The Institutional Investor
website published
"A Translation Guide
to Asset Manager-Speak"
Here's what
I liked most:
We have
never
lost money
= We have never
made money.
We have
a great backtest
= We are going
to lose money,
after we take
your money.
We are not
in crowded
positions
= We missed
all the best
performing
stocks.
We are not
correlated
= We are
underperforming,
while the market
keeps going up.
We invest
in unique,
uncorrelated
assets
= We have
an illiquid portfolio,
which can’t be valued.
We have a
bottom-up
approach
= We have no idea
what markets
are going to do.
We have a
top-down
process
= We think we know
what markets will do,
but really who does ?
The markets
had a temporary
mark-to-market loss
= Our fundamental
analysis was wrong,
and we don’t know
why we lost money.
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