For some time I’ve grown tired of seeing the seven (now eight) benchmark criteria credited to Bailey, Richards & Tierney (2007. “Evaluating Portfolio Performance”). I first learned of them when I took the then CGIPS now CIPM(r) Principles Exam, roughly 11 years ago: Unambiguous Investable Measurable Appropriate Reflective of current investment opinions Specified in advance Owned These are considered […]
Read MoreIn this weekend’s WSJ there’s an article on companies that are encouraging their employees to get tattoos: Nice Tattoo! I Didn’t Know You Worked at Walmart. I would love to see Patrick, Chris, and Douglas, or John, Ashley and Linda adorn their bodies with The Spaulding Group’s logo [I might even give them a bonus to have it done!]. My […]
Read MoreIntegrating risk and return Last week I moderated a panel on integrating risk and return at the Rimes User Conference in New York City. Rimes was celebrating their 20th anniversary, and did so in a grand fashion. Panel members were Sean Murray (Bisam), Steve O’Brien (Rimes) and Shankar Venkatraman (Citi). A brief summary of this discussion can be found here. We […]
Read MoreYesterday’s post was based on the fifth of eight “qualities of a winner” outlined in Joel Osteen’s You Can, You Will. Those who have such a quality are on the path to success. I also saw how his sixth quality of a winner, “Keep Growing,” is one that all of us should strive for, especially those […]
Read MoreI’m reading Joel Osteen’s newest book, You Can, You Will. It’s short and full of motivational material, which is great to be exposed to from time to time. In the book he identifies “undeniable qualities of winners.” The fifth is “commitment to excellence,” and it occurred to me that this is something that everyone in […]
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Last night, my hometown team, the Los Angeles Dodgers, was defeated by the St. Louis Cardinals in the National League Championship series. The Cardinals will go on to the World Series for a chance at what could be their 20th world championship… while the Dodgers get to start their winter vacations. After the game, legendary […]
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(Note: I wrote this post as a guest blogger for the STP Investment Services blog, but it appears that blog is offline and we received a request for the information, so I decided to post the information directly here.) The What, Why and Who of the GIPS Standards In this blog post, I give […]
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OK, I’m just kidding… there is no grand battle here between economists (and Nobel prize winners) Eugene Fama and William Sharpe. That being said, CIPM candidates at the Principles level *are* expected to deal with the following Learning Outcome Statement regarding the work of these economists: Compare Sharpe’s return-based style analysis and Fama and French’s […]
Read MoreCongratulations to Professor Eugene Fama of the University of Chicago! The Royal Swedish Academy of Sciences just announced that Mr. Fama (along with Robert Schiller and Lars Peter Hansen) has won this year’s Nobel prize in Economics, for their work on developing methods to study trends in stock, bond and housing markets. For more information […]
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At the CIPM Expert Level, the topic of “performance triangles” is covered, and there is one specific Learning Outcome Statement on the subject: Demonstrate the use of performance triangles vs. benchmarks in assessing a manager’s track record Having said that, the curriculum does not give much background, and it’s not uncommon that students in our […]
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