Chris Carilli, of the National Radio Astronomy Observatory in Socorro, New Mexico, points out that the quasar-based method to measure the ancient value of alpha is at least 30 years old, and has never before resulted in a value different from today's alpha.

ECONOMIST: Fundamental physics

The Australian scientists applied essentially the same technique to starlight in order to obtain an estimate of what alpha's value was several billion years ago.

ECONOMIST: Fundamental physics

By studying these deposits, scientists have deduced that the value of alpha during the ancient nuclear reactions was the same as it is today.

ECONOMIST: Fundamental physics

Because light takes so long to reach the earth from distant galaxies, astronomers were able to study the value of alpha in light from the distant past.

ECONOMIST: Fundamental physics

In fact, trailing data suggests that active Fixed Income Managers have provided a better value proposition (measured by alpha generated relative to fee paid) than Large Cap Equity managers.

FORBES: With Bond Yields So Low, Why Should You Pay More For Active Management?