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Next Boston QWAFAFEW Meeting: Tuesday, 20 Sep 2016

September 20, 2016 @ 6:00 pm - 8:00 pm

Next Boston QWAFAFEW Meeting: Tuesday, 20 Sep 2016


Time: 6:15 PM sharpe

3rd Floor of the Tennis & Racquet Club, 939 Boylston Street

RSVP to hugh@QWAFAFEW.org


QWAFAFEW Mailing List


In appreciation of the 20th Annual CFA GIPS Conference in Boston:


Understanding Investment Performance

Observations from a Crotchety Old Practitioner

FILE DOWNLOAD:  understanding-investment-performance



A QWAFAFEW discussion led by:


Mark R. David, CFA



Over the course of 29.718579235 years (act/act) working in and around the asset management industry, the presenter has spent a good deal of time conversing with other practitioners about performance, and occasionally reading articles that some of them publish on the topic. These encounters, combined with a few more billable hours spent designing and implementing performance analytics, have contributed to what he perceives to be his elemental “Understanding” of “Investment Performance” (more likely, just a pile of inflated and sketchy opinions).

In an informal discussion – which only barely qualifies as “quantitative” (see QWAFAFEW by-law 62.7, paragraph c) – we’ll scrutinize his (very likely) spurious assumptions, observations and conclusions around a variety of performance topics, including:

  • Where do formulas come from? What are they for?
  • Performance of what? What is an asset? Does it have legs?
  • What latitude have we to calculate – and, hopefully, understand – return, weight and contribution?
  • Does anyone understand transactions and flows? Exposure and leverage?
  • Is time-weighted return, really?
  • What is the nature of time? Who invented periodicity? Why does it muck up performance results?
  • Finally, what is “Understanding”, and how can I calculate it?



Bonus to All CFA GIPS Attendees

Free Admission to September Boston QWAFAFEW

All you can drink in 2 hours – That’ll improve your performance!



Mark R. David is the founder of Essex River Analytics, a consulting firm specializing in the construction of quantitative, data-intensive, proprietary analytics for asset managers of all types, including equity, fixed income, global asset allocation and hedge funds.  Since 1995, Essex River has developed a reputation for its expertise in the domains of Performance Measurement & Attribution, Portfolio Construction and Risk Analytics, and has architected and delivered dozens of solutions for its clients. Mark publishes regularly on these topics, and received a 2007 Dietz Award honorable mention for excellence in performance measurement literature.  While continuing to practice, he has recklessly embarked on a side venture: book-writing, under the working title of “Understanding Investment Performance”.


Please RSVP hugh@QWAFAFEW.org


QWAFAFEW Mailing List


All annual dues ($150) should be paid to Boston QWAFAFEW by credit card, Bitcoin or check.

By credit card (PayPal)



By Bitcoin

Send us Bitcoin, our address is:


Please send a separate email identifying your anonymous payment.


By check:

Executive Management Associates

12 Academy Avenue

Atkinson, NH  03811




Please RSVP for all meetings you plan to attend: hugh@QWAFAFEW.org

Guests who do not RSVP may have to wait to enter the meeting, due to space constraints (capacity=100, BFD).


Guest fees ($30) can be paid through EMA (check or PayPal, bring receipt) or bitcoin (at address above). We still allow walk-ins (space permitting). The $30 guest fee can be paid by bitcoin, cash or check at the door, no credit cards at the meeting. Please bring exact change (eg: two twenties = $40 Guest Fee).


As always, if you have names or discussion topics, please forward them to any member of the Steerage Committee


Questions, comments:

Steerage Committee

Hugh Crowther (Treasurer)

Dan diBartolomeo

Mike Dunn

Steve Gaudette

Sri Krishnamurthy

Mark Kritzman

John Minahan

Donna Cool Murphy (Dinners)

Larry Pohlman

Dan Potter

Dan Rie

Evan Schulman

Michael Wilcox


The members of the Steerage Committee are responsible for coordinating the program content.

Program suggestions from members are always welcome.


RSVP to: hugh@QWAFAFEW.org


September 20, 2016
6:00 pm - 8:00 pm




Tennis & Racquet Club
3rd Floor of the Tennis & Racquet Club, 939 Boylston Street
Boston, MA,
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