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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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Friday, May 09, 2008
Universal Detection Technology's Anti-Microbial Washing Additive Proves Effective Against the Re-Growth of MRSA
Comtex
LOS ANGELES, May 9, 2008 (PrimeNewswire via COMTEX News Network) ----Universal Detection Technology (www.udetection.com) (OTCBB:UDTT) (Frankfurt:PO8), a developer of early-warning monitoring technologies to protect people from bioterrorism and other infectious health threats and provider of counter-terrorism consulting and training services, announced today that it's Anti-microbial washing machine additive is effective in sterilizing fabrics and linen from harmful bacteria such as Methicillin-resistant Staphylococcus aureus (MRSA).
MRSA is found worldwide, predominantly in hospitals and institutions such as nursing homes. Recently MRSA has also spread in the general community. There are three main reservoirs (and hence sources of spread and infection) for MRSA in hospital and institutions: staff, patients and inanimate objects such as beds, linen and utensils. Hospitals need to take precautions to prevent the spread of MRSA by sterilizing linen and clothing.
MRSA infections occur in approximately 94,000 persons each year and are associated with approximately 19,000 deaths. Of these infections, about 86% are healthcare-associated and 14% are community-associated.
"The spread of MRSA in Hospitals and long term care facilities is of great concern," said Mr. Jacques Tizabi, UDTT's Chief Executive Officer. "We see a large market for anti MRSA products and in particular our Silver additive that not only kills MRSA but also keeps the treated area sterile," he added.
UDTT's Silver Washing Machine Additive, when added to the wash cycle, gives Long Lasting Anti-microbial Protection to all clothes, bed linen, towels, and fabrics for up to 50 washes. This protection prevents re-growth of bacteria, mold fungi and odors, even after extensive use, the fabrics remain fresh and free from smells. Experiments by researchers at Wayne State University Medical School show that surfaces treated with the additive remain sterile for up to 6 weeks. The prevention of re-growth of bacteria is a significant step in curtailing the spread of MRSA.
For more information please visit our website at www.udetection.com or
Email us at info@udetection.com.
About Universal Detection Technology
Universal Detection Technology is a developer of monitoring technologies, including bioterrorism detection devices. The Company on its own and with development partners is positioned to capitalize on opportunities related to Homeland Security. For example, the Company, in cooperation with NASA, has developed a bio-terror 'smoke' detector that detects certain bio hazard substances. For more information, please visit http://www.udetection.com.
The Universal Detection Technology logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4911
Forward-Looking Statements
Except for historical information contained herein, the statements in this news release are forward-looking statements that involve known and unknown risks and uncertainties, which may cause the Company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Universal Detection Technology
Universal Detection Technology Jacques Tizabi 310-248-3655 jtizabi@udetection.com
(C) Copyright 2008 PrimeNewswire, Inc. All rights reserved.
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