Alpha abounds

Hedge fund perspective

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Chapter 1 of Barton Biggs' new book, Hedgehogging1, contains a fictionalised discussion on the current state of hedge fund alpha. One participant begins: "The alpha pool of the whole hedge fund industry is not growing, but the number of guys trying to drink from it is." To which Biggs replies: "I am not so sure the alpha pool is not growing ... new, naive, trigger-happy crazies (will cause blow-ups that) will expand the alpha pool for the rest of us."2

The future of alpha is not just an inves

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