This book investigates how investors can move beyond traditional asset class labels to identify and harvest the underlying factor risk premiums that drive market returns. Author Andrew Ang, a finance professor and consultant, utilizes his extensive academic and practical experience to propose a framework centered on factor investing. He argues that by decomposing portfolios into specific risk factors, investors can better navigate market volatility and improve long-term performance. The text synthesizes current financial research to provide a logical methodology for constructing more efficient investment portfolios.

Financial professionals and academics frequently cite this work as a foundational text for understanding the mechanics of factor-based investing. Readers often note the technical density of the prose, which serves as a rigorous resource for those seeking to apply systematic approaches to asset management.