%0 Journal Article %A John R. Minahan %T The Role of Investment Philosophy in Evaluating Investment Managers %B A Consultant's Perspective on Distinguishing Alpha from Noise %D 2006 %R 10.3905/joi.2006.635623 %J The Journal of Investing %P 6-11 %V 15 %N 2 %X Because returns have a substantial random element, investment philosophy analysis is a critical component of evaluating an investment manager. Despite this, most investment management firms do not have well-articulated investment philosophies; many are mere marketing slogans rather than thoughtful encapsulations of the investment insights an investment process is designed to exploit. The absence of well-articulated investment philosophies compounds the challenge of differentiating alpha from noise, and alpha-generators from alpha-pretenders. By not better articulating their philosophies, true alpha-generators are passing up an opportunity to distinguish themselves from the pretenders.TOPICS: In markets, in portfolio management %U https://joi.pm-research.com/content/iijinvest/15/2/6.full.pdf