On November 2-3 of 2011 the CFA Institute and CFA France sponsored the Fourth Annual European Investment Conference in Paris, France. Antti Ilmanen, Ph.D. was one of the presenters. The title of his Presentation was Understanding Expected Returns. This month’s letter is based on this presentation as it appeared in the June 2012 publication CFA Institute Conference Proceedings Quarterly.
Kendall J. Anderson, CFA, Founder
Justin T. Anderson, President