I am inclined to NOT learn the GIPS recommendations because:
- I don’t want to end up trying to remember if something was a requirement or a just a recommendation, and 2) CFAI only gets to ask me so many questions, so are they really going to “waste” one of them asking about something that is only recommended?
On another GIPS topic, my calendar reads “May 2013”, which means that whatever GIPS provisions have not been in effect since 2011, or 2010, or 2006, or 2001 are not particularly relevant. My default approach is: If the text is referring to something that was only enforced during the Bush Administration, I pay less attention.
I’d love to know absolutely everything about everything, but I lack a photographic memory, so there might not be room in my brain fore every single tidbit.
I’ve not done GIPS yet, saving it for this weekend. But it sounds like a fun topic already!
Democrats never pass Level III.
I think some “recommendaions” vs “requirements” might be OK - e.g. recommended to show returns gross-of-fees (IIRC) but not required.
Agree about 2001, 2006, 2010, whatever. I just can’t remember that. Portfolios to be valued quarterly when? Significant cash flows when? Don’t care. Right now (ironically, ignoring the fact that GIPS 2013 is already out!) it’s monthly and on the days of all significant cash flows, I believe.
Thanks for reminding me. I forgot to add something to the effect of: “The Bush Administration reference is only meant to be used a time period reference and no political commentary is implied.”
As a Canadian posting on an overwhelmingly American forum, the last thing I want to do is turn the conversation to politics.