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Home» Articles posted by David Spaulding

This post may help you explain odd returns caused by the #coronavirus

Posted by David Spaulding - April 9, 2020 - Compounding, excess returns, geometric linking, Investment Performance Guy, rate of return calculations, rates of return

Odd returns are surfacing, and the coronavirus is the culprit I’ll confess to a bit of hyperbole or misdirected blame here. We can’t really credit the coronavirus, but the markets have been extremely volatile, and whenever that happens, we are bound to see some odd returns. Last month, I was presented with a problem from […]

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Making sense out of nonsensical returns

Posted by David Spaulding - March 17, 2020 - Investment Performance Guy, IRR, rates of return, time-weighting

My colleague, Jennifer Barnette, CIPM, suggested that this blog post from many years ago be published again. I was flattered that she felt it was worthy of reappearing. She was also kind enough to do some edits. It has been quite some time since I’ve done a blog post. This delay is attributable to a […]

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Modified Dietz as an alternative to the IRR: does it make sense?

Posted by David Spaulding - October 1, 2019 - #GIPS2020, 2020 GIPS Standards, geometric linking, GIPS 20/20, GIPS 2020, Global Investment Performance Standards, internal rate of return, Investment Performance Guy, IRR, Modified Dietz

One of those confusing things in the world of performance measurement: Modified Dietz Modified Dietz is one of the most commonly used return measures. Granted, Peter Dietz probably never referred to it as “Modified” (he called it “Day-Weighted,” as opposed to “Mid-Point Weighted”), but that’s the term we all know. Most investment firms used it […]

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Clarifying the dates: composite creation vs. composite inception date

Posted by David Spaulding - September 17, 2019 - 2020 GIPS Standards, composite creation date, composite inception date, composites, GIPS, GIPS 2020, Global Investment Performance Standards, Investment Performance Guy

A video to help explain the difference: composite creation vs. composite inception date With the introduction of the 2020 version of the GIPS(R) Standards, a new requirement is surfacing: for firms to report the composite’s inception date. This is defined in the Standards’ glossary as “The initial date of the composite’s track record.”  I may […]

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Annualization of returns: it’s more challenging than you may think

Posted by David Spaulding - February 7, 2019 - annualization, annualized returns, cumulative returns, Investment Performance Guy

When it comes to annualizing returns, most folks think that the rules are pretty straightforward and agreed by all. However, that truly is not the case. And, it is most notable when we’re dealing with a “point-to-point” cumulative return such as June 15, 2016 to January 8, 2019. How do we annualiize this? Well, I […]

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Who should take the lead on coming up with software design ideas?

Posted by David Spaulding - February 7, 2019 - Investment Performance Guy, software, software design

In this video, I present my thoughts on who should take the lead when it comes to software design; that is, who should be the primary one to come up with the ideas for reports, screens, functions, etc. Having spent roughly three decades developing and designing software, I’ve had plenty of opportunity and experience to […]

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Emotion in performance measurement

Posted by David Spaulding - February 1, 2019 - Investment Performance Guy, performance examinations

I’m going to be doing more “VBlogs” (Video Blogs), as I’m finding them an interesting way to share my thoughts and insights. This one deals with emotion in performance measurement, as stated in the title: that is, having some degree of enthusiasm, passion, etc. for what we do. Hope you find it of interest.

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Deciding on which Performance Measurement Conference for 2019? Why not #1?

Posted by David Spaulding - January 9, 2019 - Investment Performance Guy, Performance measurement conference, PMAR

Performance Measurement Conference? We’re counting down (or is it up?) to 30! My, how time flies (as the saying goes)! We launched the PMAR conferences (Performance Measurement, Attribution & Risk) in 2003.  Our conference schedule for 2019 is: PMAR North America XVII (Philadelphia, PA) – May 14 & 15 PMAR Europe X (London) – June […]

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What’s not missing from PMAR XVII (aka, PMAR 2019)

Posted by David Spaulding - December 11, 2018 - Attribution & Risk, GIPS, GIPS 20/20, GIPS 2020, GIPS standards, Global Investment Performance Standards, Investment Performance Guy, Performance measurement conference, PMAR

PMAR 2019 Agenda Draws a Singular Question We recently published the agenda for our upcoming PMAR (Performance Measurement, Attribution & Risk) North America conference, and have been asked the same question by several colleagues: “Why isn’t there a GIPS® 2020 session?”  Well, before I answer that, I’ll make a slight correction to what I just […]

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ETFs as benchmarks: is the time right?

Posted by David Spaulding - November 20, 2018 - benchmarks, ETF, Exchange Traded Fund, GIPS, Investment Performance Guy, market index

ETFs as benchmarks: is it time? A topic that continues to gain attention is the massive increases that have occurred with market indexes. We regularly hear stories of firms being required to pay multiples of what they had been for some of the major ones. Despite the evidence that less expensive equivalents are just as good,* […]

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