(1). When an investment manager veers slowly away from the type of investments he’s supposed to be making. Usual result is affectionately referred to as “turnover”.
“Well, Mike, I think it’s safe to say you guys have experienced a little style drift lately. Buying California municipal bonds in a Turkish equity strategy is just not really what we were looking for.”
“Some of the bright spots from this year came from our billing department, so kudos to them. That new practice of getting invoices out with the correct mailing addresses really helped our bottom line.”