I believe alpha should be delivered as a derivative of proper risk management.I've been building and managing portfolios based on post-Modern Portfolio Theory with Tactical Asset Allocation and advanced risk management in the past. We still live in the paradigm of Modern Portfolio Theory—the brilliant child of Harry Markowitz in the 1950s. While the nature of the market may or may not have changed, we have to admit that the environment has undergone significant changes. What took months in 1956, now takes only seconds. The paradigm is changing. Now, most investors want a new approach that would address the following points. 1) Fear of a market crash. Investors want to either protect against a market crash or significantly minimize its impact. 2) Maximizing returns. Investors want to maximize returns while minimizing risk in all economic conditions. 3) Market adaptation. Investors want to have a portfolio that takes advantage of uptrends and avoids downtrends.4) Reduction or elimination of the “human risk” element. Actions based on human judgments inject a massive risk element into the MPT-based investing process. These risks include the use of bad data, incorrect analysis, cognitive biases, and even scams and fraud.5)Simplicity and control. Investors want clear and understandable risk management as well as flexibility and control over their investments.