Benchmarks and Results

Apr 2006 //
Benchmarks

Indeed, the never-ending search for beatable benchmarks seems to have created a cottage industry in custom bench­marks.  Concerning benchmarks and performance, I’d like to make two points.  First, we have always used the S&P 500 as our investment benchmark.  Second, I’d like to reiterate our conviction that over the short run, results may not matter; however, over the long run, only results matter.