(Opalesque) From Don Steinbrugge, Agecroft Partners: It is no secret that the vast majority of investors, including hedge funds managers, have underperformed market indices over time. However, some managers have distinguished themselves generating very strong risk adjusted returns. Outperforming an index requires an information advantage over what is broadly available in market. It also requires a way to process that information to more accurately price securities and select those that demonstrate divergence versus the market. It is becoming increasingly more challenging to achieve this, resulting in an arms race for alpha. Investment processes must be constantly enhanced to stay relevant.