I was interviewed by Julie Steinberg of the WSJ for an article that appeared this week ("These Two Funds Picked a Really Bad Day to Debut," August 5, page R1) regarding the impact contributions can have on a mutual fund's performance. While time-weighted returns...

I was recently interviewed by Pensions & Investments ("Fiduciary delegation," July 22, 2013) regarding the appropriateness of expanding the Global Investment Performance Standards (GIPS(R)) to outsourcing firms: firms that provide investment services to...

In this month's TSG newsletter, I wrote a bit about the high jumper Dick Fosbury, who introduced an entirely different way to scale the bar. I vividly recall watching the meet on television in which this was first publicized. Many laughed (including the announcers) at...

This photo of one of the legends of sports, not just basketball, was recently posted on FaceBook. I thought it worthy to use as the basis for a blog post.It made me think of two of my TSG colleagues who recently completed degrees part-time, which isn't an easy thing...

When I teach our firm's Fundamentals of Performance Measurement class, I begin by saying how performance measurement isn't limited to investing. We encounter the opportunity to observe or participate in performances all the time. My friend, Herb Chain, is the...

I'm teaching a Fundamentals of Performance Measurement class in Sydney this week, and it struck me how much we can use from golf that applies to performance measurement. For example:Measuring performance: performance in golf is measured quantitatively (a player's...

I was recently asked to do some analysis on a firm's return calculation process; this request stemmed from the fact that they were getting different returns for the same period. I surprised them, I think, when I said that more than one return could be "right."During a...

A common myth that I often run into is the one involving building up returns from the underlying assets. That is, the belief that if you calculate the returns at the security level and then "roll them up" to derive the portfolio return, that is somehow better.WRONG!It...

I had a discussion recently with a good friend and colleague, who suggested that when evaluating a manager's performance, returns should be net of inflation. I'm not so sure about this.What are the "nets" we're familiar with:Net-of-fees: most managers charge an...

I'll admit that it's a bit unusual that a sermon would be the inspiration for a blog post, but that's the genesis (pardon the pun) for this one.At Church today, the Gospel was the well known (i.e., familiar) story of The Good Samaritan. Our pastor explained how...