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Gang Leader for a Day: A Rogue Sociologist Takes to the Streets

From Publishers Weekly

Honest and entertaining, Columbia University professor Venkatesh vividly recounts his seven years following and befriending a Chicago crack-dealing gang in a fascinating look into the complex world of the Windy City's urban poor. As introduced in Steven D. Levitt and Stephen J. Dubner's bestseller, Freakonomics, Venkatesh became involved with the Black Kings—and their charismatic leader J.T.—as a first-year doctoral student at the University of Chicago. Sent to the projects with a multiple-choice test on poverty as his calling card, Venkatesh was, to his surprise, invited in to see how the drug dealers functioned in real life, from their corporate structure to the corporal punishment meted out to traitors and snitches. Venkatesh's narrative breaks down common misperceptions (such as all gang members are uneducated and cash rich, when the opposite is often true), the native of India also addresses his shame and subsequent emotional conflicts over collecting research on illegal activities and serving as the Black Kings' primary decision-maker for a day—hardly the actions of a detached sociological observer. But overinvolved or not, this graduate student turned gang-running rogue sociologist has an intimate and compelling tale to tell. (Jan.) Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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From School Library Journal

Adult/High School—As a young graduate student fresh off an extended stint following the Grateful Dead, Venkatesh began studying urban poverty. With a combination of an ethnographer's curiosity about another culture and some massive naïveté, he gathered firsthand knowledge of the intricacies of Chicago's Robert Taylor projects. Early on, he met a megalomaniac gang leader known here as J.T., who became his mentor. Venkatesh observed and learned how the crack game works, and how many have their fingers in the pie and need life to remain the way it is. He observed violence, corruption, near homelessness, good cops, bad cops, and a lot of neglect and politics-as-usual. He made errors in judgment—it took a long time for his street smarts to catch up to his book smarts—but he tells the story in such a way as to allow readers to figure out his missteps as he did. Finally, as the projects began to come down, Venkatesh was able to demonstrate how something that seems positive is not actually good for everyone. The first line in his preface, "I woke up at about 7:30 a.m. in a crack den," reflects the prurient side of his studies, the first chapter title, "How does it feel to be black and poor?" reflects the theoretical side, and both work together in this well-rounded portrayal.—Jamie Watson, Harford County Public Library, MD Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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Product details

Hardcover: 320 pages

Publisher: Penguin Press; First Edition edition (January 10, 2008)

Language: English

ISBN-10: 1594201501

ISBN-13: 978-1594201509

Product Dimensions:

6.5 x 1 x 9.5 inches

Shipping Weight: 1.2 pounds (View shipping rates and policies)

Average Customer Review:

4.5 out of 5 stars

438 customer reviews

Amazon Best Sellers Rank:

#301,059 in Books (See Top 100 in Books)

I give this American sociological ethnography, researched in the Chicago housing projects, my highest recommendation for other readers. Written by an Indian sociologist, born in India, raised as an immigrant in California, and transplanted to Chicago, the book is riveting and nearly impossible to put down at each reading.Aside from learning all about life in the Projects and enjoying the story of getting to know the people in this book, I learned several important things which I never realized before.This book showed me what life was like in every primitive society before the rule of law. One can either have a society where the Rule of Law is enforced, or one where the Law of Power is enforced.Where we have the Rule of Law, everyone is subject to the rule, and laws and contracts are enforced. This protects the general public against HUMAN PREDATORS as THIEVES, as well as those engaged in "OUTLAW CAPITALISM."What we have here in the Projects is a TRIBAL SOCOETY, where the leader (warlord) manages with a combination of POWER and CHARISMA. He takes a cut (like a 'federal' tax) off of EVERY activity that goes on in the complex, from selling candy, washing cars, prostitution, sub-lets, and of course, drug sales. There are smaller community leaders (smaller warlords, male and female) who also take cuts off a number of smaller activities (like 'local' taxes).Reading this book helped me better understand the piracy in Somalia and why we are unlikely to see it eliminated in our lifetimes. Once a society has collapsed, it goes back to this warlord model. It takes a long time for a society to build out of that; such a society cannot easily be put back together. In fact, this model probably applies to more human societies, even today, than does the democratic model.This book helped me to better understand government corruption in the developing world. A democratic model is trying to be imposed upon peoples who behave in a tribal and/or predatory manner with each other.This is a model that the middle and upper classes in America are far enough removed from that they don't understand it. The whole model makes it difficult for people to get out of this life paradigm.I especially learned that the MOST important business of government--more important than defense, or infrastructure--is REGULATION. Here we have everyone needing to be a "hustler" in order to survive. We have capitalism at it's most extreme and unregulated form. This book really showed me why it is important that capitalism continue to be regulated.This book also had a lot to say about everyday micromanagement of the drug trade on the street level. It covered a different facet than many other books on the drug trade, which concentrate on the lives of the top bosses. I learned that selling drugs on a street corner is actually the drug industry's minimum-wage job, also undertaken for the maximum risk.Anyone interested in these subjects should definitely read this book.

Sudhir Venkatesh was a Ph.D. student at the University of Chicago, studying urban poverty. In an effort to interview those living in urban destitution, he grabbed a multiple-choice survey, and headed over to the Robert Taylor Homes - one of Chicago's most notorious housing projects.After a tense introduction, Venkatesh befriended JT, a leader of Chicago's Black Kings gang. This book is Venkatesh's account of the decade he spent observing gang life in the projects. He followed JT around Robert Taylor Homes, witnessing crack-making and selling, prostitution, and an overabundance of violence -- both gang related, and not. He witnessed life in public housing for those who partnered with the gang, and for those who tried to avoid the gang at all costs.The subject matter of this book is one that has always intrigued me - in high school, I read a book called There Are No Children Here (also set in Chicago), which highlighted the lives of children growing up in a blighted and failing housing system. I chose the college I did because I had originally planned to major in Urban Studies and Sociology (I majored in English). Though I didn't study urban plight as I had originally planned, my interest in the subject hasn't waned, and I anticipated loving this book. I didn't. But, I did enjoy it, it was a quick read, and I learned much about the decay of our urban settings.The main issue that I had with this book, is that Venkatesh struck me as painfully naive. He walked into a housing project with a multiple choice survey that asked questions like, "How does it feel to be black and poor?" and actually expected people to respond. What were they supposed to say? "Oh, I love being black and poor. It doesn't bother me at all that I'm a marginalized person, living in a dilapidated building."? Come now.I don't feel like one needs a Mensa caliber brain to realize that these questions are silly and insulting. And yet, Venkatesh was Ph.D. level student at a renowned institution. It just reminded me never to take my common sense for granted.This event took place in the first chapter -- and I didn't really feel that his naivety improved. Venkatesh spent the better part of a decade observing these people, interviewing them, getting to know them, and earning their trust, but, I never felt that he truly understood them. And in fairness, maybe that understanding was never a true possibility.At one point, he broke away from JT for a few days, and interviewed some of the others living in the building. He asked them questions about their "jobs," and their abilities to make a living in this setting. They answered his questions honestly, telling him of the various underground money-making projects that they participated in. Venkatesh knew that JT and his gang "taxed" all the residents who used the building as a place to make money -- and JT was apparently unaware of many of these schemes. Yet, Venkatesh still told JT about these different projects, and then was genuinely surprised when the tenants were angry at him for running his mouth. I wanted to scream at him, "You're a damn fool Sudhir, come on!"During his tenure with the gang, Venkatesh learned so much about how the gang worked and operated, and saw that the gang functioned with the gusto of a Fortune 500 company. JT was the leader of his faction; he had an accountant and a planner. He had worker-bee foot soldiers who stood on the street and sold the product (crack), and he had a whole variety of customers. But, above JT, there was an entire upper-level hierarchy to strive for. The Black Kings were a nationwide gang, and they held leadership meetings all over the country. Venkatesh was fascinated by this -- and so was I.It's not a surprise that the Black Kings cropped up in these buildings. The Robert Taylor Homes were deplorably set-up -- they stretched from 39th Street to 54th, running alongside the Dan Ryan Expressway. In other words, in order for the tenants to LEAVE their housing, they had to literally cross the highway. Many of them did not have cars. They were effectively isolated from the rest of society. The buildings themselves were high rises of 16 stories each - with outdoor hallways. Outdoor. Like a motel. In Chicago.If you haven't been to Chicago -- I'll paint this picture for you: in the winter, Lake Michigan, a huge lake, freezes over. Solid. I've had the wind in Chicago rip at my face so severely that my eyes streamed like I was sobbing, with those tears then literally freezing to my face the second they left my eyes and hit the air. It's cold. It's so. frigging. cold. And, their hallways were outside.After children began plummeting to their deaths from the upper floors, the Chicago Housing Authority (CHA) begrudgingly put chain-link fences up along the corridors. So, these people lived in buildings, with outdoor hallways, enclosed by the beauty of chain-link metal.Outdoor hallways aside - the CHA built these buildings, crammed the people inside, and then left, never to come back or administer the required up-keep. Doors fell off the hinges. Water stopped running in many apartments. The elevators sometimes just, went into a free-fall, killing everyone inside -- and this was only if they were working at all. Appeals to the CHA for help went unanswered. It's not surprising that impoverished people, in run-down buildings, with little access to the city, began organizing themselves into street-gangs.But, with all of this said, can gang members be absolved of their multiple misdeeds? I don't personally believe so, and Venkatesh struggled with this also. I don't think he wanted to absolve them; it was clear that he understood that gang-life wasn't a sustainable lifestyle. Gang members weren't long for this world, and unfortunately, neither were the innocents that they came in contact with. The members of this particular gang often said, "You need to understand that the Black Kings are not a gang; we are a community organization, responding to people's needs," and Venkatesh admitted his skepticism about this many times.The gang felt that it provided its tenants "safety," and "employment." They also conducted "community outreach," by going door-to-door and encouraging people to register to vote (once they were signed up, the gang told them who they were to vote for. The Chicago political machine is alive and well, even in the 'hood).The gang may have provided "protection" to the tenants of their building, but they were also targets of drive-by shootings --in which innocents were killed. The gang may have employed people, paying them money to sell drugs -- but in this they were perpetuating addiction. For each "service" that they provided, they inflicted a world of pain. The cycle was never-ending, and vicious.My favorite part of this book though, was the illumination of city-wide, governmental corruption. The CHA wouldn't conduct repairs when most tenants called, but they accepted bribes from some of the "building leaders" in exchange for vaguely explained services.There were police officers that would come into the buildings and beat drug dealers, then raid their apartments, stealing their drugs and their money, but without issuing an arrest. They didn't actually have interest in getting them off of the streets (otherwise, how could they get their cut of a rather lucrative drug trade)?The Aldermen were terrible too. They could be bought by the gang leaders -- they would keep well-meaning police officers away from parks where the dealers would be selling their drugs. It was frustrating.Eventually, the Robert Taylor homes were torn down, and all tenants were "relocated." Many moved to different poor neighborhoods, continuing their life in the projects. Some of JT's gang members joined other gangs to ensure their own safety. The CHA was responsible for relocating the tenants, but it shirked this duty along with all of its others, and the tenants did what they could on their own to find places to live.This book was frustrating, eye-opening, and disheartening. Yet, I recommend it. For more of my reviews, go to readingandmusing.com

This book is an interesting study and read. I was put off towards the end when the author is able to so easily wash his hands of all his study subjects. I realize this is what sociologists do, but I thought after crossing so many other lines with his research, Sudhir would have been motivated to do something he actually believed would help these people. Instead, he concludes things by writing a dissertation and moving on to better things, saying he was probably never really friends with J.T. And that writing this book probably wouldn't help any of the people he had studied. He also mentioned many times feeling guilty for letting J.T. Think he was writing his biography. I just kept thinking, why DIDN’T he just write his biography? There wasn't much in this book that couldn't have been worked into a biography, using the stories of other Robert Taylor tenants to set the scene. The same points could be made, perhaps in an even more convincing way by giving the reader a deeper emotional attachment to J.T..

In short, this book is about a student who decided to study poverty in Chicago by actually living in the "ghetto." As a person who has lived in Chicago my whole life, this book was intriguing from the start. I still remember when the Robert Taylor homes were torn down and some of the tenants were dispersed near my hometown of Skokie, so to learn about their previous life was fascinating and humbling. I drive for Uber in Chicago and when I talk with people, particularly University of Chicago (where the author did his research) students, I usually recommend this book.

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File Size: 1136 KB

Print Length: 146 pages

Publication Date: February 18, 2019

Sold by: Amazon Digital Services LLC

Language: English

ASIN: B07NWXLRZC

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Asset Management: A Systematic Approach to Factor Investing (Financial Management Association Survey and Synthesis)


Asset Management: A Systematic Approach to Factor Investing (Financial Management Association Survey and Synthesis)


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"The phrases "finance textbook" and "page-turner" rarely occupy the same sentence or even the same paragraph, but Asset Management: A Systematic Approach to Factor Investing justifies that pairing of terms." William J. Bernstein, co-principal at Efficient Frontier Advisors Reviewed by CFA Institute"This splendid book lays out the important lessons that a new generation of finance research has learned about markets and investing, in a thoughtful and accessible way. Ang focuses on real issues for real players, and distills practical lessons about investment strategies and the investment process." John H. Cochrane, The University of Chicago, Booth School of Business"Andrew Ang's inspirational book presents new, important, and influential concepts on investment. He oozes enthusiasm for his subject, and generously shares his experience of putting cutting-edge ideas into practice." Elroy Dimson, London Business School and Cambridge Judge Business School"Every professional asset manager should read Ang's Asset Management, easily the most thoughtfully written, accessible, and carefully researched treatment of the topic. Each chapter is an expertly guided tour." Darrell Duffie, Graduate School of Business, Stanford University"Andrew Ang eloquently synthesizes current research on investing together with his own approach to asset management into a highly readable and authoritative book. It is simply the best new book on asset management that I have read - approachable by non-specialists and a treasure for managers and scholars already familiar with the topic. This book is an essential guide to one of the world's most important topics." William N. Goetzmann, Yale School of Management"It is no surprise that many of us have been using the unfinished chapters of Andrew Ang's Asset Management for teaching. For over 10 years, there has been glaring lacuna when it comes to textbooks for the teaching of investment finance. Andrew's book fills this void and is destined to become the standard text in investments at top graduate schools. It will also be a must-read for practitioners of investment finance." Campbell R. Harvey, Duke University Journal of Finance (2006-2012)"This book is a comprehensive, accessible, and adept exposition of the pivotal role played by factor exposures in markets and in portfolio design. Ang shows how these principles can be used to guide both individual investors as well as institutions, and financial practitioners now have a must read source for this critical material." Steve Ross, Sloan School, MIT"Andrew Ang has written the next comprehensive 'go to' book on asset management. He treats readers gently as he takes them through the potentially technical world of factor investing, and his generous use of 'real world' case studies gives a helpful intuitive dimension his explanations. All considered, this is a 'must read' book for all asset owners and managers who want to maintain their thought-leadership edge." Keith Ambachtsheer, Director Emeritus, International Centre for Pension Management, Rotman School of Management, University of Toronto"The last time I was asked to comment on a book of this quality and applicability I threatened to harm the author for potentially putting me out of a job. I repeat the threat in this case." Cliff Asness, Founder, Managing Principal, and Chief Investment Officer, AQR Capital Management"As Andrew Ang knows, the best way to achieve good investment results is to get the portfolio structure right for each client and the key to that is systematic factor investing." Charles D. Ellis, author of Winning the Loser's Game"Despite its title, this is much more than a textbook on asset management. Andrew Ang writes in an engaging style that cites his extensive investment experience, without giving up any of the rigor that we would expect from such a prominent academic." Roger G. Ibbotson, Chairman of Zebra Capital Management and Professor in Practice Emeritus, Yale School of Management"Professor Ang is leading the factor investing revolution. Written with great clarity and authority, Asset Management is a true pleasure to read." Knut Norheim Kjær, Founding CEO of Norges Bank Investment Management and Co-founding Partner of Trient Asset Management"Andrew's new book is a useful practitioner-oriented update of the developments in asset management in recent decades. For example, assets are seen as bundles of factors, the fundamental drivers which provide the 'nutrients' that drive returns. This framing is certainly helpful in understanding recent developments in the industry. Moreover, the cases which motivate each chapter very nicely tie together the theory and the practice." Bob Litterman, Chair of the Risk Committee at Kepos Capital, a hedge fund based in New York"With this book, Professor Ang provides a wonderful gift to all investors. He gently guides readers to a full understanding of the global body of knowledge underlying advanced portfolio management in an easy, assessable way-unencumbered by technical jargon. Read this book, put it on your bookshelf, it will be a treasured resource for years to come." Rodney Sullivan, Editor, Financial Analysts Journal, CFA Institute

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About the Author

Andrew Ang is the Ann F. Kaplan Professor of Business at Columbia Business School. He is a financial economist whose work centers on understanding the nature of risk and return in asset prices. His work spans bond markets, equities, asset management and portfolio allocation, and alternative investments. Prof. Ang has served as associate editor for several leading journals, and he has received grants from various government and industry organizations. He has consulted for several financial institutions, most often the Norwegian sovereign wealth fund. Prof. Ang received a Bachelor of Economics with First Class Honours from Macquarie University, Sydney, and a Masters of Statistics and PhD in Finance from Stanford University.

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Product details

Series: Financial Management Association Survey and Synthesis

Hardcover: 720 pages

Publisher: Oxford University Press; 1 edition (August 6, 2014)

Language: English

ISBN-10: 0199959323

ISBN-13: 978-0199959327

Product Dimensions:

9.4 x 1.6 x 6.5 inches

Shipping Weight: 2.6 pounds (View shipping rates and policies)

Average Customer Review:

4.4 out of 5 stars

20 customer reviews

Amazon Best Sellers Rank:

#241,964 in Books (See Top 100 in Books)

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?

I can't say how much I enjoyed reading this book. "Enjoy" is probably not the word because 600 pages is quite a slog !. But I was thoroughly pleased with the content, and I would say it has given me a very complete and well-documented update on theory and practice.The book provides a very complete overview of the entire field of investing, and its evolution over the past 40-50 years. Ang gives a thorough review of the main asset classes, the development of financial theory and above all, a (relatively brief) overview of the emerging field of factor investing and its foundation in theory. Brief, but enough to understand the theory and application.Ang offers a very critical view of theory and approaches to investing and shows with reference to many ( a huge amount in fact ) academic studies how the CAPM and mean-variance investing are no longer adequate as an explanation of markets. He is also very critical of the claims of Hedge Funds and Private Equity to superior performance and convincingly proves how on a risk-adjusted basis, they offer no alpha. He has very interesting insights on commodities, and real estate investing and also debunks their claim to be inflation hedges.Although taking its point of departure from theory, and academic studies, Ang does a great job of helping the reader with interesting practical details and quite a few anecdotes, and of course, concrete examples of model portfolios.Grateful to Andrew Ang for taking the time to write such a fascinating book, and after finishing I felt like I had taken a 6-month course on modern financial theory and practice. It is also good to see that he now heads an important division in Blackrock where many of his ideas in factor investing are being implemented through a series of new ETFs which he has created there.Can't recommend this book too much to those in the field of investing.

Great book with tons of insights in the world of asset allocation. Different perspective.

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.

Terrific book: wide coverage and well written.

Very thoughtful, big picture view of Asset Management. A must read for anyone in the industry.

The best one in terms of how comprehensive and relevant it is to asset management today.

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.

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Asset Management: A Systematic Approach to Factor Investing (Financial Management Association Survey and Synthesis) PDF