@article {Waid48, author = {Robert J Waid}, title = {Long-Only: The Natural Benchmark Choice for 130/30 }, volume = {35}, number = {3}, pages = {48--50}, year = {2009}, doi = {10.3905/JPM.2009.35.3.048}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Controversy surrounds the choice of a proper benchmark for short-extension investment strategies, such as a 130/30 strategy. Because these strategies are compared to hedge funds and have significant implementation differences compared to long-only strategies, peer groups or even a 130/30 index have been suggested as the appropriate benchmark. The author argues that a short-extension investment strategy is not a separate asset class and it competes for the same investment assets as a long-only strategy; thus, a short-extension investment strategy requires a long-only benchmark{\textemdash}rather than a unique benchmark{\textemdash}to measure manager skill.TOPICS: Accounting and ratio analysis, equity portfolio management, retirement investing}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/35/3/48}, eprint = {https://jpm.pm-research.com/content/35/3/48.full.pdf}, journal = {The Journal of Portfolio Management} }