Your Complete Guide to Factor-Based Investing

这本书的真正价值，不在教你识别哪个因子能稳赚，而在帮你认清一个反直觉的事实：所谓选股高手的超额收益，很多不过是踩中了市场、价值、规模、动量等要素敞口，统计上并不显著。作者把巴菲特拉下神坛的做法，正是全书最具争议也最戳中读者的地方。它更像一份因子投资的学术文献综述——梳理了五十年研究、提炼百余篇论文，把

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.