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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
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Saturday, May 17, 2008
Gays.com: Launch of a New-generation Social Networking Website for the GLBT Community
Comtex
HONG KONG, May 17, 2008 /Xinhua-PRNewswire via COMTEX/ ----Gays.com Ltd ( http://www.gays.com ) today announced the launch of a new-generation social networking website designed for members of the gay, lesbian, bisexual and transgender (GLBT) community. Incorporating cutting-edge social networking features, Gays.com is the world's first GLBT social networking website that is designed for real people with real names and actual relationships.
"We don't aim to be another meat market, online personals, dating or sex hookup site. The gay internet landscape is already cluttered with those. We sensed a general weariness among GLBT internet users, and that it was time for something new. Gays.com was designed right from the start to help you maintain your real life friendships. We want it to mirror your real social environment," said public relations manager Kenneth Tan.
Gays.com will challenge the subscription-based model, which currently dominates the gay internet segment, and offer members complete freedom to upload as many pictures and videos as they like at no charge. It will also offer users complete control over their personal privacy with a wide range of settings. Members will have total freedom to choose what information they want to share with their friends, and whether or not their profile will be searchable on the internet.
The launch of the website on May 17 was timed to coincide with the sixth International Day Against Homophobia ( http://www.homophobiaday.org ). Explained Tan, "The long-term struggle to tear down the walls of homophobia and prejudice is an issue close to our hearts. We believe that the single greatest obstacle in the fight against homophobia is the fact that many gay people themselves have chosen to remain within the closet for various reasons, both in real life and online. Gays.com will challenge the anonymous nature of the gay internet landscape by encouraging members of the community to step out with their real names and identities, for those that are willing and able to do so at least."
Access to the website is currently by invitation only. Registration at the website is not possible without a personal invitation by an existing member on Gays.com.
For more information, please contact: Kenneth Tan Public Relations Manager Tel: +86-21-5175-2778 Email: kenneth@gays.com
SOURCE Gays.com
http://www.gays.com
Copyright (C) 2008 PR Newswire. All rights reserved
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