Account Performance
The time weighted rate of return is net of fees to the client.
Risk measures for the same account.
Performance
“To see why temporarily high returns don’t prove anything, imagine that two places are 130 miles apart. If I observe the 65-mph speed limit, I can drive that distance in two hours. But if I drive 130 mph, I can get there in one hour. If I try this and survive, am I 'right'? Should you be tempted to try it, too, because you hear me bragging that it 'worked'? Flashy gimmicks for beating the market are much the same: In short streaks, so long as your luck holds out, they work. Over time, they will get you killed.” Graham 37