Jeff Ptak: Absolutely. The familiar total returns that you just referenced, what that assumes is an initial lump sum investment. It's made at the beginning of horizon, held to the end of the horizon. Basically, you're measuring the difference between the ending and the beginning value. Dollar-weighted returns are different. They take into account the timing and magnitude of cash flows along the way. In that sense, they're a little bit more real life. As we know, we don't necessarily go and dump all of our money in at the beginning of some horizon. We might leg in or just circumstances might lend themselves to a more regular set of cash flows in and out of an investment. What we're trying to measure with a dollar-weighted return is the return of the average dollar that's invested in a given investment. Then we can compare that to the time-weighted return, the total return that we're all familiar with, and the difference should give us a sense of the impact of the timing and magnitude of cash flows, buys and sells along the way. Whether you’re just beginning your investing journey or a seasoned investment professional, there’s always more to learn whether you’re seeking out market commentary, lessons from economic history or alternative ideas from financial experts. Besides articles from established financial publications like Forbes or the Wall Street Journal, one of the best ways to access financial news and strategies are podcasts, especially because of their convenience and accessibility. Consumer sentiment surveys have ticked higher, correlating with increased discretionary sector stock gains. Hosts on "top finance podcasts" point to rising retail spending data as fundamental support for the rally in apparel and travel companies.
