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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
Belgacom Selects Alcatel-Lucent's Midmarket Solutionas its Preferred Choice for Enterprise Customers
Comtex
PARIS, May 15, 2008 (PR Newswire Europe via COMTEX News Network) ----Alcatel-Lucent BiCS Platform Lets Sennheiser Streamline Communications for Multi-Site, Mobile Workforce
Alcatel-Lucent (Euronext Paris and NYSE: ALU) today announced that Belgacom, Alcatel-Lucent's Enterprise Business Partner in Belgium, has selected Alcatel-Lucent's Business Integrated Communications Solution (BiCS) portfolio as its preferred midmarket communications offer. With BiCS, Belgacom can now offer its enterprise customers simplified one-stop shopping with a single server bundled communications solution that includes state-of-the-art unified communications tools and centralized management capabilities for a highly mobile, always-on workforce.
As a proof point of this announcement, Sennheiser Benelux, part of the Sennheiser Group, has selected Alcatel-Lucent's BiCS platform to meet the demanding communications requirements of its very mobile workforce. The new communications system provides Sennheiser with a consistent user experience regardless of location through unified communications, mobility, and advanced IP telephony services.
Through innovative offerings like BiCS, Alcatel-Lucent helps dynamic enterprises worldwide interconnect their networks, people, processes and knowledge for competitive advantage through strengthened relationships, simplified communications and improved performance.
"The Alcatel-Lucent BiCS solution creates a seamless environment for all our employees whether they are in Belgium, the Netherlands, or on the road, no matter what device they're using to stay connected. Centralized management for our voice and data communications will also significantly improve our customer's experience," said Eddy De Moortel, Director Finance & Operations Sennheiser Benelux. "We chose Belgacom because of their great experience in IP telephony, competitive pricing, and the convenience of having a single partner able to meet all of our communication needs."
"BiCS lets our professional customers deliver competitive and reliable advanced telephony services with integrated unified communications tools," said Hendrik Van De Velde, Vice President Products & Solutions Belgacom. "By offering pre-integrated applications that can be implemented as needed through the Alcatel-Lucent BiCS solution, Belgacom is ideally positioned as the preferred partner along our customers' life cycle of communication needs."
"We are pleased to provide Sennheiser, through our strong partnership with Belgacom, with a platform that creates unique value. The BiCS solution fulfills customer requirements with a single PBX server and it lets customers easily deploy advanced applications like mobility and collaboration, delivered the way they want it and when they want it," said Hanizan Massod, director of Alcatel-Lucent's Medium Enterprise Solutions Unit. "Alcatel-Lucent believes dynamic communications, where knowledge sharing among people is facilitated by a flexible network and streamlined processes, is a real competitive differentiator."
About Alcatel-Lucent BiCS
The Alcatel-Lucent Business Integrated Communication Solution is a multi-service, single-server communication solution for enterprises with 500 users, supporting 1000 users later this year. With pre-integrated applications, BiCS enables users to deploy key communication services at their own pace, enabling "pay-as-you-grow" expansion and keeping costs under control. Specifically, it features:
- Communication server: OmniPCX Enterprise IP telephony & Alcatel-Lucent 4645 voice mail - Management: OmniVista 4760 Network Management System - Contact Center: OmniTouch Contact Center Standard Edition - Communication: My Instant Communicator - Openness to third party application: XML APIs for simplified third party application integration - High reliability: hard disk mirroring - " Try before Buying," five free licences of key communication applications (e.g. UC, contact center agents)
About Belgacom
The Belgacom Group [Euronext: BELG]. Combining its strong background as the national telecoms operator and the multiples talents of its teams, Belgacom Group is the principal supplier of integrated telecommunications services in Belgium. As a result of our continuous investments in leading-edge technology, we are able to offer our clients high-capacity solutions on all networks, fixed or mobile. At the forefront of technology, we provide our clients, private or professional, with telephone, Internet and television services, at every moment of the day, wherever the place, and whatever type of equipment is being used. For the fiscal year ending 31 December 2007, the Group posted a total revenue of EUR 6.065 billion and a net operating profit before depreciation and amortization (EBITDA) of EUR 2.031 billion. More info:http://www.belgacom.com
About Sennheiser
The Sennheiser Group is one of the world's leading manufacturers of microphones, headphones and wireless transmission systems. A family firm established in 1945 and based in Wedemark near Hanover, Germany, the company recorded sales of over 356 million euros in 2006, 82% of which was generated abroad. Sennheiser employs over 1,800 people worldwide, around 55% of whom are in Germany. Sennheiser has manufacturing plants in Germany, Ireland and the USA, and is represented worldwide by subsidiaries in France, Great Britain, Belgium, the Netherlands, Denmark (Nordic), Russia, Hong Kong, India, Singapore, Japan, Canada, Mexico and the USA, as well as through long-term trading partners in other countries. Also part of the Sennheiser Group are Georg Neumann GmbH, Berlin (studio microphones), K + H Vertriebs- und Entwicklungsgesellschaft mbH (Klein + Hummel studio monitors, installed sound) and the joint venture Sennheiser Communications A/S (headsets for PCs, offices and call centres). For more information http://www.sennheiser.com
About Alcatel-Lucent
Alcatel-Lucent (Euronext Paris and NYSE: ALU) provides solutions that enable service providers, enterprise and governments worldwide, to deliver voice, data and video communication services to end-users. As a leader in fixed, mobile and converged broadband networking, IP technologies, applications and services, Alcatel-Lucent offers the end-to-end solutions that enable compelling communications services for people at home, at work and on the move. With operations in more than 130 countries, Alcatel-Lucent is a local partner with global reach. The company has the most experienced global services team in the industry, and one of the largest research, technology and innovation organizations in the telecommunications industry. Alcatel-Lucent achieved revenues of Euro 17.8 billion in 2007 and is incorporated in France, with executive offices located in Paris. For more information, visit Alcatel-Lucent on the Internet: http://www.alcatel-lucent.com
Alcatel-Lucent Press Contacts, Regine Coqueran, Tel: +33(0)1-40-76-49-24, regine.coqueran@alcatel-lucent.com; Theresa Cede, Tel: +33(0)1-40-76-13-70, theresa.cede@alcatel-lucent.com; Alcatel-Lucent Investor Relations, Remi Thomas, Tel: +33(0)1-40-76-50-61, remi.thomas@alcatel-lucent.com; John DeBono, Tel: +1-908-582-7793 debono@alcatel-lucent.com; Tony Lucido, Tel: +33(0)1-40-76-49-80, alucido@alcatel-lucent.com; Don Sweeney,Tel: +1-908-582-6153, dsweeney@alcatel-lucent.com
Copyright (C) 2008 PR Newswire Europe
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