Performance Perspectives Newsletter

with David Spaulding

November 2020

Not the year we planned for or anticipated; Householding accounts; The Barnette ratio; Upcoming Articles; 2021 training and events calendar

March 2020

 What a Hiatus; Net-of-Fee Returns…Challenges Aplenty; In-house Developed Return Methodologies; Mini-PMAR; Puzzle time; 2020 training and events calendar

Newsletter Archives

Archive 2019 – Performance Perspectives Newsletter

October

The Start of 17 Years!; A 2020 GIPS Road Show; Private Equity Evaluations; On Net-of-Fee Returns Puzzle time; 2020 GIPS Standards Workshop; 2019 training and events calendar

September

Don’t Panic!; 2020 GIPS Standards: Clarity on Adoption Requirements; Early adoption of 2020 GIPS Standards: Should You?; Annualization of Returns; Puzzle time; 2019 training and events calendar

July

What Happened?; The 2020 GIPS Standards Have Arrived!; Early Adoption: what Does it Mean?; Puzzle time; 2019 training and events calendar

February

Estimated transaction costs: Why and how to; Puzzle time; 2019 training and events calendar

January

 Happy New Year!; Rethinking benchmark criteria: Why we’ve gotten it wrong and what really matters;  Market indexes, Licensing limits; Puzzle time; 2019 training and events calendar

Archive 2018 – Performance Perspectives Newsletter

December

Benchmark blends: What to know; What’s not missing from PMAR XVII?; GIPS 2020 or 2020 GIPS Standards; 2020 GIPS Verification Exposure Draft; Puzzle Time; Training and events calendar

October

GIPS 2020 Exposure draft…reviewed and commented on; Puzzle Time; Training and events calendar

September

So much going on, so little time; Rebalancing benchmarks – when to; career path in performance; Puzzle Time; Training and events calendar

July

It’s Summer so let’s not say too much…; Looking at standard deviation from a different perspective; From our readers; Puzzle Time; Training and events calendar

June

Why we don’t care about the length of the time period when linking returns; Puzzle Time; deciphering misconceptions about GIPS® compliance; 2018 training and events calendar

May

Should the CIPM Program be Testing a Candidate’s Analytical Skills?; What’s the macro structure of your performance measurement organization; PMAR 25; Puzzle Time; 2018 training and events calendar

April

Enhancing your GIPS P&P; Preparing for your GIPS verifications; Outstanding women in performance and risk measurement; How to pass the CIPM; Puzzle Time; 2018 training and events calendar

March

 A puzzle of a different sort; Women in Performance & Risk Measurement award; Puzzle time; Bacon vs Spaulding now a pay per view event; 2018 training and events calendar

February

 2018: Year of the Asset Owner; GIPS P&P Contest winners;  Women in Performance & Risk Measurement awards; Puzzle time; Book review: The Invasion of Canada; Bacon vs Spaulding; 2018 training and events calendar

January

 Why the Handcuffs?; Growing tired of the fabled benchmark criteria;  Puzzle time; Book review: The Invasion of Canada; Bacon vs Spaulding; 2018 training and events calendar

Archive 2017 – Performance Perspectives Newsletter

December

A bit thin this month; An idea for employee retention; CIPM practice survey announcement; Book Review: How to Read and Why; Puzzle time; 2018 events

November

Recollections of a fun workshop “Down Under”; A better understanding of risk; I like to tweet; Long awaited attribution book; Puzzle time; 2017 events

September

Trying to keep up with GIPS: verifier independence; Puzzle time; Consulting in Sydney; Hurricane relief event; 2017 events; Never stop learning

August

Is midday or intraday cash flow treatment acceptable?; Book review: Ike and Dick; Keeping up with GIPS webinar; Puzzle time; 2017 events

 July

Holding on for dear life; Quotation; Best practices for assessing a pension fund’s performance; GIPS® is pouring it on!; Puzzle time; 2017 events

June

Making sense out of the asset owners’ composite return; More from GIPS; Puzzle time; 2017 events

May

What happened to April?; Non-GIPS Verifications…An option for many!; book review: Prince Charles; GIPS Compliant? What do you show for new strategies?; GIPS 20/20 consultation paper released; Puzzle time; 2017 events

March

Timing is everything; An advisory fee conundrum; Travel tip; Puzzle time; 2017 events

February

Making sense out of the 36-month, ex-post, annualized standard deviation; Book review: The reporter who knew too much; GIPS XXX; Puzzle time; 2017 events

January

Converting a quarterly return into monthlies; New proposed GIPS statement to review; PMAR 2017: The wizards of performance measurement; Puzzle time; 2017 events calendar

Archive 2016 – Performance Perspectives Newsletter

December

The Mystery of Excess Returns; The 75th Meeting of the Performance Measurement Forum; Puzzle Time; Event and Training Calendar

November

More on IRR; Expanded Role for IRR in GIPS; Puzzle Time; Event and Training Calendar

October

First Principles of performance measurement; GIPS Prep; Puzzle time; Event and Training calendar

August / September

A Fundamental rule of contribution (absolute attribution); Book review: “One Righteous Man”; Brief recap: GIPS annual conference; Puzzle time; Training updates

July

Is Information Ratio a risk-Adjusted Return?; On Achievement; Residuals and Geometric attribution; Book review: Towards an imperfect union; CIPM Program survey; Performance Measurement Boot Camp; Puzzle time

June

What happened to March, April & May?; New Guidance Statement; Risk-adjusted performance attribution; Jack Treynor; Inconsistency in rates of return; Puzzle time

January / February

NEW GIPS Guidance Statement; The Dynamics of Investment Performance and Risk Measurement; Performance Measurement…Not Everyone Does Get Right; GIPS Tips; Puzzle time; 2016 events Announced

Archive 2015 – Performance Perspectives Newsletter

November / December 2015

Does it pay to have software certified?; A tip to overcome jetlag; Puzzle time; 2016 events Announced

October

Making sense of compounding; Puzzle time; Reader comments; Tips to keep your advertisements out of trouble from IA Watch

September

Store more, calculate less – Clarifying a few unclear points about the Internal Rate of Return; Congratulations CFA Institute on the 10th Anniversary of the CIPM program; So, What happened at the GIPS annual conference?; Puzzle time; upcoming events

August

Is it time to replace the term “discretionary?”; What do we agree on? As it turns out, not much; Puzzle time; upcoming events

July

Opinion is not knowledge; Automating our verification practice; TSG Reaches a milestone: 25 Years!; Puzzle time; Upcoming events; Letter to clients and friends

May / June

Crossing the Gap…How?; Puzzle time; Upcoming events and articles

April

Structuralism and GIPS; BI-SAM Webinar: Panel Discussion; Rimes Data Governance Conference; Puzzle time; Upcoming events

February / March

A bit more about time-weighting and money-weighting; Book Review; Puzzle time; Clients’ Corner: Laura Soehl; Upcoming Training and Conferences

January

A record setting event of epic proportions; Dispersion…are we calculating it correctly; Puzzle time;

ACQ Award 2014 for top US GIPS Consulting Firm; 2015 events and training calendar

Archive 2014 – Performance Perspectives Newsletter

December
The Cost of Benchmark Data – Things You Need To Know; Buy-Side Survey; Puzzle Time; Behind the Scenes at TSG: Steve Sobhi; Upcoming Trainings and Conferences

November
CIPM Reaches and Surpasses Milestone; The Spaulding Group Receives Two Wealth and Money Management Awards; Nasdaq Closing Bell Ceremony; GIPS For Asset Owners Webinar; Performance and Risk Measurement Library; Bloomberg Radio Interview; Buy-Side Survey; Puzzle Time; Behind the Scenes at TSG: Susan Kneller; Upcoming Trainings and Conferences

October
Performance measurement books…just when you thought it was safe to stop collecting; Is it arithmetic vs. geometric attribution that we care about?; Puzzle time; Behind the scenes at TSG:Douglas Spaulding; CIPM Survey; Upcoming training and conferences

September
The start of a new year; The confusing ways of off benchmark bets; Extending attribution across time- survey results; Behind the scenes at TSG: Linda Burk; Puzzle time; Upcoming training and conferences

August
Multi-period Attribution confusion reigns;Book Review: The Math Book; No I didn’t invent money-weighted performance;
Clients’ Corner: Bernd Fischer, Ph.D.Puzzle time; Behind the scenes at TSG: Jaime Fowler Puerschner; Upcoming training and conferences.

July
Why rates of returns aren’t being given to prospective investors; In Memoriam; Does order dependence matter?; Puzzle time; Behind the scenes at TSG; Upcoming training and conferences.

June
Money manager runs afoul of the SEC; Hedging an internal rate of return; Puzzle time; Behind the scenes at TSG; Client’s corner: Bob Leaper; Upcoming training and conferences.

May
Annualized Standard Deviation; Puzzle Time; Behind the Scenes at TSG;
From our Readers;Client’s Corner: Mark Elliott; Event and Training Calendar

April

March

February

January

Archive 2013 – Performance Perspectives Newsletter

January 2013

  • A New Year: Time For Some Reflection
  • Taking A Lesson From Cervantes
  • Puzzle Time

February 2013

  • Challenges of Nested Attribution

March 2013

  • Significant Cashflows
  • Effective Dates of Q&As
  • Puzzle Time
  • The CIPM Designation: Beyond Performance and Risk Measurement

April 2013

  • My GIPS Wish List, Part I

  • Got News To Share?

  • Puzzle Time

May 2013

  • More On My GIPS Wish List

  • Feedback From A Client

  • TSG News

  • Puzzle Time

  • Late Breaking News

June 2013

  • GIPS 2015…NOT!

  • Reporting Guidelines

  • Puzzle Time

July 2013

  • Flopping Convention…Let’s Not Be Shy

  • It’s Survey Time Again…

  • Puzzle Time

August 2013

  • Ten Years of Performance Perspectives Close Out

  • Top Trends in Performance Measurement

  • Asset Owners or Plan Sponsors

  • Survey Time

  • Puzzle Time

  • Client’s Corner

September 2013

  • To Paraphrase Mark Twain, The Reports Of Performance Perspective’s Death Have Been Greatly Exaggerated

  • UAPS Is Moving Forward

  • Puzzle Time

  • Client’s Corner

October 2013

  • Error Correction: How To Define Materiality

  • Puzzle Time

  • Client’s Corner

November 2013

  • Mapping And The Art Of Attribution

  • Puzzle Time

  • From Our Readers

  • Client’s Corner

December 2013

  • Annualizing For Periods Bracketed By Days, Other Than Month Or Yearends

  • Performance Measurement Forum Hosts 60th Meeting

  • GIPS News

  • Puzzle Time

  • Client’s Corner

Archive 2012 – Performance Perspectives Newsletter

January 2012

  • More On Why Negative Sharpe Ratios May Make Sense

  • Trust: Is It All That It’s Cracked Up To Be?

February 2012

  • Deriving Composite Net-Of-Fee Returns

  • From Our Readers

April 2012

  • GIPS Portability

  • Why Don’t The Net Versus Gross Return Differences Not Equal The Fee?

May 2012

  • Is The World Getting Riskier?

  • GIPS Help Has Gotten Easier

  • GIPS Isn’t The Only Standard In Town…

June 2012

  • Why Security Level Attribution?

  • Investment Reporting Standards…Necessary, Or Not?

  • UAPS Moving Along

July 2012

  • Supplementing Your GIPS Presentation

  • Documenting Your Risk Measures

 

August 2012

  • Money Weighting Is Catching On!

  • Smoothing

September 2012

  • 10 Years Already?

  • Is The SEC Now Verifying The Verifiers?

  • The 3 C’s Of Performance Extended To Five

  • Puzzle Time

  • Fact of The Month

October 2012

  • Ranking The Ways To Present Performance

  • What Is Happening To GIPS Protocol And Tradition?

  • Puzzle Time

  • Fact Of The Month

November 2012

  • What’s A Reasonable Amount Of Dispersion?

  • Puzzle Time

December 2012

  • How About Those Spreadsheets?

Archive 2011 – Performance Perspectives Newsletter

January 2011

  • Best Practice…Defined…Or Perhaps, Not

  • From Our Readers

February 2011

  • 15th Anniversary Of JPM Is Worthy Of A Celebration

  • Common GIPS Mistakes & Misunderstandings

  • Animation Nation Has Arrived

March 2011

  • Transaction Vs. Holdings Based Attribution

  • One Size Doesn’t Fit All When it Comes To Performance Measurement

  • Dealing With Changes In Return Methods

  • Risk…Why Can’t We All Just Get Along

April 2011

  • One Size Doesn’t Fit All

  • Handling Fees Paid By Another Account Within The Family

  • Surveys That Will Take No More Than Five Minutes Of Your Time, But Provide Great Info!

  • The “PMAR Experience”

May 2011

  • Holdings Vs. Transaction-Based Attribution: Does It Really Matter?

  • Avoiding Presentations

  • Let’s Show Equal-Weighted Returns, Too!

June 2011

  • Client Reporting Standards…Necessary, Justified, Or What?

  • My Thoughts

July 2011

  • A Guidance Statement You Need To Care About

  • Why We Don’t Like Examinations

  • From Our Readers…

August 2011

  • Is It Acceptable To Net Same-Day Flows?

September 2011

  • An Unaddressed Fundamental Issue

  • What To Do?

October 2011

  • Five Ways You May Be Wasting Money In Performance Measurement

  • A Couple Other Money Wasters

November 2011

  • Understanding Why We Do What We Do

  • Who’s The Client?

December 2011

  • Going Out With A Bang!

  • Dealing With Zero Weights

  • Who’s The Client

  • Clients Or Customers…What Do We Have?

Archive 2010 – Performance Perspectives Newsletter

January 2010

  • GIPS 2010 Update

  • Risk Monitoring/Management

  • Error Correction…One More Time?

February 2010

  • GIPS 2010 Update

  • If It Looks Like A Duck, Walks Like A Duck, And Quacks Like A Duck…

March 2010

  • Performance Is So Easy, Anyone Can Do It

  • Early Adoption Of GIPS 2010

  • When Daily Is Too Often

April 2010

  • The CIPM Program

  • Automobile University

  • From Our Readers

May 2010

  • Money Weighting Is Taking Off…Slowly, But Definitely Heading To New Heights!

  • Start-Of-Day, End of Day

  • Not So Obvious…

  • From Our Readers

June 2010

  • Behold, I Have Prepared My Case. I Know That I Am In The Right

  • Liquidity Risk

July 2010

  • The Best At All Times Is Our Goal

  • It’s Time To Abandon The Aggregate Method For Composite Returns

  • A New Head Of The CIPM Program

August 2010

  • Using The Absolute Value In The Denominator For Modified Dietz

  • Negative Values Cause Other Issues For Us

  • From Our Readers

September 2010

  • Linking Shorts Has Gotten Easier

  • Negative Sharpe Ratios

  • From Our Readers

October 2010

  • The Changing World Of Notation

  • Being Comfortable Admitting One’s Ignorance

  • From Our Readers

November 2010

  • Returns On Employee Stock Purchases

  • From Our Readers

December 2010

  • Simply Not Getting It…Error Correction Guidance

  • Net Of Fee Returns…Frequency Of Applying The Fee

  • Hurdle Rates And Why You Shouldn’t Compound Them

  • From Our Readers

Archive 2009 – Performance Perspectives Newsletter

January 2009

  • Academic Vs. Practitioner Writing

  • (And Speaking Of Words) The Word Of The Day

  • And Now, Speaking Of The Standards

  • Attribution For Plan Sponsors, Fund-Of-Fund Managers

  • Blueprints And Road Maps Vs. Mine Fields

  • Book Of The Month

  • The Rest Of All Bull

  • Performance Measurement Conference In A Down Market

 

February 2009

  • The Five Things I Hate Most About GIPS 2010

  • Don’t Be So Negative

  • What’s Missing?

  • A Webinar Is Coming To A Theater (Computer Screen) Near You…

  • What Happens When The New Verifier Finds That The Old Verifier Didn’t Do Such A Good Job?

  • Further Information Is Available…

March 2009

  • Something That Needs To Be Clarified

  • Market Recovery

  • Books As A Metaphor

  • Negative Sharpes

  • Verification Fraud

  • Verifier’s Corner

  • The Loss Of A Performance Measurement Guru

April 2009

  • Cumulative Vs. Annualized

  • Madoff & The Beardstown Ladies

  • After After-Tax Is No More

  • Pardon Our Brevity

  • Verified, But Are You Really Compliant?

May 2009

  • Risk Is Back In Style

  • Past Specific Recommendations

  • VAR…Are You Convinced That It’s Voodoo Yet?

  • Performance Measurement For Pension Funds

  • Multi-Currency Attribution

June 2009

  • GIPS 2010

  • From Our Readers

July 2009

  • Single Account Composites

  • GIPS 2010…The People Have Spoken

  • Confusion Caused By Time-Weighting

  • Standard Deviation And Falling Off The Fence

August 2009

  • Four Months To Go, And Counting

  • To Template Or Not To Template

September 2009

  • GIPS Examinations: Are They Really Necessary?

  • We Comply Because…

  • Questioning Conventional Wisdom

  • Judgment And The Standards

  • GIPS 2010

October 2009

  • Getting A “Grip” On GIPS

  • From Our Readers

November 2009

  • CIPC Comments On Verifiers Lack Of “Fieldwork”

  • Sampling

  • Factor Vs. Decision Based Attribution

Archive 2008 – Performance Perspectives Newsletter

January 2008

  • UNSUPERVISED ASSETS…THERE’S MORE THAN MEETS THE EYES

  • BALANCED PORTFOLIOS…HOW TIMES CHANGE

  • ASSUMING IT’S RIGHT

  • ATTRIBUTION…ART OR SCIENCE?

  • CARVE-OUTS…WILL IT BE A PROBLEM?

February 2008

  • SOCIÉTÉ GÉNÉRALE – A WAKE UP CALL?

  • MONEY-WEIGHTED ATTRIBUTION

  • IRR STANDARDS WORKING GROUP

  • REPORTING RETURNS AT THE AGGREGATE LEVEL

March 2008

  • THE CONFUSING WORLD OF MODIFIED DIETZ

  • OUR NEXT BOOK PROJECT

  • LATE BREAKING NEWS

April 2008

  • AMSTERDAM EC MEETING

  • GETTING THE DATA CLEAN

  • UNSUPERVISED ASSETS (and the income that comes from them)

  • WHAT DO YOU SHOW IF THERE’S NOTHING TO SHOW

  • FROM OUR READERS

May 2008

  • THE END OF CARVE-OUTS?

  • IS VaR VOODOO?

  • THE BLACK SWAN

  • SO MANY MODELS…SO MUCH CONFUSION

June 2008

  • CARVE-OUTS…I’M SO CONFUSED

  • BRINSON FACHLER VS. BRINSON-HOOD-BEEBOWER

  • RISK MEASUREMENT CHALLENGES

July 2008

  • WHOSE RATIO IS IT?

  • ANNUALIZING STANDARD DEVIATIONS

  • FROM OUR READERS

August 2008

  • TREYNOR RATIO MYSTERY, SOLVED

  • WHAT ABOUT NEGATIVE SHARPE RATIOS?

  • ANNUALIZING STANDARD DEVIATIONS

  • VERIFIER INDEPENDENCE

  • A “WHITE PAPER”

September 2008

  • WHEN IS A PROSPECT A PROSPECT (FROM A GIPS PERSPECTIVE)

  • VERIFIER CORNER

  • MORE ON VERIFIER INDEPENDENCE

  • THANKS FROM FR. RAY

  • TSG NEWS

  • FROM OUR READERS

October 2008

  • CROSSING INTO UNCHARTERED TERRITORY

  • PERSPECTIVES

  • GLOBAL FIXED INCOME ATTRIBUTION: IS ONE CURVE ENOUGH?

  • VERIFIER’S CORNER

November 2008

  • GIPS 2010…SOME IDEAS GOOD, SOME NOT SO

  • SHOWING “STANDARD DEVIATION” ON A PRESENTATION… RISK MEASURE OR DISPERSION MEASURE?

  • EX ANTE RISK MODELS

  • VERIFIER CORNER

  • TSG NEWS

Archive 2007 – Performance Perspectives Newsletter

February 2007

  • GETTING TO KNOW M-SQUARED A BIT BETTER

  • PMAR V…SHAPING UP TO BE QUITE AN EVENT!

  • FROM OUR READERS…

March 2007

  • QUALITY OF VERIFICATIONS

  • VERIFYING THE VERIFIERS

April 2007

  • CLOSING A COMPOSITE…HOW TO?

  • VERIFICATION – MINIMUM TIME PERIOD

  • GEOMETRIC OR ARITHMETIC ATTRIBUTION…YOUR PREFERENCE?

  • COMMUNITY SERVICE IN NEW ORLEANS

May 2007

  • WHERE ARE THE ADVERTISING POLICE?

  • TIME-WEIGHTING OR MONEY-WEIGHTING? THE ANSWER: WHAT’S THE QUESTION?

  • SIGNIFICANT CASH FLOWS…AN EASY REQUIREMENT TO OVERLOOK

  • SHORT POSITIONS – KEEP THEM SHORT

  • FROM OUR READERS

June 2007

  • WILL IT NEVER END?

  • ARITHMETIC VS. GEOMETRIC ATTRIBUTION…SHEDDING SOME LIGHT ON A COMPLEX TOPIC

  • COMMENTS FROM A READER

July 2007

  • I OBJECT!

  • SPEAKING OF GIPS…

  • COMMENTS ON OUR JUNE NEWSLETTER

August 2007

  • MINDING THE (MONEY-WEIGHTED) GAPS

  • SEC COMPLIANCE LETTER

  • READERS RESPOND

October 2007

  • A QUANDARY? PERHAPS.

  • SEC COMPLIANCE ALERT

  • MY COMMENTS ON THE SEC’S STUDY

  • RISK MEASUREMENT

  • TERRA INCOGNITA

November 2007

  • VERIFIER INDEPENDENCE

  • TERMINATING COMPOSITES

  • COMMENTS FROM READERS

December 2007

  • ATTRIBUTION PRICE EFFECT

  • INTERACTION BLACK BOX

  • SIGNIFICANT VS. LARGE

  • THE CHEESE STANDS ALONE

  • A READER OFFERS AN ALTERNATIVE APPROACH FOR HANDLING MUTUAL FUNDS

Archive 2006 – Performance Perspectives Newsletter

January 2006

  • CGIPS™ CERTIFICATION

  • COMPOSITE STANDARD DEVIATION

  • COMPOSITE BENCHMARKS

  • WHERE’S MY FALL ISSUE?

February 2006

  • CGIPS™ SURPRISES

  • MIS-CLAIMS OF GIPS® COMPLIANCE

  • REVALUING PORTFOLIOS

  • COMMENTS FROM A READER

March 2006

  • GOOD NEWS & BAD NEWS

  • ADVERTISING COMPLIANCE

  • WHEN CLOSE IS GOOD ENOUGH

  • BOOK RECOMMENDATION

  • QUOTING FROM A BOOK ON FRENCH ART

  • CHINESE TRANSLATION IS ON ITS WAY!

April 2006

  • CGIPS…THE EXAM

  • COFFEE AND PERFORMANCE MEASUREMENT

  • GIPS…IS IT WORTH THE TIME AND MONEY?

  • CELEBRATE!

  • COPERNICUS, PTOLEMY, AND PERFORMANCE MEASUREMENT

May 2006

  • ANNUALIZING RETURNS

  • MONEY-WEIGHTED BENCHMARKS

June 2006

  • THE NAME GAME

  • AND SPEAKING OF CGIPS…

  • ANNUALIZING RETURNS (CONT’D)

  • SUBPORTFOLIO RETURNS

  • A FEW WORDS ON SHORTS

  • SOME PERSONAL REFLECTIONS

July 2006

  • DOES MODIFIED DIETZ REALLY WORK ON A DAILY BASIS?

  • IT’S ALL GREEK TO ME

  • THE NAME GAME

  • COMMENTS FROM READERS

  • CORRECTION…EXPANSIONS

August 2006

  • MORE ON INTERACTION

  • COMBINING INTERACTION SHIFTS THE CREDIT (OR BLAME)…A GOOD IDEA?

  • IT’S ALL GREEK TO ME

September 2006

  • OUR FOURTH YEAR!

  • DOLLAR-WEIGHTED RETURNS AND MORNINGSTAR

  • HOW TO BE OFFENSIVE, IN ONE SIMPLE LESSON

  • WHAT TO INCLUDE…WHAT NOT TO.

  • ANNUALIZING RETURNS – STANDARDS OR GUIDANCE TO FOLLOW

  • 9/11 TRIBUTE

October 2006

  • ATTRIBUTION ON INTERACTION

  • “YOU HAD ME AT ‘HELLO’”

  • FROM A READER

November 2006

  • WHEN ASSET-WEIGHTING WORKS (AND WHEN IT DOESN’T)

  • A QUESTION FROM A READER

  • A FACELIFT

December 2006

  • WHEN ASSET WEIGHTING WORKS (AND WHEN IT DOESN’T) (PART II – MONEY WEIGHTING)

  • WHAT IS THE QUESTION?

  • ABUSIVE GAP CROSSINGS & ANNUALIZING WHEN THERE IS A GAP

  • MORE WORK COMING!

  • FROM OUR READERS

  • CIPM (FORMERLY KNOWN AS CGIPS) RESULTS

Archive 2005 – Performance Perspectives Newsletter

January 2005

  • Attribution Survey

  • A Vote for Money-weighting

February 2005

  • A new version of the standards has arrived!
  • Following up on last month’s example

March 2005

  • MANDATORY VERIFICATION – WILL IT EVER END?

  • IS DAILY ATTRIBUTION NECESSARY?

  • PERFORMANCE SOFTWARE VENDORS IN THE NEWS

  • WHAT DOES “TRADE DATE” MEAN?

April 2005

  • MIND THE GAP

May 2005

  • MONEY-WEIGHTING AT THE SUB-PORTFOLIO LEVEL

  • MINDING THE GAP

June 2005

  • MORE ON MONEY-WEIGHTING

  • I PROMISED

  • DAVE’S BOOK CLUB

July 2005

  • TIMING OF CASH FLOWS – ON A DAILY BASIS

  • THE TIMES, THEY ARE A CHANGIN’

  • THE IRR – HANDLING THE ITERATIONS

August 2005

  • “BYE, BYE AIMR-PPS®, SAAJ, UK-IPS,…”

  • UNDERSTANDING THE STANDARDS’ PLACE IN THE UNIVERSE

  • ENGLISH, AN UNCOMMON LANGUAGE

  • DAVE’S BOOK CLUB

September 2005

  • 100 DAYS AND COUNTING

  • CGIPS PREPARATION CLASSES

October 2005

GIPS™ – IT’S COMING TO A THEATER NEAR YOU

December 2005

  • VERIFIER INDEPENDENCE

  • ANNUALIZATION OF ATTRIBUTION EFFECTS

  • BOOK OF THE MONTH

  • CLOSING OUT THE YEAR

Archive 2004 – Performance Perspectives Newsletter

January 2004

  • Gold GIPS – what you don’t know may hurt you!

  • Treatment of Large Cash Flows

  • A new publishing venture

February 2004

  • Can I get a witness?

  • Risk Management and Monitoring

  • Hedge funds and performance measurement

March 2004

  • IPC Meeting in Brussels

  • A new CVG

  • Leverage & Derivatives

  • Date changes for new standards

  • Reporting as well as presenting?

  • “Gold” GIPS is here!

April 2004

  • Commenting on “Gold” GIPS

  • Wrap Fee Accounts

  • Selecting a verifier

May 2004

  • What happened to AIMR?

  • A new attribution effect?

  • Certification of Investment Performance Professionals

  • It’s official

June 2004

  • Clarifying the differences

July 2004

  • What’s in a name?

  • A single global standard

  • New subcommittees

  • TSG Selected Again to Train for AIMR (CFAI)!

August 2004

  • Ending our first year!

  • Geometric Attribution and Interaction

  • More commentary on Modified Dietz

September 2004

  • The 3 Cs

  • IPC Meeting – Washington D.C.

  • Allow me a moment to reflect

  • 2005 – not to soon to start planning

October 2004

  • It’s a sweep!

  • 2005 – not to soon to start planning

November 2004

  • New Guidance Statements

  • Draft Guidance Statement – Verifier Independence

  • Draft Guidance Statement – Leverage & Derivatives

  • Common areas of confusion – the standards

  • Certification Program

December 2004

  • New Guidance Statements (continued)

  • Draft Guidance Statement – SMA/Wrap Fees

  • Draft Guidance Statement – Record Keeping

  • Draft Guidance Statement – Error Correction

  • Performance Attribution Survey

  • Internet Spam

  • Performance Attribution Survey

Archive 2003 – Performance Perspectives Newsletter

September 2003

  • The Presentation Standards

  • Gold GIPS

  • Leverage and Derivatives

October 2003

  • Software searches

  • Technology Survey

  • Fixed Income Attribution

  • The IPC

  • A little about politics

November 2003

  • Interaction explained (briefly)

  • Mandatory verification

December 2003

  • Is stock level attribution all it’s cracked up to be?

  • Pardon the interruption

  • Some clarity on carve-outs

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