Perold Sharpe is Stupid.

CFA Level III Portfolio Management
#1

This Perold Sharpe rebalancing thing is probably the stupidest thing ever. Here’s why.

Constant Mix is a concave strategy but isn’t the lowest risk because it does’t have a floor. BH does and in CPPI a floor can be dynamically established.

Excatly what is m? They never clearly define it. If m=cushion/investment in risky investment why is 0

One of the most poorly written theories in level 3. A close cousin of GIPS which equivocates a million times.

#2

I just take the exam. I don’t make it. A lot of stuff I don’t necessary like but it is what it is. Thanks for the rank. I can jive with you but this post won’t gain much traction here, especially at L3 where people usually just want to study, pass, and move on with their lives.