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From alacrablog :

There was a lot of side talk at Money:Tech about information that can generate alpha. Basically the theme was if discover or create some proprietary data that will generate excess risk-adjusted returns, why would you sell it? You should trade it! Bill Janeway of Warburg Pincus offered something like the following: "Alpha is the money you make when you perform better than the market. Schmalpha is the money you make when you perform better than your clients..."