by David Spaulding | Nov 6, 2018 | Spaulding Verification Services, GIPS, GIPS verification, Global Investment Performance Standards, Investment Performance Guy
At the end a recent GIPS® 2020 webinar, I included a slide like the one above. It was, in a sense, a “word from your sponsor.” This is the time of year when many firms begin to think about their next year’s verification. Before you get too far down that path,...
by David Spaulding | Oct 9, 2018 | GIPS composite presentation, GIPS, GIPS 2020, GIPS compliance, GIPS verification, Global Investment Performance Standards, Investment Performance Guy
You’ve probably seen this bumper sticker that reads something like “Don’t follow me, I’m lost too.” Well, an analogous idea arises in school, when you look at what a neighboring student answered to an exam question, thinking that they...
by David Spaulding | Jul 23, 2018 | rebalancing quarterly benchmarks, benchmarks, blended benchmarks, Global Investment Performance Standards, Investment Performance Guy, performance measurement
The following question was recently sent to me: suppose a firm uses a blended benchmark that rebalances quarterly… how should they calculate external dispersion? I guess I hadn’t given much thought to the possible challenges with rebalancing quarterly...
by David Spaulding | Jul 19, 2018 | Standard Deviation, GIPS, Global Investment Performance Standards, Investment Performance Guy, Variability
One thing that is often overlooked is that William F. Sharpe, PhD, in his paper that introduced the now eponymously named “Sharpe ratio,” referred to his measure as “reward to variability.” He contrasted this with Jack Treynor’s...
by David Spaulding | May 10, 2018 | GIPS 20/20, #GIPS2020, GIPS, Global Investment Performance Standards, Investment Performance Guy
Shouldn’t GIPS® 20/20 have its own logo? That thought occurred to us a couple of months back. In fact, I sent a note to the CFA Institute suggesting it. However, I suspect they’re probably a tad too busy to be worrying about a logo. And so, we decided to...
by David Spaulding | May 9, 2018 | transparency, GIPS, GIPS transparency, Global Investment Performance Standards, Investment Performance Guy
Erring on the side of transparency In a recent Wall Street Journal editorial (“A Scarlet Title IX Letter,” May 8, 2018), the writer spoke of the potential requirement that universities reveal the names of students, past and present, who have...
