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If the winning techniques continue to generate greater risk-adjusted returns than the market for a significant amount of time, you haven't really bypassed the w
by dsacco 9y ago
If the winning techniques continue to generate greater risk-adjusted returns than the market for a significant amount of time, you haven't really bypassed the whole, "finding alpha" bit. Unless of course you've spun up a truly absurd number of funds, but I'd find that harder to believe than just beating the market in the first place given the capital requirements.
"Fuzzing" for alpha that way would be really inefficient.
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- Bartweiss 9y agoI think I was a little unclear. I'm not actually proposing fuzzing alpha, just capitalizing on survivor bias. Basically my idea was that if you're going to spin up a 'normal' managed fund, you'll average tracking the market, with some chance of success or failure beyond that. If that's all you're doing, you might as well go all-out on claiming to have secret sauce that produces your alpha. I'm not expecting you'll get any, just that you might as well have a media-friendly way of picking if you don't have an actually useful one.