Negative alpha = lack of manager skill?

Huh?

Judging over a sufficient time frame, yes - lack of alpha = lack of skill to generate alpha as a PM. Analyst skill != PM skill != getting into biz school skill. 

What does a top education have to do with alpha generation? Investing is an art just as much as it is a science. Most storied HF managers were salesmen in the 80s and were at the right place, right time.

In the short run, luck dominates skill in markets

This post screams sophomore in college.

Well if one is a good enough salesman, then losses are "just bad luck" and wins are "skills".

Getting into a target school, being an analyst, associate, and then PM, all require different skills to be the best

There’s a lot of skill involved in grifting as a PM. Arguably this is your only job. 

This is where manager due diligence teams make their bread in portfolio management. A lot of quality managers underperform benchmarks in some funds and vice versa where a shit manager will pop off in a fund. It is about understanding how they do it. No alpha does not mean a bad manager necessarily without understanding more about the actual portfolio.