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The Alpha in Fundamental Information

机译:基本信息中的Alpha

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Fundamentally driven strategies have been a source of excess return over long horizons. Consultants' studies have verified much the same result and even the academic community has tempered its long-held belief that standard fundamentals are remarkably unsuccessful. However, even after the very significant growth in active management, naive fundamental rules are still rich in unexploited alpha generation potential. If you take a fundamental approach you spend a lot of time thinking about flows, positioning, short-term economic data risks, medium-term growth prospects, interest rates, and balance-of-payments flows to determine currency valuations. The idea is that you need to have an in-depth understanding of these forces to consistently add value regardless of the short-term market environment.
机译:从根本上讲,长期以来,战略驱动的策略是产生超额回报的来源。顾问的研究已经证明了几乎相同的结果,甚至学术界也改变了其长期以来的信念,即标准的基础知识非常不成功。但是,即使在积极管理方面取得了非常显着的增长之后,幼稚的基本规则仍具有未开发的alpha生成潜力。如果您采用基本方法,则将花费大量时间来考虑流量,位置,短期经济数据风险,中期增长前景,利率和国际收支流量来确定货币估值。我们的想法是,无论短期市场环境如何,您都需要对这些力量有深入的了解,以不断增加价值。

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