Bridging Financial Planning and Factor Investing with Northern Trust's Peter Mladina
Excess Returns
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How to Interpret the Alpha of a Cap M Fund
In a paper, you talked about the three factor model. And this sort of changes things a lot using a three factor model in terms of what alpha is and how hard it is to generate. So I'm wondering if you could just talk about that. How what alpha is kind of changes when you shift from a three from the single factor model to a three factors model.
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