Skill Versus Luck

Conventional investment performance metrics such as attribution, tracking error and upside/downside capture are insufficient to understand the decisions that drive investment returns. It’s good to know that a portfolio management team has achieved 120% upside capture. But it’s even better to know precisely which skills—buying, selling and sizing—contributed to this positive result. Michael Ervolini’s 2026 book, Skill Versus Luck, introduces readers to new tools for understanding investment results.

The Meaning of Alpha

In investing, alpha is the value an asset manager adds above the market. In investment marketing, alpha is the value a marketing team adds through decisive competitive differentiation. Founded in 1995, Alpha Partners creates alpha by helping our clients stand out from a mass of competitors. We work with investment companies seeking to win, keep and diversify assets under management through the power of a strong story well told.

How to Excel During Q&A

The Q&A is often the most lively, dynamic part of any new business or client presentation. Presenters can outshine competitors during Q&A—or twist in the wind of answers lacking specificity and conviction. As you read this, all around the world assets under management are being won or lost based on how investment managers handle questions. This issue of Excess Returns offers suggestions for how to excel during Q&A.

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