——————————EMH——123123MorningstarLexis-NexisQuantitativefundsLipper2007()1.47600BarclaysGlobalInvestorsLSVAssetManagementVanguardAmericanCenturyEvergreenColumbineCapitalServicesFordEquityResearchAtivoResearchWhen2Trade07ColumbineCapitalServicesColumbineCapitalServices19766000200002008Investars.comColumbineCapitalServices1ColumbineColumbineAlphaAlpha(alphaforecastingmodels)(threefamilies)(ComponentModels)StockSelectionModelsInternationalModels(ComponentModels)5AlphaColumbineAlphaFactor6-12AlphaAlphaColumbineAlphaFactorModelExpectationalModelAlphaColumbineExpectationalModelMomentumModelAlphaColumbineMomentumModelValuationModelAlphaColumbineValuationModelIndustryMomentum12Alpha2StockSelectionModelsAlpha6ComboModel1-3AlphaSectorModel1-3Alpha55ITCoreModel1-3AlphaSmall-CapModel1-3AlphaGrowthModel1-3Alpha3InternationalModelsAlphaColumbine282InternationalColumbineAlpha6-1224InternationalComboModel1-3Alpha28ColumbineAlphaFactor4Columbine1ColumbineCapitalServicesfactorsmakeeconomicsense(significantpredictivepoweronitsown)2101101top10%10bottom10%“”“”“”3Columbine12FamaFrenchAlliance1980-200180%34——pepb--=/2%5.5%=36%==64%1--pe+pe——7.23%——5.18%8.13%2-