D. Performance Presentation.
#analyst-notes #code-of-ethics-and-standards-of-professional-conduct #iii-duties-to-clients
When communicating investment performance info, you must make reasonable efforts to make sure that this information is FAIR, ACCURATE, and COMPLETE.
There have been several practices that obstruct performance presentation and comparability, such as:
- Representative accounts - only the best results are presented.
- Survivorship bias - accounts that have been terminated are excluded from the results presented.
- Portability of investment results - results from previous employment are disclosed.
- Varying time periods - only the results for the good time periods are reflected.
A firm cannot claim that they are/were in compliance with CFA Institute's standards unless they comply in
allmaterial respects with CFA Institute's standards.
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