Alpha is hard to find but is still there, if you search


The last thing that needs to be said at the close of 2004 is that this is a tough time to make money. Returns are paltry - 3.5% for the year, according to the Absolute Return database - and rich new veins of alpha are hard to come by. For investors, gaining access to managers who have managed to strike a mother lode is nearly impossible.

Or is it? In this issue, we show that you may have to travel as far as South Africa to find inefficient markets, patiently await the right point