by admin | Nov 30, 2009 | risk
In a recent comment (see “Waltzing through the blogospher,” November 28, 2009) Steve Campisi wrote about the need to measure liquidity risk, citing the difficulties that the Yale Endowment fund had. It just so happens that this month’s Institutional...
by admin | Nov 30, 2009 | Returns
We got a call recently from a firm that wants us to review their method to derive returns. They take their beginning market value plus cash flows to determine an average capital base; they then determine their account’s appreciation for the period and calculate...
by admin | Nov 28, 2009 | GIPS, verification
We are just learning of yet another firm that scammed millions from investors: Canopy Financial. They forged audit reports from KPMG, who apparently WASN’T their auditor. We haven’t yet heard whether they also claimed GIPS(R) compliance, so have no...
by admin | Nov 28, 2009 | attribution, GIPS, Returns, risk
I guess it’s not surprising that as a blogger, I occasionally wonder around looking at other blogs … I regularly visit about a dozen and am always looking for new ones to add to my list. Today I’ve visited several new sites and have picked up a few...
by admin | Nov 27, 2009 | Returns, time-weighting
I stumbled upon a website today that provided the following brief explanation about returns: “To evaluate the performance of a portfolio manager, you measure average portfolio returns. A rate of return (ROR) is a percentage that reflects the appreciation or...