TSG's April newsletter was just published, and it includes my "wish list" for GIPS(R) (Global Investment Performance Standards). Anticipating that some may be thinking of ways to improve the Standards, I thought sharing some of my ideas might be helpful.Please feel...
Performance Perspectives Blog
Thoughts on performance measurement from David Spaulding and other members of our team.
A GIPS Wish List
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Performance Measurement Forum Meeting in Boston This Week
Our North American "Chapter" of the Performance Measurement Forum spring meeting is this week in Boston, the site of last week's horrific and shameless attack. The meeting is at the Marriott in the Back Bay, not far from the explosions. A few years ago we held a...
Dirty Harry as a role model for Type I and Type II errors
You're probably familiar with the statistical concept of type 1 and 2 errors. One way to look at it is that one addresses the case where you think you're right, but you're wrong; the when you think you're wrong, but you're actually right.A thought occurred to me last...
How did Bernie get away with it? What’s the role of the verifier in identifying fraud?
While meeting with a London-based verification client, the subjects of fraud as it relates to GIPS(R) (Global Investment Performance Standards) and Bernie Madoff came up. They are related, in a way.How did Bernie get away with it? To put it simply he (a) had a...
Hooked on phonetics
Serving in the armed forces provides many benefits. For me, it meant spending 39 months in Hawaii (which my wife and I jokingly refer to as my "hardship tour") and another year+ in Oklahoma (I was on active duty at the tail end of the Vietnam War (when you...
What approach needs more data, holdings or transaction-based attribution? (Part II)
Earlier this week I mentioned that a colleague told me that transaction-based attribution requires a lot more data, which opens it up to the risk of errors being introduced. Two quick responses arise:1) Is it true that transaction-based attribution requires more data...
Caught between that proverbial “rock and a hard place.”
Here's a bit of a challenge for you.GIPS(R) (Global Investment Performance Standards) includes the following rule:What if you're an SEC (U.S. Securities & Exchange Commission) registered firm that has a "40 Act" mutual fund, that has additional fees removed;...
What happens when you don’t follow the rules???
Often, firms and individuals who don't behave in accordance with rules, regulations, or standard practices, somehow get away with it. There's no way to tell how often this happens, though we know it does.But, there are times when you they caught, and this can be a...
What approach needs more data, holdings or transaction-based attribution?
Yesterday I successfully defended my dissertation proposal (hurrah!). The topic is holdings and transaction-based attribution, and, as often happens for the student, I found myself providing insights into a topic my committee members generally know little about. In...
PMAR Video Highlights
TSG's annual Performance Measurement, Attribution & Risk (PMAR) conferences have become the performance conference to attend. Performance Measurement Professionals rave about its uniqueness, innovations, quality speakers and content, and awesomeness! Here's a...