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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 13, 2008
International Organization for Migration in Philippines Upgrades Network Security System With Cisco Adaptive Security Appliance
Comtex
MANILA, PHILIPPINES, May 13, 2008 (MARKET WIRE via COMTEX News Network) ----The International Organization for Migration (IOM), the leading intergovernmental organization dedicated to promoting humane and orderly policies for the movement of persons across borders, has completed an upgrade of its entire security system using the Cisco(R) (NASDAQ: CSCO) Adaptive Security Appliance (ASA) 5520.
A security update was called for because IOM's daily operations in the Philippines depend on a stable, highly secure network that can enable an uninterrupted flow of information, with hourly reports being sent to the head office in Geneva. IOM's Manila operation is the information technology (IT) hub for the entire organization as well as the human resources center and accounting core of worldwide operations. The organisation also deployed Cisco Aironet(R) wireless access points to provide its employees with greater mobility within the office.
"With the Manila office being the IT hub of the organization, which has approximately 5,600 employees deployed in over 100 countries, we cannot afford viruses and unnecessary traffic to disrupt our operations," said Arvin Malapo, IT network and security specialist at IOM.
The six newly installed Cisco ASA 5520s will help enable the IOM network to deploy up to 60 virtual firewalls to support compartmentalized control of security policies on a departmental level. This virtualization strengthens security and reduces overall management and support costs while consolidating multiple security devices into a single appliance.
"We've been using Cisco technology for the past seven years in all our offices, and we rely on their expertise in providing dependable communications platforms," Malapo added.
The Cisco ASA 5520 delivers a wide range of security services with Active/Active high availability and Gigabit Ethernet connectivity for medium-sized enterprise networks in a modular, high-performance appliance. Using its four Gigabit Ethernet interfaces and support for up to 25 VLANs, businesses can easily deploy these security services into multiple zones within their network.
"We are seeing many organizations in the Philippines rely heavily on their network to help ensure smooth business operations. The network is truly the platform for these companies, and Cisco is committed to providing our customers with comprehensive solutions that not only protect their IT and business assets but also optimize IT operations, thus preparing the system for next-generation applications," said Luichi Robles, country manager of Cisco Philippines.
About Cisco
Cisco (NASDAQ: CSCO) is the worldwide leader in networking that transforms how people connect, communicate and collaborate. Information about Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com. Cisco products are supplied in the Philippines by Cisco Systems International, BV, a wholly owned subsidiary of Cisco Systems, Inc.
Cisco, the Cisco logo, Cisco Systems and Aironet are registered trademarks or trademarks of Cisco Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.
For direct RSS Feeds of all Cisco news, please visit "News@Cisco" at the following link:
http://newsroom.cisco.com/dlls/rss.html
Contact: Media Relations: William Oei Cisco +65-63175555 loei@cisco.com Analyst Relations: Huey Miin Leong Cisco +65-63175650 hmleong@cisco.com
SOURCE: Cisco
mailto:loei@cisco.com mailto:hmleong@cisco.com
Copyright 2008 Market Wire, All rights reserved.
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