AQR Principal Antti Ilmanen Authors New Book on Investing in a Low-Return Environment

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AQR Principal Antti Ilmanen Authors New Book on Investing in a Low-Return Environment

“Investing Amid Low Expected Returns” will be available in hardcover on April 12 and as an e-book on April 4.


April 1, 2022 – AQR Capital Management LLC today announced the upcoming publication of AQR Principal Antti Ilmanen’s second book, Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least

Investing Amid Low Expected Returns addresses the challenges facing investors amid the prospect of record-low future expected returns. It provides a timely update to Ilmanen’s renowned 2011 book, Expected Returns: An Investor’s Guide to Harvesting Market Rewards.

“In the face of today’s pressing low-return challenge, it is important that investors have an understanding of the evidence-based investment approaches available to help improve their long-term returns,” said Ilmanen. “Furthermore, I hope this book provides readers with the ability to invest with serenity – even in harsh financial conditions – and gives them an appreciation for the crucial role discipline, humility and patience play in the world of investing.” 

Throughout Investing Amid Low Expected Returns, readers will find extensive empirical evidence for the ingredients underlying an effective portfolio and a discussion of many of today’s most prominent investment topics, such as illiquid investments, market timing, ESG investing and factor investing. The book concludes by reviewing how to utilize portfolio construction, risk management, and cost control practices to build a portfolio that can succeed in the challenging market environment that lays ahead.  

“The past ten years challenged many investment beliefs once considered conventional investment wisdom, and reinforced often-overlooked and underappreciated investing practices,” said AQR Managing Principal Cliff Asness and author of the book’s foreword. “Antti’s new book authoritatively covers it all. It is a must-read for any investor looking for a blueprint to overcome the unpleasant challenge of markets having become ubiquitously more expensive over the past decade.”

Investing Amid Low Expected Returns has received praise from Lawrence H. Summers, Charles W. Eliot University Professor and President Emeritus at Harvard University, Former Secretary of the Treasury and Director of the National Economic Council; Christopher Ailman, Chief Investment Officer at CalSTRS; Jase Auby, Chief Investment Officer at Teacher Retirement System of Texas; and Edwin Cass, Chief Investment Officer, Total Fund Management at Canada Pension Plan Investment Board

Investing Amid Low Expected Returns will be available in hardcover on April 12. It is available for pre-order on

About the Author:
Antti Ilmanen is a Principal at AQR Capital Management and the author of "Expected Returns" (Wiley, 2011) as well as its monograph, "Expected Returns on Major Asset Classes." Antti’s second book "Investing Amid Low Expected Returns" will be available on April 12. 

A renowned expert on financial investments, Antti has three decades of experience in the investment industry, where he has skillfully served as a bridge between practitioners and financial academic research. At AQR, Antti co-heads the Portfolio Solutions Group, the team responsible for advising institutional investors and developing the firm's broad investment ideas. Prior to joining AQR in 2011, Antti spent seven years as a senior portfolio manager at Brevan Howard and a decade in a variety of roles at Salomon Brothers/Citigroup. He began his career as a central bank portfolio manager in Finland. Over the years, he has advised many institutional investors, including Norway’s Government Pension Fund Global and the Government of Singapore Investment Corporation. Antti has published extensively in finance and investment journals and has received a Graham and Dodd award, the Harry M. Markowitz special distinction award, and multiple Bernstein Fabozzi/Jacobs Levy awards for his articles. He also received the CFA Institute's 2017 Leadership in Global Investment Award.

Antti earned M.Sc. degrees in economics and law from the University of Helsinki and a Ph.D. in finance from the University of Chicago.

About the Book:
Title: Investing Amid Low Expected Returns
Author: Antti Ilmanen 
Publisher: Wiley 
Publication date: April 12, 2022
ISBN-10: 1119860199
ISBN-13: 978-1119860198
Hardcover price:  $28.00 

About AQR

AQR is a global investment management firm dedicated to delivering results for our clients. At the nexus of economics, behavioral finance, data and technology, AQR’s evolution over two decades has been a continuous exploration of what drives markets and how it can be applied to client portfolios. The firm is headquartered in Greenwich, Connecticut, with offices in Bangalore, Munich, Hong Kong, London and Sydney.

The views and opinions expressed herein are those of the authors and do not necessarily reflect the views of AQR Capital Management, LLC or its affiliates (collectively “AQR”) nor do they constitute an offer or solicitation of an offer, or any advice or recommendation, to purchase any security, strategy or investment product. The information contained herein does not represent valuation judgments with respect to any financial instrument, issuer, security or sector that may be described or referenced herein and does not represent a formal or official view of AQR. While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability of fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sale materials. The advice and strategies contained herein may not be suitable for a reader’s situation. A reader should consult with a professional where appropriate. All endorsements are related solely to “Investing Amid Low Expected Returns” and are not related to AQR or AQR Advisory services.