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Misleading Practice:
Representative Accounts : Selecting a top-performing portfolio to represent the firm’s overall investment results for a specific mandate.
Representative Accounts : Selecting a top-performing portfolio to represent the firm’s overall investment results for a specific mandate.
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Misleading practices included: Representative Accounts : Selecting a top-performing portfolio to represent the firm’s overall investment results for a specific mandate. Survivorship Bias : Presenting an “average” performance history that excludes portfolios whose poor performance was weak enough to result in termination of the firm. 
nvestment performance data. Several performance measurement practices hindered the comparability of performance returns from one firm to another, while others called into question the accuracy and credibility of performance reporting overall. <span>Misleading practices included: Representative Accounts: Selecting a top-performing portfolio to represent the firm’s overall investment results for a specific mandate. Survivorship Bias: Presenting an “average” performance history that excludes portfolios whose poor performance was weak enough to result in termination of the firm. Varying Time Periods: Presenting performance for a selected time period during which the mandate produced excellent returns or out-performed its benchmark—making comparison with other firms’ results difficult or impossible. Making a valid comparison of investment performance among even the most ethical investment management firms was problematic. For example, a pension fund seeking to
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Open itMisleading practices included: Representative Accounts : Selecting a top-performing portfolio to represent the firm’s overall investment results for a specific mandate. Survivorship Bias : Presenting an “average” performance history that excludes portfolios whose poor performance was weak enough to result in termination of the firm. 
Original toplevel document
Reading 4 Introduction to the Global Investment Performance Standards (GIPS®)nvestment performance data. Several performance measurement practices hindered the comparability of performance returns from one firm to another, while others called into question the accuracy and credibility of performance reporting overall. <span>Misleading practices included: Representative Accounts: Selecting a top-performing portfolio to represent the firm’s overall investment results for a specific mandate. Survivorship Bias: Presenting an “average” performance history that excludes portfolios whose poor performance was weak enough to result in termination of the firm. Varying Time Periods: Presenting performance for a selected time period during which the mandate produced excellent returns or out-performed its benchmark—making comparison with other firms’ results difficult or impossible. Making a valid comparison of investment performance among even the most ethical investment management firms was problematic. For example, a pension fund seeking to
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