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There are hundreds of exhibits in the investment "factor zoo." Which ones are actually worth your time, and your money?
Andrew L. Berkin and Larry E. Swedroe, co-authors of The Incredible Shrinking Alpha, bring you a thorough yet still jargon-free and accessible guide to applying one of today's most valuable quantitative, evidence-based approaches to outperforming the market: factor investing. Designed for savvy investors and professional advisors alike, Your Complete Guide to Factor-Based Investing: The Way Smart Money Invests Today takes you on a journey through the land of academic research and an extensive review of its 50-year quest to uncover the secret of successful investing.
Along the way, Berkin and Swedroe cite and distill more than 100 academic papers on finance and introduce five unique criteria that a factor (at its most basic, a characteristic or set of characteristics common among a broad set of securities) must meet to be considered worthy of your investment. In addition to providing explanatory power to portfolio returns and delivering a premium, Swedroe and Berkin argue a factor should be persistent, pervasive, robust, investable and intuitive.
By the end, you'll have learned that, within the entire "factor zoo," only certain exhibits are worth visiting and only a handful of factors are required to invest in the same manner that made Warren Buffett a legend.
Your Complete Guide to Factor-Based Investing: The Way Smart Money Invests Today offers an in-depth look at the evidence practitioners use to build portfolios and how you as an investor can benefit from that knowledge, rendering it an essential resource for making the informed and prudent investment decisions necessary to help secure your financial future.
- Sales Rank: #9206 in Books
- Published on: 2016-10-07
- Original language: English
- Dimensions: 8.50" h x .80" w x 5.51" l,
- Binding: Paperback
About the Author
Andrew L. Berkin, Ph.D., is director of research for Bridgeway Capital Management, which offers expertly designed investment building blocks for select institutions and advisors. He earned a doctoral degree in physics from the University of Texas and received his bachelor's degree with honors in physics from the California Institute of Technology. Andrew has published numerous research articles in physics, computer science, and investing and serves on the editorial board of the Financial Analysts Journal. He co-authored "The Incredible Shrinking Alpha: And What You Can Do to Escape Its Clutches" with Larry E. Swedroe.
Larry E. Swedroe is director of research for Buckingham and The BAM ALLIANCE. He holds an MBA in finance and investment from New York University and a bachelor's degree in finance from Baruch College. Larry was among the first authors to publish a book that explained the science of investing in layman's terms, "The Only Guide to a Winning Investment Strategy You'll Ever Need." He has since authored seven more books and co-authored seven other books, including "The Incredible Shrinking Alpha: And What You Can Do to Escape Its Clutches" with Andrew L. Berkin. Larry is a prolific writer and contributes to multiple national outlets, including ETF.com.
Most helpful customer reviews
6 of 7 people found the following review helpful.
5 Equity Factors, 5 Criteria To Evaluate Them, 1 Great Addition To Your Investing Library
By Dave P
This is an outstanding addition to anyone's investing library. It is a must read for any individual investor or financial advisor interested in understanding modern investing. Over the last two decades there has been a huge shift in popular investing from active management to passive index funds. Modern investing has now moved beyond a single market factor world though. Market beta explains perhaps 60-70% of a portfolio's returns. Fama and French introduced the size and value factors, and the three factor model explained greater than 90% of a portfolio's returns. Now there are about five or six factors that explain about 95% of a portfolio's performance. These few factors stand out among the hundreds of factors that have been described in the literature.
Larry and Andrew explain these factors and the data supporting them. They describe five criteria that a potential factor must meet to be real and meaningful. The equity factors described are the market factor, size, value, momentum, profitability/quality. Although learning these factors is important and potentially profitable to the investor, there is an even bigger and more important lesson in the book. The authors teach us how to evaluate any new potential factor or potential portfolio addition. They describe the five criteria that we can apply to these five equity factors and any potential factor we may come across in the future: persistent over time, pervasive across markets, robust to different definitions, intuitive to common sense, and investable at reasonable access and expense to us common folks. Understanding these criteria are vitally important to the investor. They emphasize that an investment plan is worthless if an investor can't stick to his plan. All factors will underperform for long periods. Understanding and believing the criteria will give the investor the fortitude to stick to his well thought out plan. Moreover, by looking at correlations, they build a powerful case for diversifying across factors.
The book is very readable, but it is meant for the highly interested do it yourself investor or advisor, who already understands concepts of efficient markets, asset allocation, diversification. A serious investor will read this book and place it on his investment shelf. He will return to it periodically over the years to look at a few of the tables and some of the data as the various factors perform and underperform over the years.
An important question arises. When these factors become well known, especially the behavioral (as opposed to risk based) factors, are they still worthy of investment? The authors address this in one of the last chapters. I strongly recommend this book for anyone interested in a serious look at modern investing in language someone without a finance degree can understand.
2 of 3 people found the following review helpful.
this book is a great introduction. For those that are a familiar
By Daniel G.
For anyone who is new to factor based investing, this book is a great introduction. For those that are a familiar, the book is a great reference and also adds a good amount of new topics in the appendices (Probably my favorite part of the book!). The book is an appropriate length and I appreciate how the authors exclaim that regardless of what the numbers say, an investor must have a sound belief system in a given factor(s) before they should pursue investments in said factor(s). Very happy with the purchase and I will keep it on the shelf and most likely reference it for years to come.
2 of 3 people found the following review helpful.
Instant classic
By Mark T. Meredith
This is a book that needed to be written. If you are currently using factor tilts in your portfolio or contemplating doing so, this book should assist in decision making and maybe reinforce things you've heard before as well as debunk some myths.
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