Is it really alpha?

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Few things generate a more emotional response than questioning the essential validity of someone's chosen vocation. When I was taking an MBA in finance in the late 1960s, the capital asset pricing model (CAPM) was a hotly debated topic. Much of the heat in that debate was generated by the theory's implication that security analysis had little to offer investors unless it was informed by non-public (that is, inside) information. As an occasional look at CNBC or any other financial news network

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