Philip Maymin

“Alpha is fickle. You never hear about fickle. Right? It's not a very common word, but it perfectly encapsulates what alpha is. You could spend your entire career, and it could be a short career, it could be a long career, and suddenly you wake up one day and what you thought was your source of alpha is gone. The world has changed. It's moved on. Your contacts are gone. The sort of information or knowledge you thought you were extracting just suddenly gone. That's not the case for risk management. If you're managing risk, you're expecting things to change and you can build not a fickle source of knowledge, but a compound base of knowledge that grows on itself. You know how to manage in different environments. That's not gonna go away.”
― Philip Maymin