Year 4 done. Decent spread vs ACWI, but just slightly lagged S&P. First time I didn't beat both. Disappointing.
Year 4 done. Decent spread vs ACWI, but just slightly lagged S&P. First time I didn't beat both. Disappointing.
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My benchmark is the ACWI, but in practice it's more like =MAX (S&P 500, ACWI). Investors can always say, "I could have just owned SPY"... and that's fair. Probably not enough to get fired... but not winning any awards for that sort of performance.