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May 04, 2013 | Post by: Roman Chuyan, CFA Comments Off on Delivering Alpha through Tactical Investment Management:

Delivering Alpha through Tactical Investment Management:

From Theory to Practice Roman Chuyan, CFA Alexander Melnikov, Ph.D. Synopsis In this paper, we attempt to reconcile the seemingly-conflicting concepts of the CAPM and active investment management. We start by showing how the CAPM leads to passive investing – simply holding the market portfolio. It puts the active manager

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