Celebrating 20 years

Celebrating 20 years

This won’t be the only time you’ll read about this, but it may be the first: TSG has entered its 20th year in business! Why 20 years should be any more special than 19 or 21 is obviously because society tends to associate extra attention to dates ending...

Should the IRR be net or gross of fee?

I was asked this question yesterday and thought it worthy of comment. First, to clarify, “net” means after the fee is removed, while “gross” means before the fee is deducted. There are generally two reasons we show IRR. First, in cases where...

Getting a grip on risk

One of our clients asked us to calculate a variety of risk statistics for them this week and in the course of the assignment we were asked some intriguing questions, a couple of which I’ll share with you today. Annualizing Beta: can we annualize beta? I...

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