> alpha generation is a zero-sum game This is a mathematical fact. Let’s say you do better than the market because you deviate from the market weights. For eac

> alpha generation is a zero-sum game This is a mathematical fact. Let’s say you do better than the market because you deviate from the market weights. For each position that you have, relative to the market, there is someone somewhere that holds the complementary position. Because the agregate of all the positions is the market portfolio, by definition.