Investors need to be realistic.. and that means accepting the strong possibility that returns will be lower in the future than they have been in the past. Why? Well, equities rose to all-time highs as the economy recovered from the Covid crisis.   And the higher the price you pay for a security, the lower your expected return going forwards.  So, what other evidence is there that future returns will be lower? And, if it’s true, what if anything can, or should, investors do about it?   In the latest episode, Robin Powell talks to Antti Ilmanen, an investment strategist at AQR Capital Management in Greenwich, Connecticut.   He’s the author of a new book, Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least.