Asset Management pdf epub mobi txt 电子书下载 2024

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Andrew Ang

Oxford University Press

2014-8-6

720

USD 95.00

Hardcover

9780199959327

图书标签: 金融投资资产管理资产配置量化 portfolio 计算机 QEPM

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发表于2024-11-25

Asset Management epub 下载 mobi 下载 pdf 下载 txt 电子书下载 2024

Asset Management pdf epub mobi txt 电子书下载 2024

图书描述

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, Ang says: 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 a finance 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, and that 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-requires identifying your particular set of hard times, and exploiting the difference between them and those 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 their portfolios, and embark on the search for true alpha.

Asset Management 下载 mobi epub pdf txt 电子书

著者简介

图书目录

Asset Management pdf epub mobi txt 电子书下载

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用户评价

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read part 1 and some part 2 - needs further reading when studying practical asset investment (i.e. ETFs, real eatate, tax-exempt property depreciation, etc.)

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主要看了part two, 介绍了factor investment的理论，学术研究的一些factor，不同asset中的不同因子及相关性，alpha的寻找（其实是benchmark的构建问题），还有一些不常见的asset比如real asset, illiquid asset中的factor等，然后介绍了因子投资的思路，把return分解成几块的做法耳目一新，dynamic factor。作者的理念是不同的人要认清自己的风险偏好，在bad time的时候自己的效用函数是和一般人一样还是不一样，不一样程度的多少来选择不同的factor构建投资组合。思路很清晰严谨，讲了很多研究或观念犯得错误等等。主要针对的是large portfolio的factor investment.

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Important ideas simply explained. BTW, my first exposure to finance was being an RA for one of Andrew Ang's paper coauthored with Francis Longstaff.

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资产太少，不谈分配

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看了40%过了很长一段时间没有继续，于是又从头开始读。Ang师赛高，整本书写得非常学术，相当于一篇700多页的paper；part II是精华，idea等于不断扩充Fama-French model; part I把最基本的概念写得极其复杂; part III 没有读的必要除非连最基础的alternative investments形式都不了解。世上没有通天宝典，但是自由选取factor倒是一个很容易入手加深入思考的角度。这本书和金融数学没有任何关系，放入哲学范畴倒可。

读后感

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This is a very comprehensive, readable and rigorous encyclopedia for factor investing, but an encyclopedia cannot cover every topic in-depth. To me the part worth reading the most is Part II “Factor Risk Premiums”. This part talks about factor theories an...

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