DM Newsletter – December 2017

Including Risk in the Definition of Performance – When reviewing portfolio performance, investors often want to know how they’ve done vs. other available options, which might include comparisons against widely accepted benchmarks, other money managers, or even different asset classes. What is often left out of such cursory analysis, however, is risk and how much of it was borne to achieve realized returns. Unfortunately, risk can be a difficult attribute to quantify ahead of time and is often only fully appreciated after the fact, when damage has already been done.

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