Bridging Financial Planning and Factor Investing with Northern Trust's Peter Mladina
Excess Returns
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The Evidence for Alpha in Gross Returns
There's no evidence that skilled investment manager, at least in public equity, public fixed income, are able to consistently generate alphas. The degree to which you have an active risk budget, I'd suggest looking over to alternative investments like private invest investing in particular. There is slightly more evidence, at least an active equity for alpha before fees. It's a very small subset, let's call it sort of four or five percent of managers.
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