Portfolio Turnover Explained: Reading the Number Right

Two fund fact sheets sit open on my screen. One reports portfolio turnover of 28 percent for the year. The other reports 165 percent. The instinct is to read the…

Comments Off on Portfolio Turnover Explained: Reading the Number Right

Look-Ahead Bias in Backtesting: The Timestamp Test

An equity curve slopes up and to the right, smooth, barely a drawdown across ten years. It reads like a finished strategy. Then you check one detail: the ranking that…

Comments Off on Look-Ahead Bias in Backtesting: The Timestamp Test