Alpha
Return earned above what the market or a benchmark would explain.
Alpha is the value a manager adds beyond market exposure. It is rare, hard to sustain, and easily confused with risk that has simply not yet shown itself.
Alpha is scarce, expensive to pursue and easy to imagine where it does not exist; much of what looks like skill is hidden risk or luck. The sober question is whether a manager's edge survives fees and persists, because paying active prices for index-like returns is a common, avoidable drain.