Edward Phillips Comment On Regulatory Notice 22-08
Edward Phillips
N/A
A leveraged ETF is the simplest security to understand. Investors of all levels of understanding need to be protected from paying loads, commissions, delays in redemptions, and from every money manager who does not understand the Sharpe and Sortino ratios, how to calculate CAGR and report theirs, deviations from random, optimization, value-at-risk, and how to use Monte Carlo simulation. The word "fiduciary" does not protect investors from ignorant investment managers.
Edward Phillips Comment On Regulatory Notice 22-08
A leveraged ETF is the simplest security to understand. Investors of all levels of understanding need to be protected from paying loads, commissions, delays in redemptions, and from every money manager who does not understand the Sharpe and Sortino ratios, how to calculate CAGR and report theirs, deviations from random, optimization, value-at-risk, and how to use Monte Carlo simulation. The word "fiduciary" does not protect investors from ignorant investment managers.