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SEIDES: If the S&P is your benchmark, which it isn’t for these pools of capital. RITHOLTZ: What should be their benchmark? So the proper benchmark for those pools has to look a little bit like the underlying assets they’re investing in. So what do you use for a benchmark? So the credit markets froze.
ADVERTISEMENT) RITHOLTZ: So you’ve been with BlackRock since the financial crisis. And because remember, Lehman had the Lehman Agg and that was the benchmark. There is above benchmark returns to be generated by active selection of credit quality duration and specific bonds. There is alpha.
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