Expected Returns is a one-stop reference that gives investors a comprehensive toolkit for harvesting market rewards from a wide range of investments. Written by an experienced portfolio manager, scholar, strategist, investment advisor and hedge fund trader, this book challenges investors to broaden their minds from a too-narrow asset class perspective and excessive focus on historical performance. Coverage includes major asset classes (stocks, bonds, alternatives), investment strategies (value, carry, momentum, volatility) and the effects of underlying risk factors (growth, inflation, illiquidity, tail risks). Judging expected returns requires balancing historical returns with both theoretical considerations and current market conditions. Expected Returns summarizes the state of knowledge on all of these topics, providing extensive empirical evidence, surveys of risk-based and behavioral theories, and practical insights.

"This is the best book on active management ever written - and it achieves that status without mentioning a single stock or bond by name. Anyone who performs the rigorous analysis Ilmanen describes - admittedly a neat trick, since the world's most sophisticated investors struggle to do it successfully - will beat the market."

预期回报率是一个一站式的参考，它为投资者提供了一个全面的工具，从广泛的投资中获取市场回报。这本书由一位经验丰富的投资组合经理、学者、策略师、投资顾问和对冲基金交易员撰写，挑战投资者从过于狭隘的资产类别视角和过度关注历史表现的角度拓宽思路。覆盖范围包括主要资产类别（股票、债券、替代品）、投资策略（价值、套利、动量、波动性）和潜在风险因素（增长、通货膨胀、流动性不足、尾部风险）的影响。判断预期收益需要在理论考虑和当前市场条件之间平衡历史收益。预期收益总结了所有这些主题的知识状况，提供了广泛的经验证据、基于风险和行为理论的调查以及实践见解。
“这是有史以来关于主动管理的最好的一本书——它实现了这一地位，而没有提到任何一只股票或债券的名字。任何一个执行伊尔曼所描述的严格分析的人——诚然这是一个巧妙的伎俩，因为世界上最老练的投资者都很难成功地做到这一点——都将击败市场。”