Asset Management: A Systematic Approach to Factor Investing

Hardcover | July 16, 2014

byAndrew Ang

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Stocks and bonds? Real estate? Hedge funds? Private equity? If you think those are the things to focus on in building an investment portfolio, Andrew Ang has accumulated a body of research that will prove otherwise.In his new book Asset Management: A Systematic Approach to Factor Investing, Ang upends the conventional wisdom about asset allocation by showing that what matters aren't asset class labels but the bundles of overlapping risks they represent. Making investments is like eating a healthy diet, Angsays: you've got to look through the foods you eat to focus on the nutrients they contain. Failing to do so can lead to a serious case of malnutrition - for investors as well as diners.The key, in Ang's view, is bad times, and the fact that every investor's bad times are somewhat different. The notion that bad times are paramount is the guiding principle of the book, which offers a new approach to the age-old problem of where do you put your money? Years of experience, both as afinance professor and as a consultant, have led Ang to see that the traditional approach, with its focus on asset classes, is too crude and ultimately too costly to serve investors adequately. He focuses instead on "factor risks," the peculiar sets of hard times that cut across asset classes, andthat must be the focus of our attention if we are to weather market turmoil and receive the rewards that come with doing so. Optimally harvesting factor premiums - on our own or by hiring others -r equires identifying your particular set of hard times, and exploiting the difference between them andthose of the average investor. Clearly written yet chock-full of the latest research and data, Asset Management will be indispensable reading for trustees, professional money managers, smart private investors, and business students who want to understand the economics behind factor risk premiums, harvest them efficiently in theirportfolios, and embark on the search for true alpha.

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Stocks and bonds? Real estate? Hedge funds? Private equity? If you think those are the things to focus on in building an investment portfolio, Andrew Ang has accumulated a body of research that will prove otherwise.In his new book Asset Management: A Systematic Approach to Factor Investing, Ang upends the conventional wisdom about asse...

Andrew Ang is the Ann F. Kaplan Professor of Business and Chair of the Finance and Economics Division at Columbia Business School.

other books by Andrew Ang

Format:HardcoverDimensions:736 pages, 9.25 × 6.12 × 0.98 inPublished:July 16, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199959323

ISBN - 13:9780199959327

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Table of Contents

Preface: Asset ManagementPart I: The Asset Owner1. Asset Owners2. Preferences3. Mean-Variance Investing4. Investing for the Long Run5. Investing Over the Life CyclePart II: Factor Risk Premiums6. Factor Theory7. Factors8. Equities9. Bonds10. Alpha (and the Low Risk Anomaly)11. "Real" Assets12. Tax-Efficient Investing13. Illiquid Assets14. Factor InvestingPart III: Delegated Portfolio Management15. Delegated Investing16. Mutual Funds and Other 40-Act Funds17. Hedge Funds18. Private EquityAfterword: Factor ManagementAppendix: ReturnsAcknowledgementsBibliographyIndex