From Mr Jay Weinstein.

Sir, Pauline Skypala’s column “Time to bury the hedge fund label” (FTfm October 6) was 100 per cent on the money. The concept of “alpha” was just made up by consultants and hedge fund managers to justify yet another layer of expensive fees. “Portable alpha” was even sillier. If “alpha” were so easy to find, then we live in Lake Wobegon Investment Management, where all managers are above average!