HT: ZK
Great read from Howard Marks in this months Chairman Memo.
“Thus timing – and in particular the selection of the beginning point and end point for studying a performance record – plays an incredibly important role in perceptions of success or failure”
We have been managing clients assets for five years (!) at the end of the month, and we publish our track record for all to see. In general it has accomplished our objectives, but that is also for a full investment cycle. We also have a fund that started in Spring 2009, and while it has much much better absolute performance, the relative performance isn’t as good. It has been really interesting to see the reactions of many investors, professional as well, to essentially the same portfolio, but with different start dates…
I’m in Sydney and Brisbane this week, lots of fun meetings set up including one in the ocean on a board at Bondi Beach!
