31 Dec '13, 2am

Cultural Revolution and Benchmarking

Cultural Revolution and Benchmarking

Anyone remember the story of that taxi-driver who shared he earned $7,000 a month? Then it was discovered the $7,000 were his best months; not the average per month… Hold this thought. It never fails to tickle me pink when I read about self-professed long term “investors” are so enthused into comparing annual performance returns, benchmarking this, benchmarking that. It can become like during the Cultural Revolution in China. “Next year my annual production will be 10% higher than last year!” village A chief shouts. “Our village will hit 20%!!!” exclaimed village B chief with an even louder voice. Village chief C stands up in a superman pose, one arm on his hip and the other pumped up to the sky, “Our village will strive for 50% increase!!!” (Is this or-yi-or Tarzan power or what?) Everyone claps; everyone cheers! Long term benchmarking for long term investors I often poke...

Full article: http://thefinance.sg/2013/12/31/cultural-revolution-and-b...

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