A few days ago I announced the arrival of the June newsletter, and a couple attentive readers immediately made me aware of a typo. In the “logic” section on page 3 you’ll find “And the inverse holds: when the manager does control the cash flows, money-weighting is inappropriate.” ERROR! It should, of course, read “time-weighting is inappropriate.”

In the original draft I had it correct, but when I reread it I misread it and thus changed it…my goof! Sorry for any confusion.