Contraptions

Contraptions

Share this post

Contraptions
Contraptions
The End of Alpha
Copy link
Facebook
Email
Notes
More

The End of Alpha

There is no alpha left in history anymore

Venkatesh Rao
Aug 27, 2022
∙ Paid
11

Share this post

Contraptions
Contraptions
The End of Alpha
Copy link
Facebook
Email
Notes
More
4
Share

In investing, a strategy has alpha when it delivers better-than-market-average returns. The term is also often used to loosely refer to privileged information, the asset itself, or to a contrarian idea providing the rationale for a large class of trades.

Investing alpha is a relatively narrow articulation of a broader, more natural notion of alpha, encom…

Keep reading with a 7-day free trial

Subscribe to Contraptions to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Venkatesh Rao
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share

Copy link
Facebook
Email
Notes
More