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Factor Theory

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0006
Subject:
Economics and Finance, Financial Economics

Assets earn risk premiums because they are exposed to underlying factor risks. The capital asset pricing model (CAPM), the first theory of factor risk, states that assets that crash when the market ... More


The Most Important Thing Is … Understanding Risk

Howard Marks

in The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

Published in print:
2013
Published Online:
November 2015
ISBN:
9780231162845
eISBN:
9780231530798
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231162845.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter describes another important requirement for successful investing: understanding risk. Investing consists of exactly one thing: dealing with the future. And because none of us can know ... More


The Most Important Thing Is … Understanding Risk

Howard Marks

in The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231153683
eISBN:
9780231527095
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231153683.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter asks about a further important requirement for successful investing: understanding risk. Dealing with risk is an essential element in investing. It is not hard to find investments that ... More


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