The End of Alpha?

Interesting article on the FT about the end of alpha. While beaten up badly in the past 5-10 years, this is the kind of result that supports the efficient markets theory.

Given the amount of money currently chasing anomalies combined with the increase in the availability of information it will become more and more difficult to beat the benchmark.

A colleague of mine told that once he heard about a candidate for a sales position saying that he "could sell beta like it was alpha". I guess they will have to do it more and more over time...