Its always about allocation
Where does "alpha" come from? In financial markets, in business, in life, in just about anything? There are 3 broad ways to generate alpha 1. Do things a little better and keep doing them day after day after day 2. Do a few things really better ( and make a big enough bet on your ability to do those things better) 3. Get some moonshot wins ( and in quick time)- super duper successes even if your bet on it is small 3 is pure luck or a gamble, you really can't plan for it. That leaves us with either 1 or 2. And here is the thing, in both cases you are sizing your bets, you are "allocating" something big on your bets. In the second scenario, its more obvious what that allocation is But in the first scenario, its not so much your choice on what you do better that brings your alpha ( the " selection") but again your "allocation" of the most scarce commodity on earth- Time You are betting on allocating a long enough time , and ...