Surviving the Slow Pain: How to Thrive When Markets Offer the Least

Forget market crashes—the real danger for today’s investors is the slow, relentless grind of low returns. In Investing Amid Low Expected Returns, Antti Ilmanen calls this the 'slow pain' scenario: decades of meager yields and rising costs, eroding the purchasing power of savers and retirees. 2 4

The implications are profound. The old rules—like the 4% withdrawal rate—may no longer be safe. Investors must save more, spend less, and manage risk with greater care than ever before. This means diversifying across asset classes and styles, being realistic about expected returns, and using dynamic spending rules that adjust to market realities.
Risk management is the new alpha: survival, not outperformance, is the true goal. By focusing on what you can control—your savings rate, spending, and portfolio resilience—you can thrive, even when markets offer the least. Don’t let the slow pain catch you unprepared. Plan, adapt, and invest with humility for the long haul.