GIPS
The Global Investment Performance Standards, a voluntary set of ethical principles published by the CFA Institute for how investment firms calculate and present historical returns. The point is comparability: when a firm claims GIPS compliance it has agreed to rules that block the most common ways performance is flattered — cherry-picked accounts, quietly dropped failed funds, and returns inflated by client cash-flow timing. Treat a GIPS claim as a trust signal to look for, and its absence as a reason to ask exactly how the numbers were built.
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