Better than Alpha: Three Steps to Capturing Excess Returns in a Changing World

A powerful new approach for giving up the ghost of alpha and building the portfolio of that meets your objectives

The concept of beating markets is nothing more than hype. Successful investors don’t find alpha, they find value-and that’s what this book helps you do.

Better Than Alpha provides the perspective, insights, and tools you need to retrain your focus away from searching for alpha and toward actions that produce superior investment outcomes. It explains why strategies based on beating the markets are doomed to failure and provides a simple three-step framework-Behavior (smart thinking), Process (smart habits), and Organization (smart governance)-for making better investment decisions. You’ll gain a deeper understanding of what drives investment returns, how superstar investment managers generated excess returns in the past, why behavioral finance drives investors to make poor decisions, and why strategies that worked in the past don’t necessarily make sense today.

Whether you’re funding a state retirement fund, creating a steady income stream for an endowment, or generating return to cover insurance payouts, Better Than Alpha walks you through the process of minimizing the impacts of behavioral biases and making decisions that create a higher probability of meeting your objectives-whatever they may be.