The Price of Generating Alpha Alpha is a zero-sum game, according to David Villa of the State of Wisconsin’s Investment Board. Here he talks about how making the right errors leads to high returns. Related Articles Late to Private Markets, City of Austin May Have Gotten the Timing Right James Comtois T. Rowe Price Restructure Shows Growing Influence of Consultants John Crabb Creative Disruption: Private Markets in 2026 Sponsored by Franklin Templeton