Asset Management 在线电子书 图书标签: 金融 投资 资产管理 资产配置 量化 portfolio 计算机 QEPM
发表于2024-11-25
Asset Management 在线电子书 pdf 下载 txt下载 epub 下载 mobi 下载 2024
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。
评分主要是资产所有者的角度来写的,还是学到了一些知识
评分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.)
评分资产太少,不谈分配
评分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.
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.
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...
评分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...
评分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...
评分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...
评分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...
Asset Management 在线电子书 pdf 下载 txt下载 epub 下载 mobi 下载 2024