NEW HAVEN – In their new book The Incredible Shrinking Alpha, Larry E. Swedroe and Andrew L. Berkin describe an investment environment populated by increasingly sophisticated analysts who rely on big data, powerful computers, and scholarly research. With all this competition, “the hurdles to achieving alpha [returns above a risk-adjusted benchmark – and thus a measure of success in picking individual investments] are getting higher and higher.”
发自纽黑文——在拉里·E·斯威德罗和安德烈·L·博尔金发表的新书，《不可思议的高回报萎缩》中，他们描述了一个充斥着日渐老练的高精尖分析员依赖大数据，超级电脑和学术研究成果工作的投资环境。在所有这些竞争态势之下，“实现高回报（也就是获取高于所承担风险基准的回报并以此制定一个挑选各单一投资方式的成功策略）的门槛将越来越高”。