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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread
VTI 320.10-1.6%Nov 20 4:00 PM EST
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To: Dave Shares who wrote (599)7/31/2000 6:21:26 AM
From: set  Read Replies (1) of 10065
 
> beaten this to death

well, just a little more, with no intent to annoy.

The point is that the NAV can only be calculated
on a discontinuous basis, once every whatever unit
of time. In order to find out how the fund does
after some large amount of time, a week or a month,
you cannot directly calculate it from the gross movement
of the index but must add up the discontinuous gains
and losses of the fund, the number and extent of
which depend upon the totally arbitrary choice of base
unit of time. If you calculated NAV on a weekly
rather than on a daily basis, the intraweek period
would effectively not exist for the fund and you would
get a different result. With a very high resolution
you might get the fund to look like an oscillator.

I think.

ok. Sorry to drag it out.
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