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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7

Time-weights for no one: Investors' focus should be on current income, not unrealized gains

Author: Roy Schneiderman

I once heard someone say, “You can’t pay pension benefits with unrealized gains.” But the current market’s focus on benchmarking and, by extension, time-weighted returns may be driving attention to unrealized gains when it would be better to focus on cash to pay benefits.

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