Hello again,

Thank you for adding to the conversation. I am not certain whether or not you read the entirety of the Principles for Investment Reporting for which I provided a link, but it argues exactly for what you argue, too. Namely, that investment reporting must be in alignment with, not only a client's investment objectives, but with a client's understanding of those investments. Further, the PIR argues that the same financial information should be tailored precisely for the audience. This means that an investment manager and her client could receive two different reports based on the same data, uniquely tailored to the needs of both. If an investment consultant wants Sharpe and Treynor ratios, style box, style drift, tracking error, and so forth they may have those measures. But if the client doesn't care then they should not receive that information. The unifying factors for all reports are GIPS and the degree to which client goals are achieved. The goal of the PIR is to harmonize performance results with client understanding.

Yours, in service,

Jason