It recently occurred to me how these two words, insights and perspectives, play a non insignificant (i.e., significant) role in performance measurement. I often reference both when I teach, but thought it appropriate to share some views here with you.InsightsMy...

Earlier this year, the Global Investment Performance Standards (GIPS(R)) Executive Committee published a draft guidance statement which expands the reach of GIPS into the asset owner world. I have commented briefly on it here before, and wrote an article for Pensions...

Last week, during a talk I was giving to a group of operations folks, someone asked my thoughts on showing benchmarks to retail investors; specifically, those that are non-discretionary.It's important to realize that benchmarks serve two purposes: first, as a way to...

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...