The problems of comparing like with like

Institutions like benchmarks. Their jobs are a little safer when they can compare their bad performance to an even worse industry average. 'Yes, we are down this year but have you seen Nasdaq!' is a comment I have heard more than once this year and so, no doubt, have many clients. Conversely, portfolio managers can give themselves a pat on the back when they pick funds which perform consistently higher than their peers ' a great sweetener if fees are increasing and an even better way for an

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