Performance Perspectives Newsletter

with David Spaulding, DPS, CIPM

Performance Perspectives – October 2003

Software searches; Technology Survey; Fixed Income Attribution; The IPC; A little about politics

Performance Perspectives – February 2022

Confronting ambiguities (Part I of a TBD number); Ah, my beloved CIPM®; 2022 training and events calendar

Performance Perspectives – January 2022

Getting Back to it; Accepting Things Perhaps We Shouldn’t; Composite Returns; Aggregate Method; Accruing fees; error Correction; Distributing GIPS Composite Reports; Asset Weighted Standard Deviation; 2022 training and events calendar

Large Cash Flows

Gold GIPS – what you don’t know may hurt you!;Treatment of Large Cash Flows; A new publishing venture

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Newsletter Archives

Archive 2023 – Performance Perspectives Newsletter

January

What’s in a name?; Did the SEC just endorse the GIPS® standards? 2023 Performance and Attribution Event Calendar

Archive 2022 – Performance Perspectives Newsletter

December

Things we find confusing…Sub-portfolio returns;What time-weighting means; The SEC marketing rule and attribution; 2023 Performance and Attribution Event Calendar

November

Books we wish we had read sooner; 2023 Performance and Attribution Event Calendar

October

SEC marketing rule – we’re down to just a few days; Performance Measurement Networking Groups – Fall Calendar; 2022 Performance and Attribution Training Calendar

September

When you think about it, what does the asset owner’s overall Time-weighted return mean?; Broker / Dealer Performance Measurement Networking Group; 2022 training and events calendar

August

Is it really best practice?; Broker / Dealer Performance Measurement Networking Group; 2022 training and events calendar

July

To what precision should your returns be reported?; 2022 training and events calendar

June

Why we don’t report performance this way; 2022 training and events calendar

May

SEC’s new marketing rules; Portability of performance; Do I have to go to ten years?; Attribution: Net and gross? What about risk?; 2022 training and events calendar

April

Time-weighted Rates of Return Ranked (Best to Worst); 2022 training and events calendar

March

What software vendors need to do in response to the new SEC marketing rules ; 2022 training and events calendar

February

Confronting ambiguities (Part I of a TBD number); Ah, my beloved CIPM®; 2022 training and events calendar

January

Archive 2020 – Performance Perspectives Newsletter

November

Not the year we planned for or anticipated; Householding accounts; The Barnette ratio; Upcoming Articles; 2021 training and events calendar

March

What a Hiatus; Net-of-Fee Returns…Challenges Aplenty; In-house Developed Return Methodologies; Mini-PMAR; Puzzle time; 2020 training and events calendar

Archive 2019 – Performance Perspectives Newsletter

October

The Start of 17 Years!; A 2020 GIPS Road Show; Private Equity Evaluations; On Net-of-Fee Returns Puzzle time; 2020 GIPS Standards Workshop; 2019 training and events calendar

September

Don’t Panic!; 2020 GIPS Standards: Clarity on Adoption Requirements; Early adoption of 2020 GIPS Standards: Should You?; Annualization of Returns; Puzzle time; 2019 training and events calendar

July

What Happened?; The 2020 GIPS Standards Have Arrived!; Early Adoption: what Does it Mean?; Puzzle time; 2019 training and events calendar

February

Estimated transaction costs: Why and how to; Puzzle time; 2019 training and events calendar

January

Happy New Year!; Rethinking benchmark criteria: Why we’ve gotten it wrong and what really matters; Market indexes, Licensing limits; Puzzle time; 2019 training and events calendar

Archive 2018 – Performance Perspectives Newsletter

December

Benchmark blends: What to know; What’s not missing from PMAR XVII?; GIPS 2020 or 2020 GIPS Standards; 2020 GIPS Verification Exposure Draft; Puzzle Time; Training and events calendar

October

GIPS 2020 Exposure draft…reviewed and commented on; Puzzle Time; Training and events calendar

September

So much going on, so little time; Rebalancing benchmarks – when to; career path in performance; Puzzle Time; Training and events calendar

July

It’s Summer so let’s not say too much…; Looking at standard deviation from a different perspective; From our readers; Puzzle Time; Training and events calendar

June

Why we don’t care about the length of the time period when linking returns; Puzzle Time; deciphering misconceptions about GIPS® compliance; 2018 training and events calendar

May

Should the CIPM Program be Testing a Candidate’s Analytical Skills?; What’s the macro structure of your performance measurement organization; PMAR 25; Puzzle Time; 2018 training and events calendar

April

Enhancing your GIPS P&P; Preparing for your GIPS verifications; Outstanding women in performance and risk measurement; How to pass the CIPM; Puzzle Time; 2018 training and events calendar

March

A puzzle of a different sort; Women in Performance & Risk Measurement award; Puzzle time; Bacon vs Spaulding now a pay per view event; 2018 training and events calendar

February

2018: Year of the Asset Owner; GIPS P&P Contest winners; Women in Performance & Risk Measurement awards; Puzzle time; Book review: The Invasion of Canada; Bacon vs Spaulding; 2018 training and events calendar

January

Why the Handcuffs?; Growing tired of the fabled benchmark criteria; Puzzle time; Book review: The Invasion of Canada; Bacon vs Spaulding; 2018 training and events calendar

Archive 2017 – Performance Perspectives Newsletter

December

A bit thin this month; An idea for employee retention; CIPM practice survey announcement; Book Review: How to Read and Why; Puzzle time; 2018 events

November

Recollections of a fun workshop “Down Under”; A better understanding of risk; I like to tweet; Long awaited attribution book; Puzzle time; 2017 events

September

Trying to keep up with GIPS: verifier independence; Puzzle time; Consulting in Sydney; Hurricane relief event; 2017 events; Never stop learning

August

Is midday or intraday cash flow treatment acceptable?; Book review: Ike and Dick; Keeping up with GIPS webinar; Puzzle time; 2017 events

July

Holding on for dear life; Quotation; Best practices for assessing a pension fund’s performance; GIPS® is pouring it on!; Puzzle time; 2017 events

June

Making sense out of the asset owners’ composite return; More from GIPS; Puzzle time; 2017 events

May

What happened to April?; Non-GIPS Verifications…An option for many!; book review: Prince Charles; GIPS Compliant? What do you show for new strategies?; GIPS 20/20 consultation paper released; Puzzle time; 2017 events

March

Timing is everything; An advisory fee conundrum; Travel tip; Puzzle time; 2017 events

February

Making sense out of the 36-month, ex-post, annualized standard deviation; Book review: The reporter who knew too much; GIPS XXX; Puzzle time; 2017 events

January

Converting a quarterly return into monthlies; New proposed GIPS statement to review; PMAR 2017: The wizards of performance measurement; Puzzle time; 2017 events calendar

Archive 2016 – Performance Perspectives Newsletter

December

The Mystery of Excess Returns; The 75th Meeting of the Performance Measurement Forum; Puzzle Time; Event and Training Calendar

November

More on IRR; Expanded Role for IRR in GIPS; Puzzle Time; Event and Training Calendar

October

First Principles of performance measurement; GIPS Prep; Puzzle time; Event and Training calendar

August / September

A Fundamental rule of contribution (absolute attribution); Book review: “One Righteous Man”; Brief recap: GIPS annual conference; Puzzle time; Training updates

July

Is Information Ratio a risk-Adjusted Return?; On Achievement; Residuals and Geometric attribution; Book review: Towards an imperfect union; CIPM Program survey; Performance Measurement Boot Camp; Puzzle time

June

What happened to March, April & May?; New Guidance Statement; Risk-adjusted performance attribution; Jack Treynor; Inconsistency in rates of return; Puzzle time

January / February

NEW GIPS Guidance Statement; The Dynamics of Investment Performance and Risk Measurement; Performance Measurement…Not Everyone Does Get Right; GIPS Tips; Puzzle time; 2016 events Announced

Archive 2015 – Performance Perspectives Newsletter

November / December 2015

Does it pay to have software certified?; A tip to overcome jetlag; Puzzle time; 2016 events Announced

October

Making sense of compounding; Puzzle time; Reader comments; Tips to keep your advertisements out of trouble from IA Watch

September

Store more, calculate less – Clarifying a few unclear points about the Internal Rate of Return; Congratulations CFA Institute on the 10th Anniversary of the CIPM program; So, What happened at the GIPS annual conference?; Puzzle time; upcoming events

August

Is it time to replace the term “discretionary?”; What do we agree on? As it turns out, not much; Puzzle time; upcoming events

July

Opinion is not knowledge; Automating our verification practice; TSG Reaches a milestone: 25 Years!; Puzzle time; Upcoming events; Letter to clients and friends

May / June

Crossing the Gap…How?; Puzzle time; Upcoming events and articles

April

Structuralism and GIPS; BI-SAM Webinar: Panel Discussion; Rimes Data Governance Conference; Puzzle time; Upcoming events

February / March

A bit more about time-weighting and money-weighting; Book Review; Puzzle time; Clients’ Corner: Laura Soehl; Upcoming Training and Conferences

January

A record setting event of epic proportions; Dispersion…are we calculating it correctly; Puzzle time;

ACQ Award 2014 for top US GIPS Consulting Firm; 2015 events and training calendar

Archive 2014 – Performance Perspectives Newsletter

December
The Cost of Benchmark Data – Things You Need To Know; Buy-Side Survey; Puzzle Time; Behind the Scenes at TSG: Steve Sobhi; Upcoming Trainings and Conferences

November
CIPM Reaches and Surpasses Milestone; TSG Receives Two Wealth and Money Management Awards; Nasdaq Closing Bell Ceremony; GIPS For Asset Owners Webinar; Performance and Risk Measurement Library; Bloomberg Radio Interview; Buy-Side Survey; Puzzle Time; Behind the Scenes at TSG: Susan Kneller; Upcoming Trainings and Conferences

October
Performance measurement books…just when you thought it was safe to stop collecting; Is it arithmetic vs. geometric attribution that we care about?; Puzzle time; Behind the scenes at TSG:Douglas Spaulding; CIPM Survey; Upcoming training and conferences

September
The start of a new year; The confusing ways of off benchmark bets; Extending attribution across time- survey results; Behind the scenes at TSG: Linda Burk; Puzzle time; Upcoming training and conferences

August
Multi-period Attribution confusion reigns;Book Review: The Math Book; No I didn’t invent money-weighted performance;
Clients’ Corner: Bernd Fischer, Ph.D.Puzzle time; Behind the scenes at TSG: Jaime Fowler Puerschner; Upcoming training and conferences.

July
Why rates of returns aren’t being given to prospective investors; In Memoriam; Does order dependence matter?; Puzzle time; Behind the scenes at TSG; Upcoming training and conferences.

June
Money manager runs afoul of the SEC; Hedging an internal rate of return; Puzzle time; Behind the scenes at TSG; Client’s corner: Bob Leaper; Upcoming training and conferences.

May
Annualized Standard Deviation; Puzzle Time; Behind the Scenes at TSG;
From our Readers;Client’s Corner: Mark Elliott; Event and Training Calendar

Archive 2013 – Performance Perspectives Newsletter

January 2013

A New Year: Time For Some Reflection
Taking A Lesson From Cervantes
Puzzle Time

February 2013

Challenges of Nested Attribution

March 2013

Significant Cashflows
Effective Dates of Q&As
Puzzle Time
The CIPM Designation: Beyond Performance and Risk Measurement

April 2013

My GIPS Wish List, Part I
Got News To Share?
Puzzle Time

May 2013

More On My GIPS Wish List
Feedback From A Client
TSG News
Puzzle Time
Late Breaking News

June 2013

GIPS 2015…NOT!
Reporting Guidelines
Puzzle Time

July 2013

Flopping Convention…Let’s Not Be Shy
It’s Survey Time Again…
Puzzle Time

August 2013

Ten Years of Performance Perspectives Close Out
Top Trends in Performance Measurement
Asset Owners or Plan Sponsors
Survey Time
Puzzle Time
Client’s Corner

September 2013

To Paraphrase Mark Twain, The Reports Of Performance Perspective’s Death Have Been Greatly Exaggerated
UAPS Is Moving Forward
Puzzle Time
Client’s Corner

October 2013

Error Correction: How To Define Materiality
Puzzle Time
Client’s Corner

November 2013

Mapping And The Art Of Attribution
Puzzle Time
From Our Readers
Client’s Corner

December 2013

Annualizing For Periods Bracketed By Days, Other Than Month Or Yearends
Performance Measurement Forum Hosts 60^th Meeting
GIPS News
Puzzle Time
Client’s Corner

Archive 2012 – Performance Perspectives Newsletter

January 2012

More On Why Negative Sharpe Ratios May Make Sense
Trust: Is It All That It’s Cracked Up To Be?

February 2012

Deriving Composite Net-Of-Fee Returns
From Our Readers

April 2012

GIPS Portability
Why Don’t The Net Versus Gross Return Differences Not Equal The Fee?

May 2012

Is The World Getting Riskier?
GIPS Help Has Gotten Easier
GIPS Isn’t The Only Standard In Town…

June 2012

Why Security Level Attribution?
Investment Reporting Standards…Necessary, Or Not?
UAPS Moving Along

July 2012

Supplementing Your GIPS Presentation
Documenting Your Risk Measures

August 2012

Money Weighting Is Catching On!
Smoothing

September 2012

10 Years Already?
Is The SEC Now Verifying The Verifiers?
The 3 C’s Of Performance Extended To Five
Puzzle Time
Fact of The Month

October 2012

Ranking The Ways To Present Performance
What Is Happening To GIPS Protocol And Tradition?
Puzzle Time
Fact Of The Month

November 2012

What’s A Reasonable Amount Of Dispersion?
Puzzle Time

December 2012

How About Those Spreadsheets?

Archive 2011 – Performance Perspectives Newsletter

January 2011

Best Practice…Defined…Or Perhaps, Not
From Our Readers

February 2011

15^th Anniversary Of JPM Is Worthy Of A Celebration
Common GIPS Mistakes & Misunderstandings
Animation Nation Has Arrived

March 2011

Transaction Vs. Holdings Based Attribution
One Size Doesn’t Fit All When it Comes To Performance Measurement
Dealing With Changes In Return Methods
Risk…Why Can’t We All Just Get Along

April 2011

One Size Doesn’t Fit All
Handling Fees Paid By Another Account Within The Family
Surveys That Will Take No More Than Five Minutes Of Your Time, But Provide Great Info!
The “PMAR Experience”

May 2011

Holdings Vs. Transaction-Based Attribution: Does It Really Matter?
Avoiding Presentations
Let’s Show Equal-Weighted Returns, Too!

June 2011

Client Reporting Standards…Necessary, Justified, Or What?
My Thoughts

July 2011

A Guidance Statement You Need To Care About
Why We Don’t Like Examinations
From Our Readers…

August 2011

Is It Acceptable To Net Same-Day Flows?

September 2011

An Unaddressed Fundamental Issue
What To Do?

October 2011

Five Ways You May Be Wasting Money In Performance Measurement
A Couple Other Money Wasters

November 2011

Understanding Why We Do What We Do
Who’s The Client?

December 2011

Going Out With A Bang!
Dealing With Zero Weights
Who’s The Client
Clients Or Customers…What Do We Have?

Archive 2010 – Performance Perspectives Newsletter

January 2010

GIPS 2010 Update
Risk Monitoring/Management
Error Correction…One More Time?

February 2010

GIPS 2010 Update
If It Looks Like A Duck, Walks Like A Duck, And Quacks Like A Duck…

March 2010

Performance Is So Easy, Anyone Can Do It
Early Adoption Of GIPS 2010
When Daily Is Too Often

April 2010

The CIPM Program
Automobile University
From Our Readers

May 2010

Money Weighting Is Taking Off…Slowly, But Definitely Heading To New Heights!
Start-Of-Day, End of Day
Not So Obvious…
From Our Readers

June 2010

Behold, I Have Prepared My Case. I Know That I Am In The Right
Liquidity Risk

July 2010

The Best At All Times Is Our Goal
It’s Time To Abandon The Aggregate Method For Composite Returns
A New Head Of The CIPM Program

August 2010

Using The Absolute Value In The Denominator For Modified Dietz
Negative Values Cause Other Issues For Us
From Our Readers

September 2010

Linking Shorts Has Gotten Easier
Negative Sharpe Ratios
From Our Readers

October 2010

The Changing World Of Notation
Being Comfortable Admitting One’s Ignorance
From Our Readers

November 2010

Returns On Employee Stock Purchases
From Our Readers

December 2010

Simply Not Getting It…Error Correction Guidance
Net Of Fee Returns…Frequency Of Applying The Fee
Hurdle Rates And Why You Shouldn’t Compound Them
From Our Readers

Archive 2009 – Performance Perspectives Newsletter

January 2009

Academic Vs. Practitioner Writing
(And Speaking Of Words) The Word Of The Day
And Now, Speaking Of The Standards
Attribution For Plan Sponsors, Fund-Of-Fund Managers
Blueprints And Road Maps Vs. Mine Fields

Book Of The Month
The Rest Of All Bull
Performance Measurement Conference In A Down Market

February 2009

The Five Things I Hate Most About GIPS 2010
Don’t Be So Negative
What’s Missing?
A Webinar Is Coming To A Theater (Computer Screen) Near You…
What Happens When The New Verifier Finds That The Old Verifier Didn’t Do Such A Good Job?
Further Information Is Available…

March 2009

Something That Needs To Be Clarified
Market Recovery
Books As A Metaphor
Negative Sharpes
Verification Fraud
Verifier’s Corner
The Loss Of A Performance Measurement Guru

April 2009

Cumulative Vs. Annualized
Madoff & The Beardstown Ladies
After After-Tax Is No More
Pardon Our Brevity
Verified, But Are You Really Compliant?

May 2009

Risk Is Back In Style
Past Specific Recommendations
VAR…Are You Convinced That It’s Voodoo Yet?
Performance Measurement For Pension Funds
Multi-Currency Attribution

June 2009

GIPS 2010
From Our Readers

July 2009

Single Account Composites
GIPS 2010…The People Have Spoken
Confusion Caused By Time-Weighting
Standard Deviation And Falling Off The Fence

August 2009

Four Months To Go, And Counting
To Template Or Not To Template

September 2009

GIPS Examinations: Are They Really Necessary?
We Comply Because…
Questioning Conventional Wisdom
Judgment And The Standards
GIPS 2010

October 2009

Getting A “Grip” On GIPS
From Our Readers

November 2009

CIPC Comments On Verifiers Lack Of “Fieldwork”
Sampling
Factor Vs. Decision Based Attribution

Archive 2008 – Performance Perspectives Newsletter

January 2008

UNSUPERVISED ASSETS…THERE’S MORE THAN MEETS THE EYES
BALANCED PORTFOLIOS…HOW TIMES CHANGE
ASSUMING IT’S RIGHT
ATTRIBUTION…ART OR SCIENCE?
CARVE-OUTS…WILL IT BE A PROBLEM?

February 2008

SOCIÉTÉ GÉNÉRALE – A WAKE UP CALL?
MONEY-WEIGHTED ATTRIBUTION
IRR STANDARDS WORKING GROUP
REPORTING RETURNS AT THE AGGREGATE LEVEL

March 2008

THE CONFUSING WORLD OF MODIFIED DIETZ
OUR NEXT BOOK PROJECT
LATE BREAKING NEWS

April 2008

AMSTERDAM EC MEETING
GETTING THE DATA CLEAN
UNSUPERVISED ASSETS (and the income that comes from them)
WHAT DO YOU SHOW IF THERE’S NOTHING TO SHOW
FROM OUR READERS

May 2008

THE END OF CARVE-OUTS?
IS VaR VOODOO?
THE BLACK SWAN
SO MANY MODELS…SO MUCH CONFUSION

June 2008

CARVE-OUTS…I’M SO CONFUSED
BRINSON FACHLER VS. BRINSON-HOOD-BEEBOWER
RISK MEASUREMENT CHALLENGES

July 2008

WHOSE RATIO IS IT?
ANNUALIZING STANDARD DEVIATIONS
FROM OUR READERS

August 2008

TREYNOR RATIO MYSTERY, SOLVED
WHAT ABOUT NEGATIVE SHARPE RATIOS?
ANNUALIZING STANDARD DEVIATIONS
VERIFIER INDEPENDENCE
A “WHITE PAPER”

September 2008

WHEN IS A PROSPECT A PROSPECT (FROM A GIPS PERSPECTIVE)
VERIFIER CORNER
MORE ON VERIFIER INDEPENDENCE
THANKS FROM FR. RAY
TSG NEWS
FROM OUR READERS

October 2008

CROSSING INTO UNCHARTERED TERRITORY
PERSPECTIVES
GLOBAL FIXED INCOME ATTRIBUTION: IS ONE CURVE ENOUGH?
VERIFIER’S CORNER

November 2008

GIPS 2010…SOME IDEAS GOOD, SOME NOT SO
SHOWING “STANDARD DEVIATION” ON A PRESENTATION… RISK MEASURE OR DISPERSION MEASURE?
EX ANTE RISK MODELS
VERIFIER CORNER
TSG NEWS