The United States Governmental Accounting Standards Board (GASB) recently introduced new provisions that call for the reporting of money-weighting rates of return, using the internal rate of return (IRR).The new provision, Statement No. 67 of the Governmental...

This month's TSG webinar will be on Monday, August 27, from 11:00 AM to 12:30 PM EST, and it will be a bit different. Titled Internet Tips & Tricks, it will provide you with some interesting insights into better ways to improve your Internet experience!The webinar...

TSG has announced that it is conducting a survey on the Global Investment Performance Standards (GIPS(R)). This marks the eighth time we've conducted a survey on the presentation standards, starting with the AIMR-PPS in 1993. This makes our firm the leader in...

I try to exercise every morning, and when I do, I often watch the news. This morning there was an advertisement from CancerCenter.com, that included the following disclaimer:No case is typical. You should not expect to experience these results. It occurred to me that...

Yesterday, I introduced a case of going from a USD to a GBP return (via an FX rate conversion), then taking the underlying USD assets and converting them to GBP, deriving the return that way, and converting (via the FX converter) to USD [quite a mouthful]. Recall...

A TSG client posed the following situation to me, which I hope you find of interest:They calculated the return on a portfolio in US Dollars (USD). They next converted the return to Pound Sterling (GBP). Everything worked correctly; i.e., the returns make sense and are...

Yesterday's WSJ had an article by Brian Costa titled "The Rookie and His Pitching Bible," about "the [New York] Met's most promising rookie," Matt Harvey, who relies on a "pitching bible" he created and maintains with much care and attention. "[Harvey] records every...

A common challenge with asset managers is how to deal with what might be termed "orphan income": income that arrives after the asset that produced it has departed the portfolio. This often happens when we sell a stock position after it has gone ex (i.e., any...

In the past two weeks I've conducted two software certifications for TSG clients, and in both cases they had controls to test portfolio returns against specified benchmark tolerances. And, as you might expect, the fact that a portfolio blows past a...

While exercising this morning, I caught an advertisement on the television for a supplement to help men guard against prostate cancer. I had the sound off, so don't know what was said, but at one point noticed the following:Results not typical.Difficult to...