Risking Jail in the Pursuit of Alpha

... that index as its benchmark achieves alpha if it exceeds the returns of that index. Alpha is the holy grail for mutual funds and hedge funds. Fund managers understand that investors can capture benchmark returns (net of low management fees) simply ...

http://money.usnews.com/money/blogs/On-Retirement/2013/04/11/risking-jail-in-the-pursuit-of-alpha?s_cid=rss:On-Retirement:risking-jail-in-the-pursuit-of-alpha