One of my favorite websites is www.Dictionary.com. I reference it frequently, when I come upon a word I’m unfamiliar with, or want to verify the meaning of a word I plan to use. I also subscribe to their “Word of the Day,” which is usually a word I’ve never seen. A few weeks back the word was filiopietistic (fil-ee-oh-pahy-i-TIS-tik). It’s an adjective “pertaining to reverence of forebears or tradition, especially if carried to excess.” You may already be seeing where I’m going here.
Excessive reverence for tradition.
As in …
- Our devotion to, and love affair with, time-weighting
- Our need to use the (flawed) aggregate method to derive asset-weighted composite returns
- Our fixation on asset-weighted returns, rather than the much more meaningful equal-weighted variety.
There’s a saying you may be familiar with:
Well, I’m 61, and I’m open to change and new tricks. Guys close to half my age refuse to budge.
And, to quote another saying, go figure.