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Your Alpha Is My Beta

A couple of weeks ago, I had the pleasure of a short correspondence with Lars Kestner, a well-known quant and derivatives trader, and creator of the thoughtful K-ratio as a measure of risk-adjusted performance. We connected on the definition of alpha, and how the term has been so abused in media and marketing as to become almost meaningless. To help make his point, Lars quoted a passage from his recent whitepaper, "My Top 8 Pet Peeves", which I've taken the liberty of copying…