Mammoth construction of the Great Pyramid of ancient Egypt. The earliest known proboscideans, the clade that contains the elephants, existed about 55 million years ago around the Tethys Sea area. The closest relatives of the Proboscidea are the sirenians and the hyraxes. The family Elephantidae is known to have existed six million years ago in Africa, and includes the living elephants and the mammoths. Among many now extinct clades, the mastodon is only a distant relative of the mammoths, and part of the separate Mammutidae family, which diverged 25 million years before the mammoths evolved. The following cladogram shows the placement
Relative return a meaningful sense for absolute return strategies. After all, the neutral position of these portfolios is to be fully invested in cash without any other long or short positions. Thus, the risk-free rate is an appropriate benchmark to use for measuring the relative return of absolute return strategies. Relative return Relative return is a measure of the return of an investment portfolio relative to a theoretical passive reference portfolio or benchmark. In active portfolio management, the aim is to maximize the relative return (often subject to a risk constraint). In passive portfolio management, the aim is to obtain a relative