What’s Behind The Numbers?
- Topics:
- Commercial Lending
- Tags:
- First Quadrant,
- Human Resources,
- Investment Manager,
- Performance,
- Performance Management,
- Workforce Management
- Source:
- First Quadrant
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Overview: The article focuses on the importance of achieving numbers in order to judge the performance. It argues that selecting an investment manager is really all about selecting a manager who can produce the best numbers in the future. It can be argued about what numbers – should they be risk adjusted, should they take into account the worst case shortfall, etc. – but regardless of which set of numbers we want the investment manager to produce for us, we want good numbers produced! It would seem, therefore, that if we want good numbers in the future, we should be able to look no further than past numbers to gauge prospects for future performance, right? Isn’t it as simple as that? As often cited, the fact that “past performance is no guarantee of future results” is only part of the problem. Even if we know what the past numbers are, the numbers are only a surface representation of what has happened; the same set of numbers may look good from one perspective and poor from another. Something as simple as a change in the definition of the calendar year can make a bad product look good, or a good product look bad.
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Format: PDF | Size: 841KB | Date: Jan 2002 | Pages: 22
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