we’re all incredibly impressed with how smart you are and how much alpha you print, but what if we were slightly kinder to everyone?
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No one has, it’s a myth
Many midbrains out there assuming alpha must be positive, probably the same kind of people who could not imagine negative rates in 2007. I underperformed my benchmark (cash) by 20% last year, you cannot buy alpha like this.
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The real alpha is picking a benchmark that you can always outperform
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i choose men
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