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We Tried To Re-Create JPMorgan’s Mutual Fund Returns And Gave Up
"Recreate returns" in the headline means recreate the analysis - comparison/ranking of these funds relative to others. In addition to JPMorgan being opaque about its comparisons, the article says it is similarly opaque about the management approach (why equities were traded).
That is consistent with what I saw at a JPMorgan shareholder meeting. I've only gone to two fund shareholder meetings - a JPMorgan one and one with T Rowe Price. At the latter I got to meet Brian Rogers and suggest to him that Price offer more value funds. (Yes, he's value oriented, but the family isn't.)
In contrast, at the JPMorgan shareholder meeting, not a single fund director showed up, nor anyone really high up in the company.
Don't take this the wrong way. I know JPM would do nothing wrong. Scanning through Bloomberg presentation and it harkens back to Bernie Madhoff days.
I have not heard the term "cannot recreate the analysis" since Madhoff was revealed for who he was. Was trying to remember who was the fund manager did his due diligence and blew the whistle to the SEC in that case.
We could show you, but then we would have to kill you.
I'm sure JPM , GS, and the other five families have secret operations that are only known to those who need to know. There are lots of nondescript warehouses over in New Jersey.
PS: The most likely thought is that even they do not know. The HFT computers they use are so fast that trades held for a millisecond cannot be tracked.
Well, they actually could, but the printout for an hour's trades would span the earth at the equator over 106 times!
(The math that I used to compose this interesting factoid is a proprietary secret, and I cannot divulge any details. I can say however, that no true facts were involved, only the other kind.)
Comments
That is consistent with what I saw at a JPMorgan shareholder meeting. I've only gone to two fund shareholder meetings - a JPMorgan one and one with T Rowe Price. At the latter I got to meet Brian Rogers and suggest to him that Price offer more value funds. (Yes, he's value oriented, but the family isn't.)
In contrast, at the JPMorgan shareholder meeting, not a single fund director showed up, nor anyone really high up in the company.
Don't take this the wrong way. I know JPM would do nothing wrong. Scanning through Bloomberg presentation and it harkens back to Bernie Madhoff days.
I have not heard the term "cannot recreate the analysis" since Madhoff was revealed for who he was. Was trying to remember who was the fund manager did his due diligence and blew the whistle to the SEC in that case.
Then there is this older ploy:
pay no attention to the man behind the curtain
We could show you, but then we would have to kill you.
I'm sure JPM , GS, and the other five families have secret operations that are only known to those who need to know. There are lots of nondescript warehouses over in New Jersey.
PS: The most likely thought is that even they do not know. The HFT computers they use are so fast that trades held for a millisecond cannot be tracked.
(The math that I used to compose this interesting factoid is a proprietary secret, and I cannot divulge any details. I can say however, that no true facts were involved, only the other kind.)