The new paper "How to use Sharpe Ratio" is an important read for any analyst looking to compare two managers or strategies using the Sharpe ratio. Many of the implications of the Sharpe ratio have been discussed in previous papers; however, this paper presents all the limitations and possible solutions in a single reading. The authors present several adjustments to the Sharpe ratio to address issues such as non-normality, and they also list and comment on all prior research associated with the Sharpe ratio. The overall conclusion is that using quick calculations should be done with peril. Oftentimes, minor adjustments will help on the margin. This is important because often Sharpe ratios for many strategies are close to each other, so rankings will flip once you account for some of these adjustments
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