Which of the following is not listed as a consideration when analysts compare companies' investment performance?

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When comparing investment performance, analysts focus on outcomes that reflect the actual value created after accounting for the environment in which the investments operate. The size of investable assets is considered because the scale of assets influences benchmarking choices and the ability to diversify, which affects how performance is interpreted across firms. Risk is central because returns must be evaluated in relation to the amount of risk taken; a higher return isn’t as impressive if it comes with disproportionately higher risk. Taxes matter because after-tax cash returns can differ notably between companies due to tax positions and jurisdictions, so true performance is better judged after taxes.

Liquidity of investments, on the other hand, is about how easily assets can be bought or sold and how quickly cash can be raised. While liquidity affects strategy and risk, it isn’t a direct input into the standard performance measure used to compare how well investments perform.