I occasionally describe the formulas we use as a series of bifurcations, starting with time- and money-weighting. And, sometimes I begin with a graphical representation. Well, this morning, I decided to take that graphic to its nth degree, and solicited input from my...
Performance Perspectives Blog
Thoughts on performance measurement from David Spaulding and other members of our team.
Explaining what we do … in a picture
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Far be it for ME to “rain on Warren Buffett’s parade,” but …
I was struck by a front page story in today's Wall Street Journal titled "Buffett's Crisis-Lending Haul Reaches $10 Billion." But it was actually the summary under "What's News" that initially got my attention: "Buffett's investments during the financial crisis have...
A geometric approach to materiality (Part III)
I didn't anticipate a third posting on this topic, but I received an interesting note from a reader that I wanted to share and comment on:I disagree with your thoughts on using "arithmetic relative" when considering material differences in portfolio returns. By...
A geometric approach to materiality (Part II)
When comparing geometric and arithmetic attribution, the following are often cited as advantages of the former:it's compoundable (meaning, that it links attribution effects over time without creating temporal residuals)it's convertible (that is, when we convert the...
A geometric approach to materiality (Part I)
I think my friend Carl Bacon will be proud of me for this post (no, I haven't been completely won over; I just see some merit in this limited case!). Talk is cheap: show me the numbers!The subject of materiality came up during this week's monthly Think Tank...
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What’s new … or about to become new?
A few sessions at last week's GIPS(R) (Global Investment Performance Standards) conference provided some insights into work, under development. I mentioned yesterday the presentation on pooled funds. There were also sessions on (the often talked about here) client...
Scary stuff … and it isn’t even Halloween yet!
The opening session at this year's GIPS(R) (Global Investment Performance Standards) came along with some unexpected scary stuff. The topic was pooled funds, and the speakers (Annie Lo and Ann Putallaz) provided us with some insights into a guidance statement (GS)...
GIPS week … kind of
Four of us from our company (Chris Spaulding, Jed Schneider, and Steve Sobhi are joining me) are in beautiful Boston for the annual GIPS(R) conference. As we have for roughly the past 15 years, we are sponsoring this event. I didn't attend last year, and was told...
The IRR is making a “Nixonian comeback”
Probably sparked by (a) my discovery of the TV show, The Big Bang Theory, and (b) the fairly recent news about the Higgs boson, I recently began reading Leon Lederman's The God Particle. Mind you, I have JUST begun, but already stumbled upon something that I...