Topic_17_E2 - Topic 17 Exercise 2 Performance Measurements...

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Topic 17 Exercise 2 Performance Measurements Are They Appropriate? Peter L. Bernstein is a well known author and participant in the financial markets. He serves as Peter L. Bernstein Inc., economic consultants to investors; and he has written numerous books on finance and investment. Two of his well known books are “Against the Gods: The Remarkable Story of Risk” and “Capital Ideas: The Improbable Origins of Modern Wall Street.” He was also a founding editor of the Journal of Portfolio Management. He addressed the International Center for Financial Asset Management and Engineering (FAME) in February 2002. A transcript of his address, “How Modern is Modern Portfolio Theory?” examines the many issues that are relevant to performance measures, most of which are based on the Modern Portfolio Theory (MPT). After reading the transcript of this presentation, answer the following questions: 1. Mr. Bernstein describes three areas or factors on which MPT has been criticized.
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