Two portfolio managers use different procedures to estimate alpha. One uses a single index model regression, the

Question:

Two managers use different procedures to estimate alpha. One uses a single index model regression, the other the Fama-French model. Other things equal, would you prefer the with the larger alpha based on the index model or the FF model?
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...