Weekend Reads
It’s been a long week (of hockey anxiety) in Chicago, despite the Memorial Day shortened week; and our Blackhawks are back at it this weekend with back to back games, meaning no rest for the weary. Outside of hockey, it was a volatile week for many markets, with stocks yo yoing back and forth, bonds […]
What does Chinese deal mean for Hog Prices?
Yesterday, the market woke up to the news that the world’s largest porker producer, Smithfield Foods (ticker SFD), is in discussions to be bought by China’s largest meat processor, Shuanghui International Holding, in a $7.1 billion deal. Now, this acquisition (if it goes through, more on that in a minute) would be historic on a […]
Is the government helping speculators manipulate grain futures? No.
Is the government (and CME) helping speculators manipulate the grain market? No. The recent article in Salon is little more than tired old cries of “greedy speculators” wrapped in criticism of High Frequency Trading (HFT) and sprinkled with some nutty conspiracy theory aimed at getting page views.
Waiting for the Bond Bear: Thirty-third Time’s the Charm?
We won’t even try to count the number of times we’ve started get excited about the prospect of a bear market in bonds (rates higher, bonds lower). We just can’t help ourselves – a sustained downward trend in the market combined with higher T-bond yields would provide an excellent opportunity for managed futures to prosper. […]
The Hedge Fund Mirage Strikes Again
There are certain ideas in finance that behave like bad sci-fi movie monsters. Whether they are born in a dark, shadowy corner of the world or produced by some well-intentioned soul, they soon take on a life of their own. Only after they’ve spread does it become clear that something isn’t quite right. Eventually, someone […]
Disclaimers
Managed futures, commodity trading, forex trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. You should not rely on any of the information as a substitute for the exercise of your own skill and judgment in making such a decision on the appropriateness of such investments.
The entries on this blog are intended to further subscribers understanding, education, and – at times – enjoyment of the world of alternative investments. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts. Opinions expressed are that of the author.
The mention of specific asset class performance (i.e. +3.2%, -4.6%) is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.), and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.
The performance data for various Commodity Trading Advisor (“CTA”) and Commodity Pools are compiled from various sources, including Barclay Hedge, RCM’s own estimates of performance based on account managed by advisors on its books, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor’s disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor’s track record.
The mention of general asset class performance (i.e. managed futures did well, stocks were down, bonds were up) is based on RCM’s direct experience in those asset classes, estimates of performance of dozens of CTAs followed by RCM, and averaging of various indices designed to track said asset classes.
The mention of market based performance (i.e. Corn was up 5% today) reflects all available information as of the time and date of the publication.
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Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.
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