Five Principles to Hold Onto (Even When Your Boss Says the Opposite)
提醒金融从业者牢记五个关键投资原则：分开决策阿尔法和贝塔、主动管理零和博弈、不同回报成分需不同标准、成功阿尔法价值巨大、为阿尔法付高费为贝塔付低费，这些原则常被职场压力所忽视。
Although finance practitioners almost universally learn in school that the Sharpe market model, which separates all returns into alpha and beta, is the starting point for a number of key investment insights, they often forget, or disregard, this knowledge once they are on the job. The five most important insights that a practitioner should hold dear, regardless of what the boss says, are 1) the importance of making alpha and beta decisions separately; 2) the zero-sum nature of active management; 3) the different criteria needed to make alpha and beta decisions; 4) the great value of alpha successfully delivered; and 5) the desirability of paying appropriate fees for each return component or, in other words, high fees for alpha, low fees for beta. <b>TOPICS:</b>Portfolio theory, in markets, exchange-traded funds and applications