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Asset Management: A Systematic Approach to Factor Investing (Financial Management Association Survey and Synthesis) 1st Edition

4.4 4.4 out of 5 stars 78 ratings

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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. Years of experience as a finance professor and a consultant have led him to see that what matters aren't asset class labels, but instead the bundles of overlapping risks they represent. 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.

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.
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Editorial Reviews

Review

"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

"Despite its title, this is much more than a textbook on asset management. Andrew Ang writes in an engaging style that cites his extensive investment experience, without giving up any of the rigor that we would expect from such a prominent academic."
Roger G. Ibbotson, Chairman of Zebra Capital Management and Professor in Practice Emeritus, Yale School of Management

"Professor Ang is leading the factor investing revolution. 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. For example, assets are seen as bundles of factors, the fundamental drivers which provide the 'nutrients' that drive returns. This framing is certainly helpful in understanding recent developments in the industry. Moreover, the cases which motivate each chapter very nicely tie together the theory and the practice."
Bob Litterman, Chair of the Risk Committee at Kepos Capital, a hedge fund based in New York

"With this book, Professor Ang provides a wonderful gift to all investors. 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. Read this book, put it on your bookshelf, it will be a treasured resource for years to come."
Rodney Sullivan, Editor, Financial Analysts Journal, CFA Institute

Book Description

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

Product details

  • Publisher ‏ : ‎ Oxford University Press; 1st edition (August 6, 2014)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 720 pages
  • ISBN-10 ‏ : ‎ 0199959323
  • ISBN-13 ‏ : ‎ 978-0199959327
  • Item Weight ‏ : ‎ 2.6 pounds
  • Dimensions ‏ : ‎ 1.8 x 6.5 x 9.3 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 78 ratings

About the author

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Andrew Ang
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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.

Book website: http://www.factorinvestingbook.com

Customer reviews

4.4 out of 5 stars
78 global ratings

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Customers say

Customers find the book provides a comprehensive overview of investment theory and its evolution over the past 40 years. They appreciate the thorough review of the main asset classes, financial theory, and case studies that offer interesting illustrations of the theory and practice. The book provides a good background on persistent factors and offers a thoughtful, big picture view of asset management.

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11 customers mention "Investment theory"9 positive2 negative

Customers find the book provides a comprehensive overview of investment theory and its evolution over the past 40 years. They appreciate the thorough review of the main asset classes, financial theory, and a big picture view of asset management. The book provides interesting insights on commodities and real estate investing. It provides a well-documented update on theory and practice.

"...studies, Ang does a great job of helping the reader with interesting practical details and quite a few anecdotes, and of course, concrete examples..." Read more

"...studies offer interesting illustrations of the theory and practice of modern finance." Read more

"Great book for Institutional Investors. If you are individual investors, it could help, unfortunately you don't have the edge." Read more

"Asset Management is useful because it provides a good background on "factors" that are persistent over the long-term and it promotes..." Read more

3 customers mention "Pacing"3 positive0 negative

Customers find the book provides a good background on persistent factors and illustrations of theory and practice. They appreciate the thoughtful, big picture view of asset management.

"...Andrew's case studies offer interesting illustrations of the theory and practice of modern finance." Read more

"Asset Management is useful because it provides a good background on "factors" that are persistent over the long-term and it promotes..." Read more

"Very thoughtful, big picture view of Asset Management. A must read for anyone in the industry." Read more

Top reviews from the United States

  • Reviewed in the United States on July 5, 2018
    I can't say how much I enjoyed reading this book. "Enjoy" is probably not the word because 600 pages is quite a slog !. But I was thoroughly pleased with the content, and I would say it has given me a very complete and well-documented update on theory and practice.
    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.
    4 people found this helpful
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  • Reviewed in the United States on June 17, 2023
    The punchline is that I am a richer person (literally) for having read this book.

    I believe that this book is under-taught, under-read, and under-understood. Andrew's case studies offer interesting illustrations of the theory and practice of modern finance.
  • Reviewed in the United States on August 29, 2017
    Great book for Institutional Investors. If you are individual investors, it could help, unfortunately you don't have the edge.
    One person found this helpful
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  • Reviewed in the United States on June 12, 2016
    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 poses several problems for the individual investor. First, as an individual investor, you have to be willing and able to short stocks. That's asking the individual to increase his/her leverage, which some may not be comfortable with. If investing in stocks is like gambling, this strategy is like doubling-down on your bet. The author acknowledges a long only value portfolio will not yield high returns. Second, there is no guidance on which value stocks and which growth stocks do you have to invest in. Even if there were guidance, this poses several problems for the individual investor. The first is the access to market data and fundamental data, which could be expensive and/or time-consuming to collect. Then, even if you have access to the data, you need to have the analytical skills to identify which stocks you would select. Finally, you would have to balance out transactions costs, so you have to be selective in picking which stocks and the number of stocks that you would go long and short. Third, portfolio rebalancing is an easy concept to implement if you have two index funds: one equity and one fixed income. However, if you have a portfolio with more than two assets, there is no guidance on which asset you should sell if you want to reduce exposure to a particular factor and which asset you should buy if you want to increase exposure to a particular factor. In the case of the long value and short growth, which of the stocks should I rebalance with including consideration for transactions costs?
    28 people found this helpful
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  • Reviewed in the United States on August 15, 2015
    Very thoughtful, big picture view of Asset Management. A must read for anyone in the industry.
    2 people found this helpful
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  • Reviewed in the United States on September 12, 2016
    Great book with tons of insights in the world of asset allocation. Different perspective.
    One person found this helpful
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  • Reviewed in the United States on July 12, 2015
    The best one in terms of how comprehensive and relevant it is to asset management today.
    One person found this helpful
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  • Reviewed in the United States on August 13, 2017
    Does not really work in this environment. Japan has record highs, Germany same so difficult to buy at these levels. US market is way overbought and dropping. Fixed income is flat abroad and really low returns in the US. Seems like just sector rotation in US and unpredictable political pressure. After watching stocks steadily sell off I opted out at peak and bought preferred stocks which have high dividends and little downside. If the companies elect to call, bought at levels beneath the callable price so I would make money that way. Seems the safest in this environment and if there's a huge pullback I can sell the preferred stocks and buy the best at a reasonable price.

Top reviews from other countries

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  • Günter Reimer
    5.0 out of 5 stars A guide to understand investing
    Reviewed in Germany on January 29, 2022
    Excellent and detailed summary of investment principals. To my opinion a must read for all individuals starting to invest and build own wealth.
  • Cliente Amazon
    5.0 out of 5 stars Molto utile
    Reviewed in Italy on June 14, 2021
    E' un libro ovviamente specifico ma molto utile per chi interessato.
  • Jordan Li
    5.0 out of 5 stars Highly recommended
    Reviewed in Canada on January 12, 2018
    This book does an excellent job in explaining and referencing material to the reader.
  • Jonathan Bell
    5.0 out of 5 stars Highly recommended
    Reviewed in the United Kingdom on November 13, 2015
    One of the best books I have read on investing in recent years.
    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.
  • Pitabas Mohanty
    5.0 out of 5 stars One of the best books on Asset Management that I have read
    Reviewed in India on October 9, 2015
    One of the best books on Asset Management that I have read. The best part of the book is the judicious mixture of theory and practice.