Thursday, September 26, 2013

It's all uphill from here for active management

The cover of the recent issue of Institutional Investor magazine reads, "Is Alpha Dead?"

It's official: over the next few years, active managers should do quite well!

Granted, II magazine does not have the circulation or expansive reach of Time or Fortune, but I would argue the go-against, contrary power of the front cover still applies. II is no different than any other periodical in distilling the consensus opinion(s) of the day and if deemed alarming enough is then plastered on the magazine's front cover. The readership may be less, but the process very likely remains the same. In that sense, I'm willing to bet that alpha is not dead and active managers will not go the way of the dinosaurs. (Of course, being an active manager myself, I'm talking my book, but I stand by my objective reasoning!).

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