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A great way to get exceptional training for very little money
Five days of daily webinars that provide you the opportunity to get trained for a very low investment. A webinar-based approach that is content rich, cost effective, and convenient!To register or learn...
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A geometric approach to materiality (Part I)
I think my friend Carl Bacon will be proud of me for this post (no, I haven't been completely won over; I just see some merit in this limited case!). Talk is cheap: show me the numbers!The subject of...
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A geometric approach to materiality (Part II)
When comparing geometric and arithmetic attribution, the following are often cited as advantages of the former:it's compoundable (meaning, that it links attribution effects over time without creating...
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A geometric approach to materiality (Part III)
I didn't anticipate a third posting on this topic, but I received an interesting note from a reader that I wanted to share and comment on:I disagree with your thoughts on using "arithmetic relative"...
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Far be it for ME to "rain on Warren Buffett's parade," but ...
I was struck by a front page story in today's Wall Street Journal titled "Buffett's Crisis-Lending Haul Reaches $10 Billion." But it was actually the summary under "What's News" that initially got my...
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Explaining what we do ... in a picture
I occasionally describe the formulas we use as a series of bifurcations, starting with time- and money-weighting. And, sometimes I begin with a graphical representation. Well, this morning, I decided...
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A week about timing, starting with returns
It occurred to me that we could spend some focused time on the issue of time (pun intended). Let us begin with rates of return.One of the ironies of performance measurement is that the term...
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Timing & Risk Reporting
How long before you report risk measures as part of your performance?Returns can be shown for a day, a few days, a week, a month, a quarter, a year, etc. Risk statistics typically rely upon a series of...
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Timing & GIPS Compliance
There are probably few documents that say as much about timing as the Global Investment Performance Standards (GIPS(r)). But our focus is more limited, and won't address everything that appears.One of...
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Baseball and material errors
It is rare that people keep track of errors, but baseball, with its love of statistics, does just that: goof during a game and it will usually get recorded.In last night's Detroit Tigers vs. Boston Red...
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A webinar like no other ... kind of scary!
This Halloween (October 31) at 11:00 AM (EST), John Simpson, Jed Schneider, and I will host our monthly webinar. This month has a theme ... I wonder if you can figure it out? It's titled:We will cover...
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DON'T ONLY "show me the money"
A memorable line from the Tom Cruise/Cuba Gooding movie, Jerry Macguire, is "show me the money," uttered multiple times by Gooding. As a result, it has become a part of our society's broader lexicon....
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If God didn't want us to lie, He wouldn't have invented politicians
I've been wanting to use the line in today's heading, and stumbled upon a way (though it may be a stretch). I came up with it recently, and think it's clever (but I'm biased a bit). As a former...
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"A stunning implication..."
The words in this post's title appear in Nobel Laureate in Economics Leon Lederman's The God Particle. I can't say exactly why, but when I read it those words struck me.A stunning implication.I once...
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Buy high and sell low isn't a recipe for success, but it's the strategy most...
In this weekend's WSJ, Jason Zweig discusses how investors too often make poor contribution/withdrawal decisions (see "How Investors Leave Billions on the Table").He mentions how Pimco's Total Return...
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Flourishing as an objective
I have begun to read Mass Flourishing, by Edmund Phelps, a Nobel Laureate in Economics. He begins with the following: “Flourishing is the heart of prospering – engagement, meeting challenges,...
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Investing in employees through training
Yes, this IS a dilemma: do you invest the money into providing your performance and risk measurement team the training they need to do a good job, and run the risk they'll leave, or avoid teaching them...
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More on reporting standards, guidance, principles
I have had the opportunity to engage in conversation with several folks over the past month or so regarding the CFA Institute's "Principles for Investment Reporting." I remain generally opposed;...
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Topology and performance attribution
It may seem like a stretch, but the very esoteric and complex mathematical area topology and performance attribution have something in common: mapping. Topologists map points from one surface to...
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Annualizing performance attribution
I was in Australia (both Sydney and Melbourne) last week, (1) speaking at a conference, (2) conducting a conference workshop, and (3) teaching our two-day attribution class. It was a very hectic time,...
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