If You Can’t Explain Yield, You Are the Yield.
But the number being visible does not mean the mechanism is clear. If the source of a return is unclear, the opportunity is usually less understood than it appears. This is where a simple dashboard stops being enough. What looks generous on the dashboard can feel much thinner after the full set of trade-offs shows up. One reason this matters is that displayed yield and realized yield are often very different things. A strategy can look strong on the dashboard and still feel disappointing in p...
If You Can’t Explain Yield, You Are the Yield.
But the number being visible does not mean the mechanism is clear. If the source of a return is unclear, the opportunity is usually less understood than it appears. This is where a simple dashboard stops being enough. What looks generous on the dashboard can feel much thinner after the full set of trade-offs shows up. One reason this matters is that displayed yield and realized yield are often very different things. A strategy can look strong on the dashboard and still feel disappointing in p...
