 책 요약 앱이 아니에요. '재미' 스타일을 써 봤는데, 전통적인 방식보다 훨씬 나은 요약이고 아이디어를 이해하기도 쉬워요. 이것만으로도 값어치를 해요.

@austinakon

이 앱이 정말 좋아요. 며칠 써 봤는데 듣는 걸 멈출 수가 없어요. 시작하기에 이보다 좋을 수 없어요.

@jcrules328

정말 마음에 들어요. 한 달 정도 써 봤는데 숨은 보석을 찾은 기분이에요. BeFreed로 제가 원하는 주제를 직접 만들 수 있어서 좋고, 목소리도 훌륭한 데다 내레이션 선택지가 무궁무진해요.

@DanielCZ

정말이지 아직 앱을 다 써 보지도 않았는데, 며칠 써 본 것만으로도 깊은 인상을 받았어요… BeFreed는 제가 써 본 어떤 학습 앱과도 차원이 달라요. 몰입감이 엄청나고 집중력도 실제로 좋아져서, 스마트폰을 하염없이 스크롤하는 분들께 딱이에요!

@ladyInfinity

정확히 23일 전에 BeFreed를 구입했는데, 그날부터 하루도 빠짐없이 쓰고 있어요. 제 일상 업무 흐름과 학습 습관에 완전히 자리 잡았어요.

@jayallen

솔직히 이 앱은 제 기대를 전부 뛰어넘었어요. 어떤 주제든 오디오로 만들어 달라고 할 수 있고, 결과물이 놀라워요. 제 전문 분야는 심리치료 쪽이고 여러 학문이 얽혀 있는데도 답변이 아주 정확해요.

@Raguipa

제일 고마운 건 스크롤하는 시간이 확 줄었다는 거예요. 검색하는 시간은 줄고 흡수하는 시간은 늘었어요. 오디오북 전권, 팟캐스트, 학습 플랜의 조합이 정말 훌륭해요.

@colonyofcreatorsNGO

저는 24년째 PhotoReading 속진 학습 강사로 일하고 있어요… 책과 독서, 배움이 제 전문인데, BeFreed는 정보를 소화하기 쉽게 전달하는 혁신적인 방식을 정말 잘 구현했어요.

@BeFreed user

단순한 책 요약 앱이 아니에요. '재미' 스타일을 써 봤는데, 전통적인 방식보다 훨씬 나은 요약이고 아이디어를 이해하기도 쉬워요. 이것만으로도 값어치를 해요.

@austinakon

이 앱이 정말 좋아요. 며칠 써 봤는데 듣는 걸 멈출 수가 없어요. 시작하기에 이보다 좋을 수 없어요.

@jcrules328

정말 마음에 들어요. 한 달 정도 써 봤는데 숨은 보석을 찾은 기분이에요. BeFreed로 제가 원하는 주제를 직접 만들 수 있어서 좋고, 목소리도 훌륭한 데다 내레이션 선택지가 무궁무진해요.

@DanielCZ

유용한 정보와 아이디어를 8~15분짜리 팟캐스트 스타일 오디오로 압축해서 들을 수 있다는 게 정말 좋아요. 원래 팟캐스트는 군더더기가 많아서 안 좋아했는데, 여기는 그걸 싹 걷어냈어요.

@BeFreed user

박사 과정을 마무리하는 중이라 낯선 자료를 많이 읽어야 해요… BeFreed에서는 프롬프트만 입력하면 앱이 자료를 찾아서 오디오 팟캐스트로 만들어 줘요. BeFreed의 과정이 NotebookLM보다 더 매끄럽게 느껴져요.

@Brad

아침을 준비하거나 산책하거나 출퇴근할 때 들을 것을 YouTube에서 자주 찾곤 했는데, BeFreed는 광고도 군더더기도 없이 훨씬 더 딱 맞는 걸 들려줘요!

@BeFreed user

이 플랫폼의 가장 큰 장점은 활용도예요. 다루지 못하는 주제가 말 그대로 하나도 없어요. 무엇을 던져도 다 소화해요… 제한이 전혀 없으면서 약속을 실제로 지키는 학습 도구는 정말 드물어요.

@jayallen

BeFreed는 환상적이에요. 디자인이 편해서 헤매는 시간은 줄고 배우는 시간은 늘었어요. 오디오북, 팟캐스트, 학습 플랜의 조합은 천재적이에요. 제 하루가 완전히 달라졌어요.

@BeFreed user

처음엔 이탈리아어로 팟캐스트를 만드는 방법을 이해하는 데 시간이 좀 걸렸는데, 알고 나니까 — 와! 정말 대단해요! 어떤 주제든 설명해 달라고 하면 정말 똑똑하게 잘 설명해 줘요!

@matteo77

BeFreed는 제가 매일 쓰는 오디오북 앱이 됐어요… 제일 마음에 드는 건 텍스트를 넣으면 이동 중에도 들을 수 있는 오디오로 만들어 준다는 점이에요.

@kotanzu1

유용한 정보와 아이디어를 8~15분짜리 팟캐스트 스타일 오디오로 압축해서 들을 수 있다는 게 정말 좋아요. 원래 팟캐스트는 군더더기가 많아서 안 좋아했는데, 여기는 그걸 싹 걷어냈어요.

@BeFreed user

박사 과정을 마무리하는 중이라 낯선 자료를 많이 읽어야 해요… BeFreed에서는 프롬프트만 입력하면 앱이 자료를 찾아서 오디오 팟캐스트로 만들어 줘요. BeFreed의 과정이 NotebookLM보다 더 매끄럽게 느껴져요.

@Brad

아침을 준비하거나 산책하거나 출퇴근할 때 들을 것을 YouTube에서 자주 찾곤 했는데, BeFreed는 광고도 군더더기도 없이 훨씬 더 딱 맞는 걸 들려줘요!

@BeFreed user

이 플랫폼의 가장 큰 장점은 활용도예요. 다루지 못하는 주제가 말 그대로 하나도 없어요. 무엇을 던져도 다 소화해요… 제한이 전혀 없으면서 약속을 실제로 지키는 학습 도구는 정말 드물어요.

@jayallen

BeFreed는 환상적이에요. 디자인이 편해서 헤매는 시간은 줄고 배우는 시간은 늘었어요. 오디오북, 팟캐스트, 학습 플랜의 조합은 천재적이에요. 제 하루가 완전히 달라졌어요.

@BeFreed user

처음엔 이탈리아어로 팟캐스트를 만드는 방법을 이해하는 데 시간이 좀 걸렸는데, 알고 나니까 — 와! 정말 대단해요! 어떤 주제든 설명해 달라고 하면 정말 똑똑하게 잘 설명해 줘요!

@matteo77

BeFreed는 제가 매일 쓰는 오디오북 앱이 됐어요… 제일 마음에 드는 건 텍스트를 넣으면 이동 중에도 들을 수 있는 오디오로 만들어 준다는 점이에요.

@kotanzu1

웹에서 BeFreed가 어떻게 논의되고 있는지 더 보기

지금 바로 학습 여정을 시작하세요

9장

평온한 투자 요약

평온한 투자 요약 개요

다양한 학습 방식으로 평온한 투자 요약 살펴보기

When Markets Offer the Least: Navigating the Low Return Challenge

The Serenity Prayer for Investors: Accepting the Low Return Reality

들리는 모든 단어를 눈으로 확인하세요

Major Investor Types and Their Responses to the Challenge

Building Blocks of Long-Run Returns

평온한 투자 요약에서 더 많은 것을 얻으세요

The Illusion of Illiquidity Premia

Style Premia: The Overlooked Opportunity

들리는 모든 단어를 눈으로 확인하세요

Portfolio Construction in a Low Return World

Risk Management: Survival First

평온한 투자 요약에서 더 많은 것을 얻으세요

The ESG Revolution and Its Impact

The Limits of Tactical Timing

들리는 모든 단어를 눈으로 확인하세요

Avoiding Bad Habits in a Low Return World

Finding Serenity in the Low Return Reality

평온한 투자 요약 완독을 축하합니다

평온한 투자 요약의 핵심 주제

평온한 투자 요약의 명문장

평온한 투자 요약의 등장인물

저자 소개

평온한 투자 요약 다운로드

다른 사용자들도 좋아한 책

평온한 투자 요약에 관한 자주 묻는 질문

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?

더 알아보기

BeFreed는 호기심 넘치는 글로벌 커뮤니티를 하나로 연결합니다

다양한 학습 방식으로 평온한 투자 요약 살펴보기

When Markets Offer the Least: Navigating the Low Return Challenge

The Serenity Prayer for Investors: Accepting the Low Return Reality

들리는 모든 단어를 눈으로 확인하세요

Major Investor Types and Their Responses to the Challenge

Building Blocks of Long-Run Returns

평온한 투자 요약에서 더 많은 것을 얻으세요

The Illusion of Illiquidity Premia

Style Premia: The Overlooked Opportunity

들리는 모든 단어를 눈으로 확인하세요

Portfolio Construction in a Low Return World

Risk Management: Survival First

평온한 투자 요약에서 더 많은 것을 얻으세요

The ESG Revolution and Its Impact

The Limits of Tactical Timing

들리는 모든 단어를 눈으로 확인하세요

Avoiding Bad Habits in a Low Return World

Finding Serenity in the Low Return Reality

평온한 투자 요약 완독을 축하합니다

다른 사용자들도 좋아한 책

더 알아보기