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Factor investment is booming in global asset management, especially environmental, social, and governance (ESG), dividend yield, and volatility factors. In this chapter, we use data from the US securities market from 2003 to 2019 to predict dividends and volatility factors through machine learning and historical data–based methods. After that, we utilize particle swarm optimization to construct the Markowitz portfolio with limits on the number of assets and weight restrictions. The empirical results show that that the prediction ability using XGBoost is superior to the historical factor investment method. Moreover, the investment performance of our portfolio with ESG, high-yield, and low-volatility factors outperforms baseline methods, especially the S&P 500 ETF.

Moving away from the stories of financial disaster we encountered in Chapter 2, Chapter 3 examines what it means for fans when their club is suddenly awash with more financial muscle than some nation-states due to the generosity of a wealthy benefactor who is seemingly more interested in sporting glory than in financial gain. This chapter engages with the notion of the football club as a billionaire’s plaything. Roman Abramovich’s acquisition of Chelsea in 2003 saw the West London club embark on an eye-watering spending spree and a sustained period of on-field successes, one that was unknown in the club’s history to that point. As a result, we take Chelsea during the Abramovich era as a starting point for considering how this model of ownership affects the relationship between fans and the connection that they have with their club. The evident success that financial muscle can bring shows owners what a happy fanbase is capable of, what they are capable of doing, and what they are capable of ignoring. The success of the financially doped teams of the 2000s created a precedent for winning over a fanbase with a successful football club, but nevertheless sat awkwardly with the normative ideals of how a football club should exist in the world and relate to its supporters.