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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 16, 2008
From Dining Table to Web, Chili's Uses Music to Deliver a Spiced-up Experience
Comtex
REDMOND, Wash. & CHICAGO, May 16, 2008 (BUSINESS WIRE) ----PlayNetwork, a global leader in providing signature media experiences for businesses, announced today it has expanded its work with Chili's Grill & Bar to include custom web radio. Chili's, the flagship brand of casual dining leader Brinker International (NYSE: EAT), operates more than 1,400 locations in 24 countries. PlayNetwork also provides custom in-store music programming for Chili's globally.
Accessible via the "Fun" section of the Chili's Grill & Bar website, the new Chili's Radio Network features new artists, great hits and contemporary music designed to "Pepper In Some Fun" throughout a listeners' day, wherever they are. While in-restaurant music is programmed for specific times of day and customized for restaurants by location, the far-reaching nature of web radio gives Chili's the ability to help listeners discover new music by supplementing its playlists with unique, lesser known tracks and artists.
"We have received positive reviews from our guests and team members on our music. We challenged PlayNetwork to present some creative new ways to engage our guests and extend the energy of the brand to our online environment," said Krista Gibson, senior vice president of brand strategy for Chili's Grill & Bar. "What we got is a web radio network that mirrors the energy of our restaurants."
"Chili's has always been progressive in its use of music, and the expansive playlist fits perfectly with the bold atmosphere and menu," said Craig Hubbell, executive vice president of Media Services, Sales and Marketing for PlayNetwork. "Web radio is an ideal platform for taking that restaurant experience and putting it in front of customers at home, at work, or wherever they access the Internet. PlayNetwork is proud to partner with Chili's in helping build an even deeper connection with their loyal patrons."
PlayNetwork is the only signature media services provider for business offering a full suite of brand-specific music promotional programs including podcasts, web radio, compilation CDs, digital downloads and artist promotional offers. PlayNetwork's services help some of the world's hottest companies further their brands and promote their businesses with compelling, trend-setting music and portable media that attract, direct, educate, and entertain customers.
About Chili's Grill & Bar
Chili's Grill & Bar is the flagship brand of Dallas-based Brinker International (NYSE: EAT), a recognized leader in casual dining. Chili's offers a fun, energetic atmosphere and a distinct, fresh mix of grilled American favorites at more than 1,400 locations in 24 countries. Other Brinker brands include Romano's Macaroni Grill, Maggiano's Little Italy and On The Border Mexican Grill & Cantina. For more information, please visit http://www.chilis.com.
About PlayNetwork
Established in 1996, Redmond, Washington-based PlayNetwork, Inc. is an integrated media services leader for worldwide business. PlayNetwork provides branded video (digital signage), audio (music and messaging), promotional media, quality audio/video systems, and professional services that deliver compelling experiences for retail, hospitality, health and fitness, retail banking and other businesses. The XM for Business service is now managed by PlayNetwork through a new strategic relationship with XM Satellite Radio. More information is available at www.playnetwork.com or www.xm4biz.com.
SOURCE: PlayNetwork, Inc.
PlayNetwork, Inc. Heidi Keele, 425-497-8100 hkeele@playnetwork.com or Chili's Grill & Bar Stacey Sullivan, 800-775-7290 stacey.sullivan@brinker.com or PAN Communications Jeff Dillow, 978-474-1900 playnetwork@pancomm.com
Copyright Business Wire 2008
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