All we want for Christmas is benchmark understanding. Educating clients that managers need higher returns than the benchmark; firing managers because of drift and looking different from the benchmark; and having too many asset classes is not the client’s fault. We know benchmarks are a point of understanding of how a manager is different and hopes to outperform, over time. We know managers need to be different to outperform the benchmark, net of fees. Changing the manager, the benchmark, or the Consultant with no track record (GIPS) may not be working. All we want for Christmas is for the client to understand they need to change the person responsible for the asset allocation and the manager selection when the portfolio’s risk adjusted benchmark return of 60/40 or 70/30 is not being met.