For those of you in public equity investing (long/short, long only, net long, whatever), why do you think you deserve to? If you had to explain your alpha by a combo of structural factors, skill, and luck, what would the breakdown be? I've listed a few in each category that I've come across, not an exhaustive list.
1) We work harder than the average investor to uncover granular details that shift the odds slightly in our favor, which adds up over time over many bets
2) We have developed a network across the buyside to source home run ideas, so we don't personally have to generate ideas at high velocity, just one every so often to justify our spot in the network
3) We have better systems and/or access to data sources that aren't widely/cheaply available
4) We are structured more forgivingly, which allows us to ride bigger drawdowns and stay in positions for longer horizons than the rest of the market can
5) We have better fundamental business judgment than the average investor (either from natural brilliance or accumulated experience)
6) We are better at making disciplined asymmetric bets than the average investor
Follow-up question: for those of you who think skill does not make up the majority of your alpha, what is your career game plan? Grab as much while the grabbing is good until you're replaced (if majority comes from structural, you are likely a commodity) or fired (if majority comes from luck)?