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Stealth alpha

机译：隐形阿尔法

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Money managers have rarely looked to their trading desks as a source of in- vestment returns. Quite the opposite. Buy-side traders were typically an afterthought in the investment process, which was driven by shrewd analysts and portfolio managers picking attractive stocks and then hoping that a Wall Street brokerage would be able to buy a big block before the price moved against them. So much for history. Faced with a stock market that's going sideways after three years of wrenching declines — interrupted by 2003's rally — money management houses have woken up to the fact that the costs of implementing their best ideas eat directly into their returns. After years of benign neglect, they have become fanatical penny-pinchers, integrating their trading desks into their investment processes and hiring more-sophisticated in-house traders, who are taking more control of their orders than ever before. Traders are pressing their sell-side counterparts for cheaper per-share commission rates and using a variety of transaction-cost analysis tools to hold their brokers' feet to the fire. Increasingly, they are using an expanding array of alternative execution strategies to minimize harder-ro-quantify costs like market impact. Every cent counts that much more now that the outlook for stock market gains has plunged from 20 percent per year in the 1990s to the high single digits going forward.
机译：资金管理者很少把交易台作为投资回报的来源。恰恰相反。买方交易员通常是在投资过程中的事后思考，这是由精明的分析师和投资组合经理选择有吸引力的股票，然后希望华尔街经纪人能够在价格对他们不利之前买入一大笔股票来推动的。历史太重要了。在经历了三年的惨重下跌之后，股票市场一直处于横盘整理状态（被2003年的反弹打断了），理财公司意识到，实施最佳创意的成本直接影响了他们的回报。经过多年的良性忽视，他们已成为狂热的低价买手，将其交易部门整合到他们的投资流程中，并雇用了更加老练的内部交易员，他们比以往任何时候都更能控制自己的订单。交易商正向卖方对手施压，要求以更低的每股佣金率使用各种交易成本分析工具，以使经纪人站稳脚跟。他们越来越多地使用各种各样的替代执行策略，以最大限度地减少难以量化的成本，例如市场影响。如今，股市收益的前景已从1990年代的每年20％暴跌至未来的高个位数，现在每一分钱都起着更大的作用。

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