For some time it's been my view that time-weighting was oversold.That is, when nearly 50 years ago (1966, to be exact) Peter Dietz published his dissertation, promoting a return method to eliminate or reduce the impact of cash flows, his idea was so powerful and...

I am in Montana this week, conducting a session titled "Current Topics in Performance Measurement" for a conference of operations folks. One individual asked about combining time- and money-weighting into a single number. I think the idea lacks merit, as it takes away...

It is quite common today to find firms revalue their portfolios for large cash flows. But what do we mean by "revalue"? Is "repricing" enough?Think about this scenario: On January 31 the portfolio holds 20 different stocks, along with some cash.On February 15, a...

TSG has been surveying the industry for 20 years on a variety of topics. This year we focus once again on performance and risk measurement technology, with two surveys:One for the usersOne for the suppliers.Until now the suppliers' survey has been sent only to...

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...