"Is Industrial Age Growth Fake Alpha?"

“If you’re not familiar with the concept—and even if you are—let’s revisit how Raghuram Rajan, who coined the term, defines it:

“How, then can untalented investment managers justify their pay? Unfortunately, all too often it is by creating fake alpha: appearing to create excess returns but actually taking on hidden tail risk””

Umair Haque / Bubblegeneration