图书简介
Falling yields have boosted valuations and realized returns on most assets for four decades, essentially borrowing returns from our future, while keeping rearview-mirror expectations too rosy. Investing With Serenity draws parallels with the Serenity Prayer. Many investors now facing the challenge of cooler investment conditions have so far had the courage to increase risk taking but not the serenity to accept lower returns and moderate their spending plans. A rearview-mirror mindset also makes us prone to judge investments based on their recent years performance, which is dominated by luck. Instead, we should have the serenity to accept we cannot control short-term returns and focus on what we can control, a good strategic investment process. Investing With Serenity first outlines the low expected return challenge and how retirement savers and other investors have responded to it. Starting from a broad historical perspective, it describes competing investment models and best practices among large institutional asset owners. The next section revisits the key building blocks to earning long-run returns - major asset class premia, illiquidity premia, style premia, and the elusive alpha. It provides extensive empirical evidence - both century-long and past-decade - on the most reliable return sources, while pointing to the pitfalls in studying historical returns especially amid todays low starting yields. The final section turns to the task of putting those building blocks together - through efficient portfolio construction, risk management, and cost control. Investing With Serenity tackles many topical investment debates: the pros and cons of liquid vs. illiquid, active vs. passive, strategic vs. tactical, systematic vs. discretionary, publicly-known vs. proprietary approaches, as well as the merits of factor investing, ESG investing, macro-resilient portfolios, and tail hedging. Humble forecasting and bold diversification is emphasized throughout, as is the need for both good investments and good investors. Serene investing requires humility and patience, besides knowledge. This book offers investors a comprehensive toolkit to do the best they can with the bad cards they have been dealt for the coming decades. Intelligent investing principles may be timeless, but they matter more at times of scarcity.
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