| 15.05.2015 Other Voices: Lies, damned lies and Alpha |
| This paper was authored by Andrew Beer, founder of Beachhead Capital Management LLC, New York. You can
download the full paper here. Investors equate "alpha" to outperformance. A high alpha fund presumably delivers substantial excess returns relative to its benchmark. True alpha is short hand for manager skill. As we know, idiosyncratic returns can improve the risk-adjusted returns of a diver |