by David Spaulding | Oct 10, 2023 | Investment Performance Guy, performance measurement
Thirty-Plus years ago, when the Association for Investment Management & Research (AIMR) launched its Performance Presentation Standards (AIMR-PPS®), the United States Securities & Exchange Commission (SEC) showed support, but never formally endorsed it. Now...
by David Spaulding | Apr 29, 2022 | performance measurement
One of the challenges with market indices is they do not include transaction costs; and this has always been seen as a disadvantage for portfolio managers, whose trades typically come with such costs. And despite the fact that these charges have reduced significantly...
by David Spaulding | Mar 13, 2022 | performance measurement
I love the internal rate of return … Okay, that’s not a surprise, right? You probably knew that, if you’ve been a reader of or listener to my materials over the years. In my view, it should be the dominant way to present performance. Yes,...
by David Spaulding | Apr 9, 2020 | Compounding, excess returns, geometric linking, Investment Performance Guy, rate of return calculations, rates of return
Odd returns are surfacing, and the coronavirus is the culprit I’ll confess to a bit of hyperbole or misdirected blame here. We can’t really credit the coronavirus, but the markets have been extremely volatile, and whenever that happens, we are bound to see...
by David Spaulding | Mar 17, 2020 | time-weighting, Investment Performance Guy, IRR, rates of return
My colleague, Jennifer Barnette, CIPM, suggested that this blog post from many years ago be published again. I was flattered that she felt it was worthy of reappearing. She was also kind enough to do some edits. It has been quite some time since I’ve done a blog...
