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Carl Bacon

Chief Advisor, Confluence & Chairman of the GIPS Executive Committee

Recent Posts

Understanding the 2020 GIPS® Standards

Aug 11, 2020

Global investment management firms have had long-standing challenges in complying with the patchwork of laws, regulations and market customs in the places where they do business. The problem is that across...

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GIPSⓇ 20/20: The Vision and Evolution of the Standards

Mar 06, 2017

Global Investment Performance Standards (GIPS®) are ever-evolving to keep up with the fast-changing investment industry.

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Timing of intra-day cash flows

Aug 23, 2013

The Global Investment Performance Standards (GIPS) quite correctly point out that valuing the portfolio and calculating interim returns each time there is an external cash flow is the most accurate method...

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Why stock-level attribution by Carl Bacon CIPM

Mar 11, 2013

Stock- or security-level attribution is clearly required for “bottom-up” portfolio managers that are taking investment decisions at an individual security level. 

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Performance Fees - Good or Bad?

Dec 20, 2010

After a brief lull during the credit crisis performance (or incentive) fees are again becoming increasingly high profile.

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The Future Landscape of Performance Attribution

Sep 16, 2009

It is now 20 years since the publication in the Financial Analysts Journal of the "Determinants of portfolio performance" by Brinson, Hood and Beebower, and together with "Measuring non-US equity portfolio...

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How sharp is the Sharpe ratio?

Sep 11, 2009

Any discussion on risk-adjusted performance measures must start with the grandfather of all risk measures the Sharpe Ratio or Reward to Variability which divides the excess return of a portfolio in excess...

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Money Weighted versus Time Weighted Attribution

Sep 04, 2009

In one sense there ought not to be too much discussion about the relative merits of money-weighted or time-weighted attribution, the attribution methodology must be consistent with the methodology used to...

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