padman
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- 16/3/10
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Tutti (qui) lo conoscono,pure troppo 
,tutti lo inseguono,tutti cercano di batterlo,alcuni si limitano a raggiungerlo...il Graal tanto osannato,così etereo ed irraggiungibile (spesso)...per qualcuno é tutto,il fine ultimo.....
Ma è davvero così ?
É solo un parametro,o è IL parametro...?
Riporto un breve estratto,estrapolato lo preciso,da "Traders,guns&money" di Satyajit Das....che consiglio vivamente
Il testo tratta d'altro,ma ieri sera quel passaggio sul bench mi ha fatto sorridere....se dovesse parlare di rendimenti reali ed inflazione,riporterò anche quelli:
"In 1990's i consulted a pension fund.[...] prior to my arrival,the consultant had persuaded the trustees to put a small amount of the ptf into emerging markets.This was in 1996.In 1997 the asian crisis had sent the em plunging.The asset consultant,using a slick Power Point presentation () took the trustees the performance of their ptf."The em ptf has outperformed its benchmark by 3%"
"What was the absolute return ?" ,i asked...
"It's irrilevant.We only deal with returns relative to benchmark"
I pressed again,he did not answer...
The chairman didn't have a clue what i was saying,he sensed only the reluctance of the consultant to divulge this information...
[...]
The asset consultant was furious,but he had no choise but to respond."Well,the ptf was down 45% but the benchmark fell 48%,so we were +3%"
The chairman was confused,"what,we lost half our money?"
"Not really,we outperformed our benchmark..."
It was not a smart answer...
The chairman was apoplectic."Son,you can't make money when you lose money.What kind of idiot are you ?"
"You lied to us"
Not really,it's how the game is played
É solo un aneddoto...prendetelo come Vi pare....
Ciao e buona domenica
,tutti lo inseguono,tutti cercano di batterlo,alcuni si limitano a raggiungerlo...il Graal tanto osannato,così etereo ed irraggiungibile (spesso)...per qualcuno é tutto,il fine ultimo.....Ma è davvero così ?
É solo un parametro,o è IL parametro...?
Riporto un breve estratto,estrapolato lo preciso,da "Traders,guns&money" di Satyajit Das....che consiglio vivamente
Il testo tratta d'altro,ma ieri sera quel passaggio sul bench mi ha fatto sorridere....se dovesse parlare di rendimenti reali ed inflazione,riporterò anche quelli
:"In 1990's i consulted a pension fund.[...] prior to my arrival,the consultant had persuaded the trustees to put a small amount of the ptf into emerging markets.This was in 1996.In 1997 the asian crisis had sent the em plunging.The asset consultant,using a slick Power Point presentation (
) took the trustees the performance of their ptf."The em ptf has outperformed its benchmark by 3%""What was the absolute return ?" ,i asked...
"It's irrilevant.We only deal with returns relative to benchmark"
I pressed again,he did not answer...
The chairman didn't have a clue what i was saying,he sensed only the reluctance of the consultant to divulge this information...
[...]
The asset consultant was furious,but he had no choise but to respond."Well,the ptf was down 45% but the benchmark fell 48%,so we were +3%"
The chairman was confused,"what,we lost half our money?"
"Not really,we outperformed our benchmark..."
It was not a smart answer...
The chairman was apoplectic."Son,you can't make money when you lose money.What kind of idiot are you ?"
"You lied to us"
Not really,it's how the game is played
É solo un aneddoto...prendetelo come Vi pare....
Ciao e buona domenica
