Hello everyone. Welcome back, thank you for joining me again. In the previous module, we tackled the central problem in performance measurement. How do we accurately measure the change in our portfolio value, our investment return, and how do we measure the risk appropriately? And finally, how do you compare those returns and risk measures to benchmark correctly? In this module, you want to take the next logical step and focus on measuring risk-adjusted performance. One of the problems that we often face as analysts or investors is determining which investment is more attractive than the others. In order to answer this question, we need to be able to compare investments in terms of their desirability. In this module, you're going to learn about return to risk measures that will help us do exactly that. The tools that you will learn in this module will also help you answer another important question that modern investors today face. Whether they should undertake active management of assets or invest in an index fund that is engaged in passive management of assets. Now given that active portfolio managers are usually rewarded for the portfolio's risk-adjusted return over a benchmark, it is very important to be able to measure risk-adjustment returns correctly. Most personal investors focus with tunnel vision on raw returns. This is why each year, most mutual fund investment flow into the ones that had the best performance or the highest returns of the previous year. Now, this is obviously, absolutely a mistake because you need to look at returns with or in the context of risk. It's a mistake to look at returns without the context of risk. In this module, you're going to learn several different ways of constructing risk-adjusted return measures for an actively managed fund, and understand how these measures differ from each other. Here we go. Enjoy.