Abstract
Firms that use one valuation model for their core portfolio and different models for subsets of that core may end up with multiple estimates of alpha. But as every asset has only one price, doesn't it follow that the asset should have only one mispricing? It is argued here that it hardly makes sense for a single firm to begin the investment selection process with an approach that allows for the possibility of multiple mispricings for a given stock over a given horizon.
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