Re: Investing Myths: Alpha and Beta
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Interesting stuff, Naj, I might tried to read some of this closer later on. I sort of agree with what you are saying in theory, but I'm not sure if it applies to ... Sure, that's exploitable in theory in either direction, but not in practice by your average investor.
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It would equally be a myth to say 'Every investor can capture alpha' or 'all managers generate positive alpha,' like a poker game, Alpha is zero-sum, not everyone can create/retail positive alpha, I totally agree.
However, plenty of public managers/investors generate alpha, and have been doing so for 2-5 decades.
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