Many asset managers have "unsupervised assets." These arise when a client tells you "don't sell the 1,000 shares of my IBM stock." [Isn't it funny that IBM is typically used as the example? Well, I might as well continue the tradition.] The reasons they're...
Performance Perspectives Blog
Thoughts on performance measurement from David Spaulding and other members of our team.
Unsupervised assets (or, how to boost performance without much effort)
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Should GIPS verifiers correct grammar? Spelling? Punctuation?
This is our "busy season" for conducting GIPS® (Global Investment Performance Standards) verifications. And, as part of the process we get to spend time reading a lot of material, including Policies & Procedures and composite presentations. On occasion, we find...
Blizzard 2015: Lessons for all prognosticators? Think ex ante risk measurement
This week, those of us in the Northeast Corridor were promised an "historic" winter storm, with measurements of two, three, or more feet, throughout New Jersey and the New York City area. Well, it didn't quite get that bad, as our amount of snowfall was closer to four...
Keep Growing!
Yesterday's post was based on the fifth of eight "qualities of a winner" outlined in Joel Osteen's You Can, You Will. Those who have such a quality are on the path to success. I also saw how his sixth quality of a winner, "Keep Growing," is one that all of us should...
Develop a Commitment to Excellence
I'm reading Joel Osteen's newest book, You Can, You Will. It's short and full of motivational material, which is great to be exposed to from time to time. In the book he identifies "undeniable qualities of winners." The fifth is "commitment to excellence," and it...
How to prepare for your next GIPS verification + what’s new in GIPS!
I'll confess that this post should have been issued in December, but, alas, I just thought of it, so here it is! Preparing for your next GIPS verification First, what you need to do to prepare for your 2014 annual GIPS® (Global Investment Performance Standards)...
Paul Smith, CFA, named President and CEO of the CFA Institute
The CFA Institute announced this week that Paul Smith, CFA, has been named President and CEO. He succeeds Dwight Churchill, CFA, who has served as President and CEO on an interim basis since June 2014. We should be grateful for Dwight's willingness to assume this...
Dispersion around what, exactly? A question worth pondering
This is a topic I brought up many years ago, but haven't discussed lately. Just as you might have a nagging itch that just won't go away, this one has remained with me. GIPS requires a measure of dispersion ... but of what? Let's begin by defining dispersion,...
Rules are made to be broken … or ignored … at your peril
"Of all the things I hold in high regard, rules are not one of them. " Francis (Frank) Underwood Our son, Chris, gave us a device for our television that allows us to watch Netflix, as well as other Internet based programs. Several folks had recommended "House of...
The year of controls: trust, but verify … or, don’t believe everything that comes out of a computer … or, do your own math!
First, Happy New Year! I managed to be away from the office for almost two weeks, which is virtually unheard of, but it's great to be back. The absence of controls leads to problems While away, my wife and I made it to the movie theater on three occasions, and one is...