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Writing Underwater
2

Writing Underwater

Writing Underwater

(OP)
This is part of a report by a respected Australian investment fund:......."It represents investments made by the Fund's active style investment managers and enhanced passive investment managers"

Can someone interpret what this statement means?

RE: Writing Underwater

Why "Writing underwater"?

RE: Writing Underwater

2
"Writing underwater" - the pen is moving across the paper, but what is on the paper when you are done is nothing.

I prefer math & Shakespeare:  exp(pi*i+1)  It is a tale told by an idiot - full of sound and fury, signifying nothing.

RE: Writing Underwater

(OP)
StephenA
SMF1964 pretty much got it right.
Where I come from a local expression is when someone who is not speech defective speaks and appears the only person understanding, they are said to be "talking underwater".
Lips can be seen moving and sounds heard, but what is being said is extremely difficult to comprehend.
As writing must be read I felt "Writing Underwater" appropriate.

RE: Writing Underwater

    
To create your own gobbledygook sentences
select one phase from each of the groupings 1-10, 11-20, 21-30 & 31-40.


1    One might say    
2    Aesthetically speaking
3    On the other hand
4    Based upon inter-disciplinary considerations
5    With sensitive respect for human scale
6    Indubitably
7    Above and beyond plebian comfort objectives
8    Beyond the horizon of the human intellect
9    Architecturally thinking
10    In the final rationalization
11    the massing of major elements
12    the introduction of brutalism
13    the treatment of the main façade
14    the initial stage of conceptual development
15    the by-product of repetitive space articulation
16    the life-cycle cost control
17    the environmental impact analysis
18    energy conservation regulations
19    the structural dynamic analysis
20    the internal use adjacencies and circulation
21    must utilize and be functionally interwoven with
22    maximizes the real probability of cost overruns for
23    adds specific critical path events to
24    necessitates that urgent considerations be made of
25    requires exhaustive trade-off study to arrive at
26    is further compounded by taking into account
27    presents extremely synergistic challenges to
28    recognizes the critical necessity to subtract from
29    imposes smothering constraints upon
30    adds overriding three dimensional constraints to
31    the sophisticated design solution
32    the anticipated degree of human ambiance
33    the acuteness of the conflict gradient
34    the pragmatics of value engineering
35    the final quantitative analysis
36    the evolution of performance specifications
37    the philosophy of commonality and standardization
38    the study of true fecundity in the state of the art
39    the creation of an immortal monument to posterity
40    the final abortion

Picking 5, 12, 21 & 39 yields - With sensitive respect for human scale the introduction of brutalism must utilize and be functionally interwoven with the creation of an immortal monument to posterity.

RE: Writing Underwater

(OP)
In the earlier post, please ignore "a local expression is"

RE: Writing Underwater

(OP)
Well done Rich2001, but what are enhanced passive investment managers?

RE: Writing Underwater

If Investment Managers (IMs) are considered passive when they are conservative in their risk-taking with regard to investments, investing in low-yield items such as you'd find in your typical individual checking accounts.  Enhanced passive investment managers (EPIMs) could be beyond that level of conservatism, investing in such things as SYMIMs (stuffing your money in mattresses) or DHITBY (digging a hole in the back yard).

RE: Writing Underwater

From what I understand, a passive investment manager is one who chooses stocks or funds which will not adversly affect his performance rating with respect to some benchmark.

In other words, let's assume that an investment manager is being judged by his/her performance against the DJ average.  If that  manager were then to position the fund so that all shares were properly distributed within the DJ stocks, then that manager will perform almost identically to the DJ average.  That's a passive investment manager.

However, if that same manager positioned 80-85% of the shares in DJ stocks, but assumed a little more risk with the other 15-20% of the fund, then the manager will have enhanced his passive position.  The fund is still predominately passive (80-85%), but has been enhanced by the remaining shares.

Active style managers assume considerable more risk with their portfolios.

The statement in the opening post is trying to say that the referenced investments appeal to both the low-risk (passive) fund managers and the high-risk (active) fund managers, but is so full of flowery manure that it probably misses the point.

Good Luck
--------------
As a circle of light increases so does the circumference of darkness around it. - Albert Einstein

RE: Writing Underwater

As far as I am concerned a passive investor or stockholder, or limited partner, is one who invests money but does not manage the business or property. Am I right ?

RE: Writing Underwater

I appreciate you point 25362, but the term 'passive manager' means that the person is a manager. It is a specific term in the investment industry.  Passive does not mean being or not being a manager, because the person is the fund manager.  Passive speaks to the style of management, or how the person manages the fund.

Good Luck
--------------
As a circle of light increases so does the circumference of darkness around it. - Albert Einstein

RE: Writing Underwater

enhanced passive investment manager


I see a guy, sitting on his couch smoking pot in a cigarette made with his rolled up paycheck.

RE: Writing Underwater

I object to this expression. When writing underwater, one doesn't use pen or paper, but a pencil and white plastic board work very well. Available at your local dive shop.

RE: Writing Underwater

CajunCenturion,

Not wishing to defend the fine example of corporate gobbledygook that rnd2 has presented, my financial adviser makes the following distinction:

Active Investment Manager: Attempts to beat the performance of the relevant benchmark index (e.g. Dow Jones, FTSI, ASX200, etc), by analysing stocks within that index, and adopting "overweight" positions in those stocks that are expected to outperform the index, and being "underweight" in those that are expected to underperform. Their objective is to provide annual returns that are higher than the benchmark indices. (In my experience, roughly half of them achieve this objective,a and roughly half of them fail - pretty much the same results that you get by choosing stocks by throwing a dart at the financial papers!)

Passive Investment Manager: Selects and maintains an investment portfolio so that the proportions of the stocks held match the chosen benchmark index (within a small tolerance). Their objective is to provide returns that closely match the performance of the chosen index.

For example, if Company A makes up 5% of the value of the ASX200, then a Passive Investment Manager who is using the ASX200 as the benchmark will adjust the portfolio so that the holding in Company A is 5% of the total portfolio value.

If analysts predict that Company A is likely to trend upward faster than the ASX200, then an Active Investment Manager will hold more than 5% of Company A BEFORE it moves upward. A Passive Investment Manager will follow Company A's performance, and will buy more of Company A AFTER it's price rises, and AFTER it becomes worth more than 5% of the ASX200.

I would guess that an "Enhanced Passive Investment Manager" has whiter teeth and shinier shoes than a conventional "Passive Investment Manager".

RE: Writing Underwater

(OP)
Thanks everyone.
So on this occaision enhanced infers some sort of activeness? We have an active passive investment manager.

RE: Writing Underwater

(OP)
What are active style investment managers?
I know in the wine industry a style of wine is a wine similar to a particular (famous) region but cannot legitimately be claimed to be from it.

RE: Writing Underwater

Clearly an enhanced passive investment manager is a passive investment manager who has undergone cosmetic surgery of some sort.

RE: Writing Underwater

Here's the biggest joke:

The difference between an active investment manager and a passive one is approx. 2-2.5 % as far as the management expense ratio is concerned (in Canada anyway), so you're better off investing in INDEX funds (passively managed)that merely reproduce the returns of the stock index, without charging the investor too much.

Over the long term, say 30 yrs, this difference could amount to substantial losses...like hundreds of thousands of dollars to the investor.

RE: Writing Underwater

I thought "Passive Managers" were considered deadwood and were first to go during a downsizing.....

Keep the wheels on the ground
Bob

RE: Writing Underwater

Sorry, RND2, but how did you conclude that an "enhanced passive manager" is more active?

If "enhanced" modifies "passive" then my interpretation is that this guy (gal) sleeps a bit longer than most, maybe, in extremis, even hibernates.

I hear one guy just come out of a 19year coma: now that's "enhanced passivity".

JMW
www.ViscoAnalyser.com

RE: Writing Underwater

Well, I (for one) am a passive manager I think.  Just this morning, I ignored a problem and by this afternoon it went away!

I may have enhanced my passivity by napping thru the lunch hour.

What fun!

Goober Dave

RE: Writing Underwater

The employment of this polysyllabic profundities is a perspicuous demonstration of fundament indemnity.

RE: Writing Underwater

(OP)
jmw
My conclusion, which in retrospect should have been a question, came from CajunCenturion and JulianHardy's excellent posts.
Before this, I too believed passive meant doing nothing and if that were a good thing then to enhance passive meant less than nothing. As this fund is supposed to EARN money not LOSE money, this did seem a wrong interpretation.
Enlightened by C & J's persuavsive interpretation I arrived at active passive which is an oxymoron. So, an enhanced passive manager is a moron on oxygen?

RE: Writing Underwater

DRWeig ... It is said that problems which go away by themselves have a habit of returning by themselves ... I would keep one eye open when napping in future.

Sweet Dreams

& all the best.

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