DiMarzio, Angelo A.; Ritter, Thomas J.; Haire, David B.
July 1993
Journal of Financial Planning;Jul93, Vol. 6 Issue 3, p129
Academic Journal
In the 1990s, financial planners need to take a fresh look at methods for evaluating investment performance. We believe total return and shortfall deviation provide the most suitable performance criteria. Applying these criteria over a full market cycle will serve planners well during the next decade by developing diversified portfolios that include stocks and long bonds, as well as a blend of fixed-investment instruments.
Financial theorists historically have based risk measurement on absolute total variability (standard deviation) or relative total variability (beta). However, investors do not view risk in these terms, with positive and negative deviation regarded equally. While these classic risk measurements possess important statistical properties.


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