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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
Maytag(R) Introduces the Most Affordable Steam Option Dishwasher Available
Comtex
BENTON HARBOR, Mich., May 6, 2008 /PRNewswire-FirstCall via COMTEX News Network/ ----Maytag(R) brand introduces a new dishwasher, featuring its industry-leading SteamClean option, with a Manufacturers Suggested Retail Price (MSRP) of only $599 -- the most moderately priced steam option dishwasher on the market(1). Thanks to this high-heat steam option, the dishwashers remove even the most stubborn residue and deliver spotless glassware and dishes the first time, every time.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080506/CLTU052
Logo: http://www.newscom.com/cgi-bin/prnh/20040202/DETU004LOGO )
Whirlpool Corporation, which acquired Maytag brand in 2006, was the first in the industry to launch a steam option in dishwashers about one year ago. And this lower-MSRP version makes it possible for steam to be accessible to a larger group of consumers, while still delivering the proven performance and powerful components Maytag is known for.
Maytag brand's new $599 MSRP dishwasher with SteamClean is one of several steam offerings from Whirlpool Corporation. From top-of-the line models that include integrated control panels, to its newest model with SteamClean at just $599, Whirlpool Corporation is expanding its innovation to fit a broader range of homes, families and budgets.
"Our full line of dishwashers with the SteamClean option provides high-quality, dependable cleaning for those consumers who want spotless glassware," said Ann Fandozzi, vice president, cleaning division for Whirlpool Corporation. "As a corporation, we are continuing to bring industry-leading innovations to market that meet consumers' growing needs."
Maytag Consumer Needs with Steam
According to a national survey Maytag conducted to learn more about dishwashing habits, more than half the respondents said they worry that their current dishwasher won't get dishes clean enough(2). Of those who end up re-washing dishes, two of the top five reasons are to remove "film" residue on glassware and to remove spots on glasses, silverware and plates.
Maytag brand's new SteamClean option adds 24 minutes to the end of the wash cycle. During this time, dishes and glassware are inundated with high-temperature steam, which loosens soils -- such as fruit smoothies and tomato juice -- from glassware. The SteamClean option ends with a 154-degree Fahrenheit rinse, which whisks away any remaining soils. The result is clean glassware each and every time.
Dependable Innovations
Aside from the innovative SteamClean option, Maytag brand's new dishwasher is built with other proven innovations including: a stainless steel tub interior, which retains heat for better drying and resists staining for longer wear; the Jetclean(R) II Power Module, which features the most active spray jets of any tall tub dishwasher, achieving outstanding cleaning results; and heavy-duty DuraGuard(R) Nylon Racks, which protect dishes and glassware from scratches and damage while resisting rust. The dishwasher is also Energy-Star qualified, using less water and energy for lower utility bills.
Maytag brand dishwashers with the SteamClean option are available at home improvement stores and appliance centers. Visit www.maytag.com to learn more about the new SteamClean option and how high-heat steam effectively removes residue from glassware.
About Maytag Brand
For more than a century, Maytag brand appliances have been synonymous with dependability and durability. Through the commitment of Whirlpool Corporation, Maytag brand's unequaled tradition of quality production and unrivaled performance continues to thrive. Exceptionally durable, commercial-grade components are found in Maytag brand appliances -- including the Maytag(R) EPIC z(TM) front-load and the Maytag(R) Centennial(R) top-load washers and dryers, the Maytag(R) Gemini(R) double-oven range, the Maytag(R) Ice2O(TM) French door bottom-freezer refrigerator, the first of its kind with external ice and water, and the Maytag(R) Jetclean(R) dishwashers. Maytag brand is part of the Whirlpool Corporation, the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $18 billion, more than 73,000 employees, and more than 70 manufacturing and technology research centers around the world. For more information on any Maytag brand appliance, visit http://www.maytag.com .
(1) Affordability comparisons based on MSRPs available at the Maytag, LG and GE Web sites -- Model Numbers LG LDF9810ST, GE PDW9980, PDW9900, PDW9700, PDW8980, PDW8900. The dealer alone determines its advertising and sale prices. MSRP may not necessarily be the price at which the product is sold in the consumer's trade area.
(2) Caravan telephone survey of 1,016 respondents, November 9-12, 2006.
SOURCE Maytag
http://www.whirlpoolcorp.com
Copyright (C) 2008 PR Newswire. All rights reserved
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