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HIGH RETURNS from LOW RISK
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
Contents
Introduction 1
Chapter One The Opposite of What You're Aiming For 5
Chapter Two Mr Thrifty Enters the Stock Market 11
Chapter Three The Tortoise Beats the Hare 19
Chapter Four A Little Bit Is Enough 29
Chapter Five Ignoring the Eighth Wonder of the World 35
Chapter Six It's All a Matter of Perspective 43
Chapter Seven The Dark Appeal of Risk 53
Chapter Eight Buy Them Cheap and Remember the Trend Is Your Friend 59
Chapter Nine All Good Things Come in Threes 67
Chapter Ten Spotting Tortoises and Hares 77
Chapter Eleven Slice and Dice, But Do It Wisely 83
Chapter Twelve Sit Back and Relax 91
Chapter Thirteen Trade Little, Be Patient 101
Chapter Fourteen The Biggest Victory of All 109
Chapter Fifteen The Golden Rule 117
Chapter Sixteen The Paradox Is Everywhere 123
Chapter Seventeen Will the Paradox Persist? 129
Chapter Eighteen Final Reflections 133
Epilogue Jan's Perspective 137
Appendix ParadoxInvesting.com 143
Acknowledgments 145
References 147
Index 151
