by admin | Aug 14, 2009 | GIPS
I’m reminded this week of a void in the GIPS(r) verification guidance regarding what to do when a new verifier finds problems that the old verifier didn’t. I understand that this will be addressed in the future, but right now there’s no...
by admin | Aug 12, 2009 | GIPS, Returns
John Simpson and I are conducting a GIPS(R) verification and I’m reminded of Ronald Reagan’s advice to trust, but verify.On multiple occasions we’ve encountered situations where the returns are incorrect, as produced by the software. Sometimes...
by admin | Aug 10, 2009 | GIPS
On July 27 I offered some comments on “discretion,” from a “GIPS” perspective. This resulted in a few responses, so I thought I’d comment further.Firms have discretion on how they define discretion … within reason, of course. But,...
by admin | Aug 7, 2009 | accuracy, value at risk
In his book, When Genius Failed, author Roger Lowenstein said that Long Term Capital Management reported the Value at Risk on their portfolio with such precision that their investors felt confident in their manager’s control of their assets. LTCM’s client...
by admin | Aug 6, 2009 | GIPS
I’ll credit Carl Bacon for mentioning several years ago that compliance with the GIPS(R) standards was no longer an advantage; because SO many firms had achieved compliance, failure to comply was a disadvantage. Thus by becoming compliant a firm would eliminate...
