Question: Suppose that Piet did not have discretion to choose his allocation weights between the East and West regions, but was specifically requested by his client to place capital equally between the two regions (as he did). Suppose further that the within-region performance achieved by Tony represents an appropriate benchmark for property-level performance within each region. Then what is an appropriate benchmark for evaluating Piet's performance, and what is Piet's performance differential with respect to that benchmark?