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> All I am saying is that if you ignore risk free rate of return (or use zero)
> you can get a uniform comparison regardless of who does the calculation...
Not really, for all the reasons Gary mentioned. Any calculation can be
fudged if two different people are doing it.
The reason you want to include the T-bill rate is what's the point in
taking the risk of investing in a fund if it can't beat T-bills? A fund
whose profits match the T-bill rate has a Sharpe ratio of zero. If it
returns less than T-bills, the Sharpe is negative. That's useful
information.
--
Dennis
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