STREET DOGS: Ben Carlson’s wisdom
Here are a few along with what Carlson calls his translations
Ben Carlson at A Wealth of Common Sense has published a list of clichés he has found are used often in fund promotions that "don’t tell you anything besides what you want to hear". Here are a few along with what Carlson calls his translations: "We have a go-anywhere, unconstrained investment style." Translation: We can lose money in any environment. "We provide stock-like returns with bond-like volatility." Translation: We provide cash-like returns with stock-like volatility. "We meet with company management and talk to all suppliers and competitors to truly understand our holdings." Translation: We read a lot of sell side analyst reports. "We’re not benchmarked focused." Translation: If and when we outperform we will definitely be comparing ourselves to the S&P 500, but not when we underperform "We have an excellent risk-adjusted return history." Translation: We’ve severely underperformed. "Our returns are top quartile." Translation: We just make up our own peer rankings. "Here’s ...
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