How is VWAP calculated?

How is VWAP calculated?

When equity brokers pitch their share repurchase capabilities to corporations, they never fail to mention their ability to outperform VWAP. When asked how they outperform so consistently, the answers tend to be non-answers: “we have proprietary algorithms”...
Yield vs. Return: what’s the difference?

Yield vs. Return: what’s the difference?

Many times we use the terms return and yield interchangeably, and that may be because both concepts describe investment performance. But they are not the same. The difference is this simple: return is backward-looking, yield is forward-looking. Return Return is a...
Nuances of the Barclays Fixed Income Indices

Nuances of the Barclays Fixed Income Indices

Most corporate investors use benchmarks to express their desired asset allocation, to guide their asset managers’ portfolio construction process and, on an ex-post basis, to measure their performance. Well known indices such as the S&P 500 or the Barclays U.S....
How does selling bonds affect portfolio yield?

How does selling bonds affect portfolio yield?

I’m going to give you a rule of thumb for estimating portfolio yield after rebalancing (a.k.a., liquidating) your bond investment portfolio. If you don’t already explicitly know this rule of thumb, I am pretty certain that you have developed the intuition...
How to write an investment policy (3 of 3)

How to write an investment policy (3 of 3)

Now, finally the last step and a sample PDF available for download (at no cost, of course). In the final step, I simply recommend to ask two questions:   1. Does the policy restrict me from selecting a benchmark? I’ve seen instances in which restrictions around...
How to write an investment policy (2 of 3)

How to write an investment policy (2 of 3)

Now that I’ve set forth basic rules and principles to keep in mind when composing an investment policy for corporate investors here, let’s take a look at some essential and non-essential elements to be included in the policy. In a future post, I will...

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