David Asman
David Asman

David Asman joined FOX Business Network as an anchor in September 2007. He also serves as host of Forbes on Fox, a weekend half-hour program on FOX News Channel that offers an informative look at the week in business.
Asman has been with FNC since 1997 when he joined the network as a weekday anchor for Fox News Live. In 2005, he was named head of FNC's documentary unit where he hosted a series of investigative specials, including "Global Warming: The Debate Continues." He also hosted "U.N. Blood Money," a three- part series which examined the oil-for-food controversy, a story which he played a role in breaking.
Prior to joining FNC, Asman served as the Wall Street Journal's editorial features editor. He joined the newspaper in 1983 as an editorial writer, where he edited the Manager's Journal and the Americas columns, in addition to writing editorials and over 100 articles from Latin America and elsewhere. In 1994, Asman was named senior editor for the Journal's editorial page, where his role was combined with administrative responsibilities.
A recipient of the 1986 Inter American Press Association's (IAPA) Tom Wallace Award for coverage of Latin America in the Americas column, Asman also was editor of the book "The Wall Street Journal on Management: Adding Value Through Synergy" (Doubleday, 1990). In addition, he received the IAPA's 1992 & 1995 Daily Gleaner Award for his articles on free trade and Cuba and Mexico's economies.
Asman began his journalism career in 1978 as an assistant editor of Prospect Magazine and rose to executive editor within a year. In 1980, he was hired by George Gilder to start up an economic journal for the Manhattan Institute. Asman has also been a radio commentator for "Perspective on the Economy," and was a consultant to the Ford Foundation on African organizations in the United States. He also served as host of Issues USA, a nightly televised public affairs show.
What was your first job?
My first job EVER was a paper boy. My jobs through college all focused on restaurant work, where, at different times, I was
a busboy, dish washer, cook, bartender and waiter. My first job after college was as a teacher at a junior high school. And
my first steady job in journalism was writing for the Wall Street Journal.
Are you a spender or a saver?
With the exception of a mortgage, I've never had more debt than cash, so I guess I'm a saver. Now, my wife...
What was the one thing you regret buying?
All the "bargains" that I had to replace with quality items. The one thing I regret NOT buying is a car-I've always wanted
one but never had one.
What was your biggest money indulgence?
A house on Cape Cod, which we really didn't "need," but which I've never regretted having bought.
What was the best money advice you received?
Best money advice relates to #3: Cheap is expensive-always pay a little more to get quality, and you won't waste money buying
the same thing twice.
FOX Translator
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A popular Wendy's commercial in the 80s made famous the question: "Where's the beef?" Good one. And here's an even better one: "Where's the alpha?" You might want to whip this one out the next time you meet with your portfolio manager.
Alpha is the over-and-above-the-expected return. It is the "value added." Therefore, it makes sense that a positive alpha means an investment has outperformed its market-predicted return, while a negative alpha would mean just the opposite. The expected return is calculated by a formula that takes into account the investment's level of unavoidable risk (aka beta).
Ever stepped into an elevator and after the doors close you become aware of an almost-suffocating scent coming from the woman next to you who must have bathed in perfume? Well, as you know, once the doors close you can't escape the smell until the ride is over. This is similar to beta, which is risk that can't be reduced or diversified away. A measure of "systematic" or market related risk, beta is used as a measure relative to a certain index -- such as the S&P 500.
So, for example, let¿s say your portfolio is managed to compete against the S&P 500. If you generate a better return than the index while not taking on added risk (standard deviation of returns) then you get alpha. Low beta means the market-related risk is low and vice versa for high beta.
Another example, let's say a mutual fund or stock has a beta of 1.5 relative to the S& P500 ¿ that means it is 1.5
times as risky. So, over time, if the S&P 500 goes up 1%, your portfolio should be up 1.5% plus (one can hope) some percentage
of alpha. If the S&P 500 is down 1%, your portfolio should be down 1.5%.
Alpha and beta are based off of linear regression of a set of data. Warning: this may cause a high school fifth-period flashback,
but it will be over before you know it:
The equation for a line is Y = a + bX.
a = alpha (the Y intercept - the added value)
b = Beta (the coefficient you multiply X by)
X = S&P 500 (in this case)
Y = your portfolio






