Webster's Dictionary provides multiple definitions of “transparency.” The first is: “Having the property of transmitting light through its substance so that bodies situated beyond or behind can be distinctly seen.”


Applying this to portfolio disclosure would suggest that each position, the “bodies” of a portfolio, should be explicitly disclosed, or “distinctly seen.”

Another definition of transparency is: “Having the quality of being easily understood, manifest, obvious.” Transparency, then, according to this second definition, shows the important figures while filtering out the subtle details. The increased transparency ...

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