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Asset Management A Systematic Approach to Factor Investing (Financial Management Association Survey and Synthesis) Hardcover – 2 Oct 2014
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The phrases "finance textbook" and "page-turner" rarely occupy the same sentence or even the same paragraph, but Asset Management: A Systematic Approach to Factor Investing justifies that pairing of terms. (William J. Bernstein, co-principal at Efficient Frontier Advisors Reviewed by CFA Institute)
This splendid book lays out the important lessons that a new generation of finance research has learned about markets and investing, in a thoughtful and accessible way. Ang focuses on real issues for real players, and distills practical lessons about investment strategies and the investment process. (John H. Cochrane, The University of Chicago, Booth School of Business)
Andrew Ang's inspirational book presents new, important, and influential concepts on investment. He oozes enthusiasm for his subject, and generously shares his experience of putting cutting-edge ideas into practice. Elroy Dimson, London Business School and Cambridge Judge Business School
Every professional asset manager should read Ang's Asset Management, easily the most thoughtfully written, accessible, and carefully researched treatment of the topic. Each chapter is an expertly guided tour. Darrell Duffie, Graduate School of Business, Stanford University
Andrew Ang eloquently synthesizes current research on investing together with his own approach to asset management into a highly readable and authoritative book. 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. This book is an essential guide to one of the world's most important topics. (William N. Goetzmann, Yale School of Management)
It is no surprise that many of us have been using the unfinished chapters of Andrew Ang's Asset Management for teaching. For over 10 years, there has been glaring lacuna when it comes to textbooks for the teaching of investment finance. Andrew's book fills this void and is destined to become the standard text in investments at top graduate schools. It will also be a must-read for practitioners of investment finance. (Campbell R. 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. Ang shows how these principles can be used to guide both individual investors as well as institutions, and financial practitioners now have a must read source for this critical material. Steve Ross, Sloan School, MIT
Andrew Ang has written the next comprehensive 'go to' book on asset management. He treats readers gently as he takes them through the potentially technical world of factor investing, and his generous use of 'real world' case studies gives a helpful intuitive dimension his explanations. All considered, this is a 'must read' book for all asset owners and managers who want to maintain their thought-leadership edge. (Keith Ambachtsheer, Director Emeritus, International Centre for Pension Management, Rotman School of Management, University of Toronto)
The last time I was asked to comment on a book of this quality and applicability I threatened to harm the author for potentially putting me out of a job. I repeat the threat in this case. (Cliff Asness, Founder, Managing Principal, and Chief Investment Officer, AQR Capital Management)
As Andrew Ang knows, the best way to achieve good investment results is to get the portfolio structure right for each client and the key to that is systematic factor investing. Charles D. Ellis, author of Winning the Loser's Game
About the Author
Andrew Ang is the Ann F. Kaplan Professor of Business at Columbia Business School. He is a financial economist whose work centers on understanding the nature of risk and return in asset prices. His work spans bond markets, equities, asset management and portfolio allocation, and alternative investments. Prof. Ang has served as associate editor for several leading journals, and he has received grants from various government and industry organizations. He has consulted for several financial institutions, most often the Norwegian sovereign wealth fund. Prof. 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.
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An excellent guide to factor investing and asset allocation overall as it covers more than just public markets.
Worth reading whether you are interested in the mathematical explanations or not.
I read the chapters in the order I found them interesting rather than in order.
Most helpful customer reviews on Amazon.com
The book provides a very complete overview of the entire field of investing, and its evolution over the past 40-50 years. Ang gives a thorough review of the main asset classes, the development of financial theory and above all, a (relatively brief) overview of the emerging field of factor investing and its foundation in theory. Brief, but enough to understand the theory and application.
Ang offers a very critical view of theory and approaches to investing and shows with reference to many ( a huge amount in fact ) academic studies how the CAPM and mean-variance investing are no longer adequate as an explanation of markets. He is also very critical of the claims of Hedge Funds and Private Equity to superior performance and convincingly proves how on a risk-adjusted basis, they offer no alpha. He has very interesting insights on commodities, and real estate investing and also debunks their claim to be inflation hedges.
Although taking its point of departure from theory, and academic studies, Ang does a great job of helping the reader with interesting practical details and quite a few anecdotes, and of course, concrete examples of model portfolios.
Grateful to Andrew Ang for taking the time to write such a fascinating book, and after finishing I felt like I had taken a 6-month course on modern financial theory and practice. It is also good to see that he now heads an important division in Blackrock where many of his ideas in factor investing are being implemented through a series of new ETFs which he has created there.
Can't recommend this book too much to those in the field of investing.