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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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Tuesday, May 06, 2008
CareerBuilder.ca and BRANCHEZ-VOUS! Enter Strategic Partnership
Comtex
MONTREAL and TORONTO, May 6, 2008 (Canada NewsWire via COMTEX News Network) ----CareerBuilder.ca, a leading online job site in Canada, has entered a strategic partnership with BRANCHEZ-VOUS! to power its new online job search center. Under the exclusive agreement, CareerBuilder.ca will provide BRANCHEZ-VOUS.com users instant access to job postings in virtually every industry, field and job type across Quebec and the rest of Canada, as well as provide workplace related articles that will explore topics such as job search strategy, career management, hiring trends and workplace issues. BRANCHEZ-VOUS.com is the largest independent portal in Quebec, with over 700,000 unique users.
BRANCHEZ-VOUS! will also promote CareerBuilder.ca on the BRANCHEZ-VOUS! Network, Canada's largest French-language Internet advertising network which reaches approximately 3 million French Canadians each month on over 200 French-language Web sites.
"BRANCHEZ-VOUS.com reaches active adults with above average education and revenues," said Patrick Pierra, president and CEO, BRANCHEZ-VOUS! "They are constantly looking to advance their careers and partnering with CareerBuilder.ca guarantees the expertise needed to quickly link our users with their next great jobs."
According to the April 4, 2008 Labour Force Survey, employment in Canada has grown by an estimated 325,000 over the last 12 months and Canada's participation rate reached a new record high of 68.0 percent in March.
"Uniting CareerBuilder.ca and BRANCHEZ-VOUS! gives employers across Quebec and the rest of Canada access to a diverse pool of French speaking candidates to fill their open positions," said Remy Piazza, managing director of CareerBuilder Canada. "The partnership is the just the latest step in CareerBuilder.ca's strategy to partner with best of breed organizations in Canada to speed and sharpen the recruitment process."
<< About BRANCHEZ-VOUS! >>
BRANCHEZ-VOUS! (TSX Venture: BZV) is a leading Montreal-based Internet media company, active in Internet content and advertising. "BRANCHEZ-VOUS! Advertising" sells Internet advertising space. It commercializes the BRANCHEZ-VOUS! Network, the largest French-language Internet advertising network in Canada with over 200 French-language Web sites, over 50 of which are represented on an exclusive basis; these include GlobeTrotter.net, LeDevoir.com, JeuxVideo.com and the French version of Canada411.ca. "BRANCHEZ-VOUS! Content" produces, publishes and commercializes French-language Internet content. It operates BRANCHEZ-VOUS.com, the largest independent portal in Quebec, which includes such sites as Matin.qc.ca (general news), BRANCHEZ-VOUS! Techno (technology news), Fanatique.ca (sports) and Showbizz.net (entertainment news).
Additional information on BRANCHEZ-VOUS! can be obtained at http://www.branchezvous.com/
<< About CareerBuilder.ca >>
CareerBuilder is a leading job site in Canada, with more than 1.1 million unique visitors*. Owned by Gannett Co., Inc. (NYSE: GCI), the Tribune Company, The McClatchy Company (NYSE: MNI) and Microsoft Corp. (Nasdaq: MSFT), CareerBuilder.ca powers the career centers for more than 120 Canadian partners that reach national, local, industry and niche audiences. These include leading portals such as AOL Canada and Mcleans.ca. Job seekers visit CareerBuilder.ca every month to search for opportunities by industry, location, company and job type, sign up for automatic e-mail job alerts, and get advice on job hunting and career management. For more information about CareerBuilder.ca products and services, visit http://www.careerbuilder.ca.
* comScore Media Metrix, CareerBuilder LLC property UVs, March 2008
Media Contacts:
<< BRANCHEZ-VOUS! Patrick Pierra, President 514.842.3838 poste 249 patrick.pierra@branchez-vous.com >>
<< CareerBuilder.ca Michael Erwin 773.527.3637 Michael.Erwin@CareerBuilder.com >>
SOURCE: CareerBuilder.ca
SOURCE: BRANCHEZ-VOUS!
Patrick Pierra, President of BRANCHEZ-VOUS!, +1-514-842-3838, poste 249, patrick.pierra@branchez-vous.com; or Michael Erwin of CareerBuilder.ca, +1-773-527-3637, Michael.Erwin@CareerBuilder.com Web Site: http://www.careerbuilder.ca http://www.branchezvous.com
Copyright (C) 2008 CNW Group. All rights reserved.
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