Active funds, big challenges
Alpha is a product of skill and luck
For most of you, the lure of beating a benchmark index is too tempting to pass. And so, most of you search for active funds to invest in. In this article, we discuss the characteristics of alpha — the factor that embodies an active fund — to explain why choosing active funds can be so challenging. Alpha game The excess return that an active fund generates over its appropriate benchmark index i...
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