First there were companies to invest in, then indices, then sectors, all of which were and are relatively easy to contemplate. You were buying shares, or baskets of equities, with the racier version including a variety. Ten years ago, the world of structured products then woke up, as bankers finally got to grips with investment theory that required the buying of a market dynamic. And so risk premia or factors were born in this world. The concept was not new for academics or the most terribly so

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