1. Active Management Is Worse Than a Zero-Sum Game

2. Information Ratios Determine Added Value

3. Allocate Risk Budget in Proportion to Information Ratios

4. Alphas Must Control for Skill, Volatility, and Expectations

5. The Fundamental Law of Active Management: Information Ratios Depend on Skill, Diversification, and Efficiency

6. Data Mining Is Easy

7. Constraints and Costs Have a Surprisingly Large Impact