FOX Translator
No data currently available.
No data currently available.
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
Home / Markets / Industries / Industrials
Monday, May 05, 2008
Alhambra Resources Ltd. - Appointment of New Director
Comtex
CALGARY, May 5, 2008 (Canada NewsWire via COMTEX News Network) ----John J. Komarnicki, Chairman and Chief Executive Officer of Alhambra Resources Ltd. (TSX-V:ALH) ("Alhambra" or the Corporation), on behalf of the board of directors is pleased to announce the appointment of Mr. Graham A. Karklin as a director of the Corporation effective May 05, 2008.
Mr. Karklin has 34 years of experience in the international mining industry including Central Asia, Australia, North and South America, Africa, Indonesia and Russia. Mr. Karklin has been involved in the area of project development, operations and business development. He is a Professional Metallurgist, QP, who graduated from Haileybury School of Mines in Canada.
Mr. Karklin's experience includes metallurgical development in the areas of rare earths, base metals and precious metals. Management experience includes general management of mining operations, metallurgical testing facilities, as well as co-founding a Canadian public resource company.
For 18 years, Mr. Karklin worked at Echo Bay Mines Ltd. in the capacity of Director of Metallurgical Services, which involved due diligence for mergers and acquisitions, operations and development of new mining projects. For the past 12 years Mr. Karklin has worked at Newmont Mining Corporation in the technical services group as an internal consultant to projects and operations in Russia, Uzbekistan, Indonesia, Peru, Bolivia, Ghana and Canada.
Mr. Karklin retired in 2008, and is developing a metallurgical consulting practice in Vancouver and continues to be a consultant to Newmont Mining Corporation. Mr. Komarnicki commented saying "We welcome Graham into our organization and look forward to his leadership and expertise in the mining sector".
Alhambra also announces the granting of a stock option to Mr. Karklin, to purchase up to 200,000 common shares of the Corporation. Such stock option shall have an exercise price of C$1.15 per common share, shall have a term of three years from the date of grant, and shall vest as to twenty-five (25%) immediately and thereafter as to twenty-five (25%) on dates which are six (6) months, twelve (12) months and eighteen (18) months from the date of grant.
About Alhambra
--------------
Alhambra is a Canadian based gold exploration and production corporation engaged in the exploration of and production from its 100% owned Uzboy Project. Alhambra is currently in its sixth year of operations in the Republic of Kazakhstan.
Alhambra's common shares trade on The TSX Venture Exchange Inc. under the symbol ALH and in Germany on the Frankfurt Open Market under the symbol A4Y. The Corporation's website can be accessed at www.alhambraresources.com.
The TSX Venture Exchange Inc. has neither approved nor disapproved the
information contained herein.
This news release contains statements about expected or anticipated results that are forward looking in nature and, as a result, are subject to certain risks and uncertainties, such as technical issues, new legislation, competitive and general economic factors and conditions, uncertainties resulting from potential delays, changes in plans, the occurrence of unexpected events and the Corporation's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbor for future.
SOURCE: Alhambra Resources Ltd.
Ihor P. Wasylkiw, Chief Information Officer, (403) 508-4953; Jim Clarke, Investor Relations, 1-888-290-1335 (Toll Free)
Copyright (C) 2008 CNW Group. All rights reserved.
Market Snapshot
| Symbol | Last Price | Netchange | Volume |
|---|---|---|---|
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
