Alpha is the holy grail for Investment Managers. Can a single-minded focus on it be costing you, Mr. Investor?

The New Delhi Marathon (2023) was my first race after the Covid Delta wave. Running the tree-lined roads of Delhi with hundreds of fellow runners, filled me with a sense of déjà vu. The emotions were strong. I distracted myself by trying to math-out the probable finish times of friends that crossed me by on the opposite loop. Soon, I was smiling, thinking of the similarities between the sport and investing.

As a confessed Star Trek aficionado, I used to devour episodes late into the night, a delightful respite amid the intense preparations for board exams. A decade later, this late-night ritual provided an instant connection when Nobel laureate Richard Thaler, in a class at the University of Chicago, drew a parallel between economic behaviour and the Star Trek universe.