The Incredible Shrinking Alpha 1 Credit
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In the world of investing, the Holy Grail is finding an investment manager who can reliably, persistently deliver alpha – a feat that seems to be of increasing rarity, as active managers in the aggregate continue to see outflows due to ongoing under performance. Even though Wall Street tries to keep alive the debate about the merits of active versus passive investing, a clear trend has emerged over the last several decades in which investors are slowly but steadily abandoning the hope of out performance that active management offers in favor of the certainty of earning market (not average) returns that passive management provides.The trend has been inexorable as investors become more and more aware of the low and declining odds that active management will outperform.
This CPE webinar, based on Larry’s book, The Incredible Shrinking Alpha, co-authored with Andrew Berkin, will demonstrate that while it is possible to generate alpha (earn returns above risk-adjusted benchmarks) the odds of doing so are so low that it simply isn’t prudent to try. Larry will explain why the case against active management has been getting persistently stronger over the past 25 years.
The Webinar will cover four main themes:
Larry will also explain why the trend toward increasing hurdles to the generation of alpha will continue, persistently lowering the odds of generating alpha, making active management a loser’s game.
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| License details | Credits | Status |
|---|---|---|
| Finance for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Finance for CPA in Canada | 1 CPD | Eligible |
| Corporate Finance for Certified Management Accountants (CMA) | 1 CPE | Eligible |
| Investment Planning for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Finance for Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Finance for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Finance for Certified Government Financial Manager (CGFM) | 1 CPE | Eligible |
| Financial Planning for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Association of Chartered Certified Accountants (ACCA) | 1 CPD | Eligible |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Chartered Accountant - ICAEW | 1 CPD | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Financial Planning for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Financial Planning for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Financial Planning for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Finance for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Finance for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Financial Planning for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Finance for Certified Valuation Analyst (CVA) | 1 CPE | Eligible |
| Finance for CIPM | 1 PL | Eligible |
| General finance principles and financial concepts for Certified FP&A Professional (FP&A) | 1 CE | Eligible |
| Financial Planning for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| Finance for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) | 1 CPE | Eligible |
| Certified Treasury Professional (CTP) | 1 CE | Eligible |
| CPA - Ireland | 1 CPD | Eligible |
| Chartered Accountants - Scotland | 1 CPD | Eligible |
| Chartered Accountants - Ireland (CAI) | 1 CPD | Eligible |
| License details | Credits | Status |
|---|---|---|
| Finance for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Finance for CPA in Canada | 1 CPD | Eligible |
| Corporate Finance for Certified Management Accountants (CMA) | 1 CPE | Eligible |
| Investment Planning for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Finance for Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Finance for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Finance for Certified Government Financial Manager (CGFM) | 1 CPE | Eligible |
| Financial Planning for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Association of Chartered Certified Accountants (ACCA) | 1 CPD | Eligible |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Chartered Accountant - ICAEW | 1 CPD | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Financial Planning for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Financial Planning for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Financial Planning for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Finance for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Finance for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Financial Planning for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Finance for Certified Valuation Analyst (CVA) | 1 CPE | Eligible |
| Finance for CIPM | 1 PL | Eligible |
| General finance principles and financial concepts for Certified FP&A Professional (FP&A) | 1 CE | Eligible |
| Financial Planning for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| Finance for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) | 1 CPE | Eligible |
| Certified Treasury Professional (CTP) | 1 CE | Eligible |
| CPA - Ireland | 1 CPD | Eligible |
| Chartered Accountants - Scotland | 1 CPD | Eligible |
| Chartered Accountants - Ireland (CAI) | 1 CPD | Eligible |
| License details | Credits | Status |
|---|---|---|
| Finance for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Finance for CPA in Canada | 1 CPD | Eligible |
| Corporate Finance for Certified Management Accountants (CMA) | 1 CPE | Eligible |
| Investment Planning for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Finance for Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Finance for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Finance for Certified Government Financial Manager (CGFM) | 1 CPE | Eligible |
| Financial Planning for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Association of Chartered Certified Accountants (ACCA) | 1 CPD | Eligible |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Chartered Accountant - ICAEW | 1 CPD | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Financial Planning for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Financial Planning for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Financial Planning for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Finance for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Finance for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Financial Planning for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Finance for Certified Valuation Analyst (CVA) | 1 CPE | Eligible |
| Finance for CIPM | 1 PL | Eligible |
| General finance principles and financial concepts for Certified FP&A Professional (FP&A) | 1 CE | Eligible |
| Financial Planning for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| Finance for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) | 1 CPE | Eligible |
| Certified Treasury Professional (CTP) | 1 CE | Eligible |
| CPA - Ireland | 1 CPD | Eligible |
| Chartered Accountants - Scotland | 1 CPD | Eligible |
| Chartered Accountants - Ireland (CAI) | 1 CPD | Eligible |
| License details | Credits | Status |
|---|---|---|
| Finance for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| CPA in Canada | 1 CPD | Eligible |
| Certified Management Accountants (CMA) | 1 CPE | Eligible |
| Accredited in Business Valuation (ABV) | 1 CPD | Eligible |
| Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Certified Government Financial Manager (CGFM) | 1 CPE | Eligible |
| Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Association of Chartered Certified Accountants (ACCA) | 1 CPD | Eligible |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Chartered Accountant - ICAEW | 1 CPD | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Certified Valuation Analyst (CVA) | 1 CPE | Eligible |
| Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| CIPM | 1 PL | Eligible |
| Certified Treasury Professional (CTP) | 1 CE | Eligible |
| Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) | 1 CPE | Eligible |
| Certified FP&A Professional (FP&A) | 1 CE | Eligible |
| Chartered Accountants - Ireland (CAI) | 1 CPD | Eligible |
| Chartered Accountants - Scotland | 1 CPD | Eligible |
| CPA - Ireland | 1 CPD | Eligible |
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Larry is the Head of Financial and Economic Research, Buckingham Wealth Partners. Since joining the firm in 1996, Larry Swedroe has spent his time, talent and energy educating investors on the benefits of evidence-based investing with enthusiasm few can match.
Larry was among the first authors to publish a book that explained the science of investing in layman’s terms, “The Only Guide to a Winning Investment Strategy You’ll Ever Need.” He has since authored seven more books: “What Wall Street Doesn’t Want You to Know” (2001), “Rational Investing in Irrational Times” (2002), “The Successful Investor Today” (2003), “Wise Investing Made Simple” (2007), “Wise Investing Made Simpler” (2010), “The Quest for Alpha” (2011) and “Think, Act, and Invest Like Warren Buffett” (2012).
He has also co-authored eight books about investing. His latest work, “Your Complete Guide to a Successful and Secure Retirement,” was co-authored with Kevin Grogan and published in January 2019.
In his role as chief research officer and as a member of the firm’s Investment Policy Committee Larry regularly reviews the findings published in dozens of peer-reviewed financial journals, evaluates the outcomes and uses the result to inform the firm’s formal investment strategy recommendations. He has had his own articles published in the Journal of Accountancy, Journal of Investing, AAII Journal, Personal Financial Planning Monthly, and the Journal of Portfolio Management.
Larry’s dedication to helping others has made him a sought-after national speaker. He has made appearances on national television shows airing on NBC, CNBC, CNN and Bloomberg Personal Finance. Larry is a prolific writer, contributing regularly to multiple outlets, including Advisor Perspectives, The Evidence Based Investor, and Alpha Architect.
Before joining Buckingham, Larry was vice chairman of Prudential Home Mortgage. He has held positions at Citicorp as senior vice president and regional treasurer, responsible for treasury, foreign exchange and investment banking activities, including risk management strategies.
Larry holds an MBA in finance and investment from New York University, and a bachelor’s degree in finance from Baruch College in New York
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
FC
Very good overview of the why active asset management has become less valuable over the years
AS
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