The main points covered in this article comprise:

1. term “calculated value return” (or “CVR”) originally used
2. virtually all investment performance MV-based
3. pension trustees have very long timeframe
4. alternative to using MV for assessment mentioned by others
5. “broadly right” better than “precisely wrong”
6. client fund example with comments
7. relying on MV can give wrong long-term message
8. several references (especially alternatives mentioned)

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