
"Better Than Alpha" revolutionizes investing beyond market-beating returns. Christopher Schelling's three-step framework - behavioral alpha, process alpha, and organizational alpha - has transformed institutional investment strategies. Endorsed by the CFA Institute, it reveals why smart thinking trumps market chasing in today's financial landscape.
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In the high-stakes world of investing, we've been taught to worship at the altar of alpha - that magical excess return above market performance. But what if this pursuit is fundamentally flawed? Christopher Schelling's "Better Than Alpha" challenges our most basic assumptions about investment success. Alpha isn't just a simple metric - it's deceptively complex in practice. Two managers with identical 10% returns could have dramatically different alpha values depending on their risk exposure. During the 2008 financial crisis, many hedge funds boasted impressive returns achieved through excessive leverage, masking negative alpha beneath superficially strong numbers. The mathematical reality is sobering - alpha is zero-sum across markets. For every investor generating positive alpha, another must underperform. This explains why sustainable alpha requires consistently extracting returns from less sophisticated market participants. Even professional investors often mistake beta-driven returns for skill-based alpha, an illusion reinforced by the industry's tendency to highlight successful periods while downplaying underperformance. Studies reveal that true, sustainable alpha is exceptionally rare - fewer than 1% of funds consistently generate significant risk-adjusted outperformance after fees.
Better than Alpha의 핵심 아이디어를 이해하기 쉬운 포인트로 분해하여 혁신적인 팀이 어떻게 창조하고, 협력하고, 성장하는지 이해합니다.
Better than Alpha을 빠른 기억 단서로 압축하여 솔직함, 팀워크, 창의적 회복력의 핵심 원칙을 강조합니다.

생생한 스토리텔링을 통해 Better than Alpha을 경험하고, 혁신 교훈을 기억에 남고 적용할 수 있는 순간으로 바꿉니다.
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