I got this after getting a job in the investment management industry that involved me looking at and using attribution and risk measures. Although I didn't do much calculating myself, I found this to be a very valuable guide for understanding both those concepts, and to empower me to do some basic excel calculations when required. I commend the author for clearly explaining these concepts in an organized way.
This book is so well written it is easy to absorb a huge amount of technical detail in a short time. Every concept and formula is explained in terms that assume no prior knowledge and then an Excel example is given to illustrate the mechanics underlying the math. It is a comprehensive reference that helps unravel the various formulas used to present investment performance metrics.
This book is an excellent review of performance measurement. It covers all of the areas and hits each with logical progression. Somewhat suprisingly, it holds up well as a straight through read as well as a reference.
Though I gave it five stars, I would have liked to see more on GIPS presentations. It does offer two chapters on the subject, but there is more that could have been included. That said, it is a great overview on GIPS in general.
This is one of the few books I have ever read twice. One reason is that, as a financial decision evaluation modeling consultant, I have found Investment Performance Measurement to be one of the few books on the topic repeatedly mentioned at financial firms, software providers and performance conferences. It is definitely a great foundation upon which to build an understanding of the field and I appreciated a number of its insights. I was also very impressed by the rarity of critical errors regarding the introduction it provides to technical matters.
I'm taking the Investments course within the Certified Financial Planner program. This book really helped clarify many of the terms and formulas we had to learn. The Mayo text covers the material, but from a more academic slant. I just wish I had bought the Feibel book well before the class started. It may not be technical enough for graduate students in Finance or people who normally read scholarly papers on investment theory. But for everyone else, like individual investors or people going back to school learning investing fundmentals, it's a great reference.
This book provides the novice a moderate reference to world of investment performance reporting, ala performance reporting 101.
As an IT management consult I can comfortably say there is no one authoritative reference on anything. That said, this text while historically and technically accurate does not represent nor provide meaningful examples of contemporary best practices.
Also, absent from the text are key discussions I would have benefited: the opportunities availed to a modern organization for large-scale automated computations - rather than all manual processes; linkages to the consumers of the performance information in various communities from client wealth tiers, brokerage operations, and financial advisers, analysts and money managers; and best practices for some of the new product and security types more prevalent in the 2006 era.
This book is very well thought out and takes it step by step from basic to advanced.
The really good thing about it is that it shows you how it looks in Excel which means it helps with how it would be entered into a computer.
I have read many books on this subject. This book is the best. It's well written, easy to understand, but in much detail.
Some other books only cover some calculation of returns, but this book covers all the subjects that matter to investment performance measurement: Return Measurement, Risk Measurement, Efficiency and Skill Measurement, Performance Attribution and Performance Presentation.
This book is not expensive. Good value for your money.
Excellent presentation of performance measurement. Great for the novice to advanced reader. Very concise yet thorough as well as a focused text. Calculations are clear with plenty of examples which makes this text very user-friendly. The reader can quickly begin to implement the formulas. Highly recommend to anyone interested in this important topic.
I find myself referencing Feibel's performance algorithms quite often. The book overall is well written, easy to follow, and quite organized. I recommend it to anyone that needs a good handbook alongside them or is new to performance calcs.
It is about time that a text like this has been made available. There are others out there, but none that cover the breadth and detail required to understand what is relevant today. Covering everything to how returns are calculated, and then moving on up to other more complex issues such as risk and attribution - it lays it all out, along with clear examples to support the text. It should sit as a reference tool on anyone's desk who works in investment management.
Product Details :
Hardcover: 368 pages
Publisher: Wiley; 1 edition (February 4, 2003)
Language: English
ISBN-10: 0471268496
ISBN-13: 978-0471268499
Product Dimensions: 6.5 x 1.1 x 9.6 inches
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