tag:blogger.com,1999:blog-2568941354104807757.post2095311291978783780..comments2023-10-05T09:07:24.225-04:00Comments on Investment Performance Guy: Goldman Sachs & Currency AttributionDave Spauldinghttp://www.blogger.com/profile/01777929408680234896noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2568941354104807757.post-58180370927724272732011-06-10T06:40:08.681-04:002011-06-10T06:40:08.681-04:00Steve, you are likewise "spot on." The a...Steve, you are likewise "spot on." The ability to break the effects down further, into their appropriate contributors makes sense. In some cases these arise from decisions; in other cases, they come from factors which, while not perhaps decision-related, still provide valuable insights into what is occurring.Dave Spauldinghttps://www.blogger.com/profile/01777929408680234896noreply@blogger.comtag:blogger.com,1999:blog-2568941354104807757.post-3318676780549380872011-06-09T22:25:25.303-04:002011-06-09T22:25:25.303-04:00Your logic is spot on. So why not extend your logi...Your logic is spot on. So why not extend your logic to include other significant structural characteristics that may be driving return, and account for their impact on the so-called "selection" effect? You might start with risk, measured by Beta, or you may recognize that a manager may be neutral to a sector but takes big industry bets. If unaccounted for, these would be mistaken for selection, just as in your currency example.StePhen Campisinoreply@blogger.com