May 16, 2011
The Enigma of Financial Expertise
Here is an interesting paper. The subject is financial expertise defined as a combination of skill, experience and market knowledge: another way of saying alpha and how hard it is to get. The document might be narrative with no mathematical formulas, but nevertheless, the points covered are worth noting. It can be downloaded from HERE.
In this document, you will find numerous citations on the difficulty of producing worthwhile alpha. It is a survey, of sorts, analyzing experts and how they do in the markets. It provides a long list of references at the end.