I believe in good people.
Where is alpha = where are the good people? + Can they achieve their best with the right culture?
The second the part is equivalently important. Can companies keep their talents? And when two companies both have top talents, one may do better over the other in the long run.
Culture includes many things, like process, organizational structure, physical environment, incentives etc.
Overtime, a company with the best talents can decay.
Overtime, even a company didn’t start with the best people, it can develop their people, and attract the best people over time, if the culture is right.