Lately, we’ve been thinking a lot about alpha, a.k.a. investing talent. That includes the ever popular question: How much alpha’s available? The standard answer is that alpha’s limited, meaning that for every investor who beats a benchmark, the win must be offset with someone who trails the index. Alpha, in other words, is a zero sum game. That’s a widely accepted view, although much depends on how you define your terms, as discussed in a pair of articles penned by this reporter in the January issue of Wealth Manager.