The ABCs of Hedge Funds: Alphas, Betas, and Costs
将1995-2009年对冲基金11.13%的回报分解为费用、阿尔法和贝塔，发现阿尔法在十年间每年均为正，包括金融危机期间。
The authors decomposed their estimated pre-fee 1995–2009 hedge fund return of 11.13 percent into fees (3.43 percent), an alpha (3.00 percent), and a beta (4.70 percent). The year-by-year results show that alphas were positive during every year of the past decade, even during the recent financial crisis.