?Have your cake and eat it?
Clients may describe a chunk of capital as ?excess?, but you can always guarantee that an eagle eye will be kept on the bottom line. Unless we are formally instructed to manage assets relative to a pure equity benchmark, therefore, we would advise giving at least equal importance to absolute and relative return issues when agreeing the mandate.
Private investors have always wanted to ?have their cake and eat it?, and why shouldn?t they? It is a perfectly natural reaction to the unnerving opportunities for making or losing capital to equal degrees in the same investment assets, but at different points of the cycle.
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