Asset Management: A Systematic Approach to Factor Investing (Financial Management Association Survey and Synthesis)
| Author | : | |
| Rating | : | 4.61 (918 Votes) |
| Asin | : | 0199959323 |
| Format Type | : | paperback |
| Number of Pages | : | 720 Pages |
| Publish Date | : | 2014-05-31 |
| Language | : | English |
DESCRIPTION:
Good book but not for individual investors Asset Management is useful because it provides a good background on "factors" that are persistent over the long-term and it promotes portfolio rebalancing. But, these are really old ideas for serious students of finance. In addition, the book fails on practical implementation, especially for individual investors that do not have tens of millions of dollars to invest (institutional investors or portfolio managers of high net worth individuals hopefully already know these concepts). For example, a portfolio that is long value and short growth is necessary to exploit the value premium. But, this strategy already pos. "A wonderful book" according to George Hariton. This book presents finance as informed by the latest research. However, it is reader-friendly and actually enjoyable to read.The unifying thread is factor investing, i.e. that you are really investing in assets that have various kinds of risks, and that it is these risks, not the asset (which merely serves as a wrapper) that are important. In particular, an investor should be aware of what would constitute "bad times" for him or her, and how assets (and their risk factors) would perform in such times.Along the way, the author does an excellent job explaining why diversification works, why rebalancing one's portfo. Fred Zhikang Yu said The first book I read about asset management, and would probably be the best.. Very good in a sense that it integrated various interesting and practical topics into one book.Not all contents are about factor investing but those not about factor investing are well written as well.One thing I am not happy with is that the factors Andrew Ang looked at are too few. There are other well researched factors in industry and academia world that he didn't not mention. Might be he was not convinced but I was expecting them.Now Andrew Ang joined BlackRock and was in charge of factor investing.Hopefully he can start another revolution by popularizing factor funds, in which people get long term outperfor
Factor risks must be the focus of our attention if we are to weather market turmoil and receive the rewards that come with doing so. In Asset Management: A Systematic Approach to Factor Investing, Professor Andrew Ang presents a comprehensive, new approach to the age-old problem of where to put your money. Clearly written yet full of the latest research and data, Asset Management is indispensable reading for trustees, professional money managers, smart private investors, and business students who want to understand the economics behind factor risk premiums, to harvest them efficiently in their portfolios, and to embark on the search for true alpha.. Years of experience as a
Written with great clarity and authority, Asset Management is a true pleasure to read." Knut Norheim Kjær, Founding CEO of Norges Bank Investment Management and Co-founding Partner of Trient Asset Management"Andrew's new book is a useful practitioner-oriented update of the developments in asset management in recent decades. It is simply the best new book on asset management that I have read - approachable by non-specialists and a treasure for managers and scholars already familiar with the topic. He gently guides readers to a full understanding of the global body of knowledge underlying advanced portfolio management in an easy, assessable way-unencumbered by technical jargon. Harvey, Duke University Journal of Finance (2006-2012)"This book is a comprehensive, accessible, and adept exposition of the pivotal role played by factor exposures in markets and in portfolio design. "The phrases "finance textbook" and "page-turne
Ang received a Bachelor of Economics with First Class Honours from Macquarie University, Sydney, and a Masters of Statistics and PhD in Finance from Stanford University.. He is a financial economist whose work centers on understanding the nature of risk and return in asset prices. He has consulted for several financial institutions, most often the Norwegian sovereign wealth fund. Prof. Ang has served as associate editor for several leading journals