High Returns from Low Risk: A Remarkable Stock Market Paradox - Tapa dura

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PIM VAN VLIET, PhD, is the Founder and fund manager of the multi-billion dollar Conservative Equity funds at Robeco. These low-risk funds are based on academic research and provide investors with a stable source of income from the stock market. Pim is a guest lecturer at several universities, the author of numerous financial publications and travels the world advocating low-volatility investing.

JAN DE KONING, CFA, CAIA, CMT is an investment specialist for Robeco’s quantitative equities strategies and conducts client and consultant meetings, speaks at conferences, and gives seminars on low-volatility investing. In the past, he published regular investment updates and was an investment advisor, portfolio manager and fiduciary manager for institutional investors.

De la contraportada

"Pim has been a pioneer in turning academic insights on the low-risk equity anomaly into a multi-billion investment portfolio. This book presents his magnum opus in a clear and powerful way. It's definitely a worthy read."
—Gerben de Zwart, Head of Quantitative Equities, APG Asset Management, The Netherlands

EVIDENCE-BASED INVESTING EVERYONE CAN UNDERSTAND

For generations, investors have believed that risk and return are inseparable. But is this really true? In High Returns from Low Risk, Pim van Vliet, Founder and fund manager of the multi-billion dollar Conservative Equity funds at Robeco and expert in the field of low-risk investing, combines the latest research with stock market data going back to 1929 to prove that investing in low-risk stocks gives surprisingly high returns, significantly better than those generated by high-risk stocks.

Together with investment specialist Jan de Koning, he presents this counterintuitive story as a modern upbeat stock market equivalent of 'the tortoise and the hare'. This book helps you to construct your own low-risk portfolio, select the right ETF, or find an active low-risk fund in order to profit from this paradox. It also explains why investing in low-risk stocks works and will continue to work, even once more people become aware of the paradox. It's also a personal story, one that links our human nature and behavior to a prudent and successful investment formula. High Returns from Low Risk provides all the tools one needs to achieve excellent, long-term investment results.

"I loved reading this book. It's educational, humble, funny and philosophical; quite rare attributes for a financial book. In today's world, where individuals will have to take more and more responsibility for their savings, this book serves a need: providing sound and pragmatic advice about how to manage one's savings. Furthermore, this book puts forward an inconvenient truth about investment that is close to my heart: more risk doesn't necessarily mean more return. On the contrary, it is sound and proactive risk management that permits investment portfolios to have sustainable long-term returns."
—Fiona Frick, CEO, Unigestion, Switzerland

"Explaining a financial theory to a broad audience is no easy task, and refuting one of the oldest and best known investment theories—higher risk for higher returns—harder still. But Pim (and Jan) manage to convince the reader in this easy-to-read and accessible book of their approach. They not only explain low-risk investing, but offer readers a whole set of investment (and even life) lessons at the same time. I would recommend that every investor read this book. It may not turn all readers into low-risk investors, but it certainly will offer valuable insights into the risk/return question."
—Ronald van Genderen, CFA, Manager Research Analyst at Morningstar, The Netherlands

De la solapa interior

If you lie awake at night worrying about your retirement, paying for your children's schooling or your general financial security, High Returns from Low Risk is your solution to a sound sleep. This unique wealth management guide is written by a fund manager who oversees billions of dollars in portfolio assets, and who wants to share his approach with individual investors, advisors, bankers and everyone interested in the stock market. Despite all the appeal exciting stocks have, his evidence-based strategy repeatedly proves low-risk stocks historically beat high-risk ones going back well over eighty years. By how much? Over eighteen times the returns!

Growing wealth doesn't have to be stressful, and it shouldn't be risky when you get High Returns from Low Risk

"The low-risk effect, that is the idea that historically, unlike many well-known theories, average return across stocks doesn't appear to go up with most standard measures of risk, is one of the most important "anomalies" in modern finance. Pim van Vliet is one of the pioneers in studying this effect and using it to improve investor portfolios. Anyone interested in systematic equity investing should carefully read this important book."
—Clifford S. Asness, Founder, Managing Principal and Chief Investment Officer at AQR Capital Management, USA

"Pim van Vliet's experience as one of the pioneers of low-volatility investing gives him unique insight into one of the most fascinating economic anomalies of our time. The idea that risk, properly defined, generates a positive return, is one of those ideas that becomes even more profound when we learn it is not true. There is no cosmic risk karma that pays people for taking risk, and this book will help people understand what types of investment risks generate premiums, and which will actually cost you money."
—Eric Falkenstein, Author of The Missing Risk Premium: Why Low Volatility Investing Works, USA