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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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Thursday, May 15, 2008
Acrodea, Sony Ericsson Enter Into Master License Agreement for Global Handset Models - Mobile Telephone Handsets To Be Installed With Acrodea Products
Comtex
TOKYO, May 15, 2008 (PR Newswire Europe via COMTEX News Network) ----Acrodea, Inc. (CEO and President: Junya Tsutsumi), headquartered in Meguro-ku, Tokyo, and Sony Ericsson Mobile Communications (London UK, President: Hideki Komiyama, "Sony Ericsson") reached an agreement for Acrodea to provide VIVID UI and VIVID Panorama to Sony Ericsson mobile telephones and executed a master license agreement. Based on the agreement, Sony Ericsson will be able to release globally mobile telephone terminals installed with Acrodea products.
About VIVID UI
VIVID UI is a user interface platform developed by Acrodea for mobile phones, and represents innovative middleware that can integrate various types of multimedia content, such as still pictures, 3D graphics, animation effects, and video. VIVID UI enables mobile phones that can be readily customized with graphically enhanced menus and standby screens. The VIVID UI authoring tool incorporates features for creating menu transitions through a visual context, as well as for menu content emulation. By using this tool, handset manufacturers and content providers can easily create compatible content with a wealth of expression.
About VIVID Panorama
Jointly developed by Acrodea and Morpho, Inc. (CEO and President: Masaki Hilaga), headquartered in Bunkyo-ku, Tokyo, VIVID Panorama consists of middleware for camera functionality. VIVID Panorama permits the user to create panorama photos (images extended in one direction for a wider or taller viewing angle than ordinary photos) easily by operating the mobile handset with a built-in digital camera like a camcorder and panning the desired range. Although previous handsets have been equipped with panoramic photography functions, the "panorama-like" photo involved stitching together each, individually taken photo. The panoramic image-generating technology of VIVID Panorama is fully automated on the basis of the video data captured. The process is rapid and completed in real time. Users may immediately preview the panorama photo taken. This convenience is an additional feature of VIVID Panorama.
About Acrodea, Inc.
Acrodea, Inc., headquartered in Tokyo, Japan, is a software technology R&D firm involved in middleware technology for mobile terminals. The company is particularly focused on interface technologies connecting between the user and terminal, and currently provides UI (user interface) technologies and email enhancement technologies to the market. We are also applying R&D energy towards the enhancement of graphics performance, which is indispensable in facilitating usage of mobile platform interfaces. Our stance and efforts are a continual commitment to superior products and improving technology, for which we have received recognition worldwide. In addition to Japan and Korea, Acrodea is engaged in business on the global market, including China, Europe, and North America. The company listed publicly on Mothers Exchange of TSE on Oct. 19, 2006, just two years and three months after establishment in July 2004. Acrodea is headquartered in Tokyo, and maintains an overseas presence in Seoul, Korea; Helsinki, Finland; and Newport Beach, California, U.S.A. For more information, please visit http://www.acrodea.co.jp.
About Morpho, Inc.
Morpho, Inc., is a venture company founded in 2004 by engineers who are graduated from Tokyo University and dedicated to digital image processing technologies. The company is engaged in R&D and product development based on proprietary image processing technologies for digital imaging and the video industry. Specialization chiefly towards mobile telephones and digital cameras comprises embedded image processing software, such as manual jitter correction, application development, licensing, and consulting. More information about Morpho Inc. is available at http://www.morphoinc.com.
* Company names and product names described above are either registered trademarks or trademarks of the holders.
For inquiries about this press release, please contact the following: Marketing at Acrodea, Inc. TEL: +81-3-5768-8603 Contact: Mao Ueda Marketing Group Marketing Department Acrodea, Inc. Phone: +81-3-5768-8603 Fax: +81-3-5768-8601 E-mail: products@acrodea.co.jp URL: http://www.acrodea.co.jp/ Web site: http://www.acrodea.co.jp http://www.morphoinc.com
Mao Ueda, Marketing Group, Marketing Department, Acrodea, Inc., +81-3-5768-8603, Fax: +81-3-5768-8601, products@acrodea.co.jpZ
Copyright (C) 2008 PR Newswire Europe
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