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Alastair MacAndrew

I can't say how much I enjoyed reading this book

Reviewed in the United States on July 5, 2018

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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.

2 people found this helpful

Author is green

Reviewed in the United States on February 5, 2020

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Too academic. No clear actual experience.

One person found this helpful

JDC

Excellent book on investment theory

Reviewed in the United States on May 20, 2015

Verified Purchase

A good summary of contemporary research into investment theory. The author's basic thesis is that investments and portfolios should understood as a bundle of factors rather than under their rubrics of stocks, bonds, private equity, etc. His chapter on private equity as a supposed asset class is alone worth the cost of the book. Quite readable given the subject matter.

2 people found this helpful

Tomas Malaga

Highly recommended

Reviewed in the United States on September 23, 2016

Verified Purchase

A very practical approach to investments. Reviews brilliantly some of the new literature on factor analysis. Highly recommended for professionals on the field and common investors that could use several of the new financial products out there. If you are a technical guy you will need to complement the book.

2 people found this helpful

CHRISTIAN D KNUDSEN

Five Stars

Reviewed in the United States on September 12, 2016

Verified Purchase

Great book with tons of insights in the world of asset allocation. Different perspective.

One person found this helpful

HOU FEI

Five Stars

Reviewed in the United States on March 28, 2016

Verified Purchase

Terrific book: wide coverage and well written.

One person found this helpful

Padraic McCrudden

Must read

Reviewed in the United States on August 15, 2015

Verified Purchase

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

2 people found this helpful

Vinit Srivastava

Five Stars

Reviewed in the United States on July 12, 2015

Verified Purchase

The best one in terms of how comprehensive and relevant it is to asset management today.

One person found this helpful

Jason

Great book for Institutional Investors

Reviewed in the United States on August 29, 2017

Verified Purchase

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

Michel Macara-chvili

Five Stars

Reviewed in the United States on March 26, 2017

Verified Purchase

Came in perfect quality! Great book!

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