Expected returns on major asset classes viii dr ilmanens emphases in this book are on finding the predictable element of expected returns and on using this information to make money beat a passive benchmark in the market3 of course if alpha could be earned merely by. Expected returns on major asset classes cfa research foundation expected returns are arguably the most important input into investment decisions many investors determine their expectations for returns on investments in highly subjective ways based on discretionary views more objective predictions are anchored on historical experience . Expected returns on major asset classes antti ilmanen phd expected returns on major asset classes view the full book pdf overview can the art and science of investment management be reduced to a set of patterns that markets generally follow in apparent violation of the efficient market hypothesis . Can the art and science of investment management be reduced to a set of patterns that markets generally follow in apparent violation of the efficient market hy. Google spreadsheet to calculate an estimated expected return for an entire portfolio vanguards economic and investment outlook contains vanguards expected 10 year returns for major asset classes december 2015 expected returns on major asset classes from the cfa institute anti ilmanen june 2012 vol 2012 no 1 references