The AICPA¡¯s Codification of the Code of Professional Conduct (the Revised Code), issued in June 2014, features two ¡°principle-based¡± conceptual frameworks that employ a ¡°threats and safeguards¡± approach to CPAs¡¯ ethical dilemmas. These 2014 conceptual frameworks reprise...

The search for incremental returns - alphas in current parlance - has become the holy grail of active investment. This article begins by drawing a distinction between two broad classes of alphas: (1) allocation alphas that are broadly available, on a non-zero-sum basis, by moving the strategic...