Business Services Industry
Alpha hunter's endless quest.
Australasian Business Intelligence, November, 2006
Byline: Barrie Dunstan
Nov 02, 2006 (The Australian Financial Review - ABIX via COMTEX) -- International investment expert, Martin Leibowitz, formulated the concept of alpha hunters. Leibowitz, of Morgan Stanley in New York, identified the philosophical difference in investment management between "passive efficiency-based beta grazers and active alpha hunters". He favours active investing and believes that there are "supernovas of alpha" or added value above market benchmarks, to be found in markets. This is contrary to assumptions of an efficient market. He believes that potential returns, caused by inefficiencies and behaviourial biases, can still be found.
Publication Date: 3 November 2006
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