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ppo

A good overview book

Reviewed in the United Kingdom on October 19, 2015

Verified Purchase

A good overview book, both of those new to the industry and those needing a reference book that stays on the shelf close to the desk.

C. Ang

Good book but not for individual investors

Reviewed in the United States on June 12, 2016

Verified Purchase

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?

26 people 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

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