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Focus on “Average” Mutual Fund is a Straw-man Argument: Fidelity Research Institute

March 20th, 2007 | Filed under: CAPM / Alpha Theory

The Right Answer to the Wrong Question: Identifying Superior Active Portfolio Management By: W.V. Harlow, Fidelity Research Institute & Keith Brown, University of Texas Published: Fourth Quarter 2006, Journal of Investment Management The search for alternative beta aims to explain some of the unexplained magic and mystery behind hedge fund management.  Once weRead More



Debunking Some Myths About Active Management

September 26th, 2006 | Filed under: CAPM / Alpha Theory

By: Barton Waring, Barclays Global Investors & Laurence Siegel, The Ford Foundation Published: June 2005, Journal of Investing This is an excellent article that debunks several time-honuored marketing pitches used by active managers – and by extension hedge fund managers.  Waring & Siegel say:  “We strongly believe that in theRead More



The Future of Active Management

July 5th, 2006 | Filed under: CAPM / Alpha Theory

By: Baton Waring, Barclays Global Investors Excerpts:  “Every portfolio has a beta component and an alpha component. In the sense that beta really is about benchmarks that represent market returns, all investing is benchmark relative investing! This is unavoidable. The protests from traditionalists notwithstanding, any and every portfolio can beRead More