GIPS
Also called: composites, fair-representation
GIPS (Global Investment Performance Standards) is the voluntary rulebook for reporting investment returns honestly and comparably. It exists because track records are trivially easy to flatter: show only the funds that survived, start the chart at the bottom, quote gross of fees. GIPS forces a firm to include every portfolio in a composite, use time-weighted returns, and disclose the method — so two managers' numbers mean the same thing. Compliance is optional, but institutional investors increasingly treat it as the price of entry.
Where this is taught
Definitions are the trailer. These free levels turn GIPS into something you play — one bite-size lesson, with worked examples, a quiz and XP.