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Pim van Vliet, Jan de Coning
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 multi-billion 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 to find an active low-risk fund in order to profit from this paradox. And it 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 gives all the tools one needs to achieve excellent, long-term investment results.
"I loved reading the 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 pro-active 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 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
"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 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 actually will cost you money." Eric Falkenstein, Author of ‘The Missing Risk Premium’: Why Low Volatility Investing works, USA
Table of Contents
Introduction
Chapter One The Opposite of What You’re Aiming For
Chapter Two Mr Thrifty Enters the Stock Market
Chapter Three The Tortoise Beats the Hare
Chapter Four A Little Bit Is Enough
Chapter Five Ignoring the Eighth Wonder of the World
Chapter Six It’s All a Matter of Perspective
Chapter Seven The Dark Appeal of Risk
Chapter Eight Buy Them Cheap and Remember the Trend Is Your Friend
Chapter Nine All Good Things Come in Threes
Chapter Ten Spotting Tortoises and Hares
Chapter Eleven Slice and Dice, But Do It Wisely
Chapter Twelve Sit Back and Relax
Chapter Thirteen Trade Little, Be Patient
Chapter Fourteen The Biggest Victory of All
Chapter Fifteen The Golden Rule
Chapter Sixteen The Paradox Is Everywhere
Chapter Seventeen Will the Paradox Persist?
Chapter Eighteen Final Reflections
Epilogue Jan’s Perspective
Appendix ParadoxInvesting.com
Acknowledgments
References
Index
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