PFGBest Update: Not Quite Man’s Best Friend
As the PFGBest scandal has played out, a variety of lawsuits have been filed against a host of entities. For his part, Russell Wasendorf, Jr. has been attempting to downplay both his own culpability in the firm’s downfall, as well as his financial ability to pay restitution to those who have been wronged. While the information about the latter is scarce, the argument for his innocence is on shaky ground, to say the least.
Sweet Home Chicago #1
It’s been a while since Chicago has been able to brag about first place. So when a recent study broke down hedge fund performance by major US city, we were thrilled to see our own Chicago come out on top. If we can’t have championship rings, we’ll take top-performing city.
Mint That Coin
While the dramatic New Year’s Fiscal Cliff fiasco is behind us, the buck was passed to the 113th Congress on the debt ceiling debate. During this political intermission, the kind folks of the internet commentariat have done the job of Congress for them. They’ve found an easy, simple way to avoid a debt ceiling showdown along partisan lines. Their proposal: mint a trillion dollar coin.
PFGBest Update: Death and Taxes
Look, we get it. Everyone wants a piece of Wasendorf. But with the state going after him for back taxes, we have to say this is getting a little bit ridiculous now.
Weekend Reads
The new year is upon us, and with the fiscal cliff behind us, we can finally… start counting down to the fiscal cliff again. This time it’s the delayed sequestration and a (potential) rerun of 2011’s debt-ceiling showdown that we’ll face in less than two months’ time. It’s like a bad soap opera – the same characters rerunning the same petty dramas, season after season, with little hope of a satisfying conclusion. Until the next episode airs, however, here’s what we’re reading headed into the weekend.
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.
The owner of this blog, RCM Alternatives, may receive various forms of compensation from certain investment managers highlighted and/or mentioned within the blog, including but not limited to retaining: a portion of trade commissions, a portion of the fees charged to investors by the investment managers, a portion of the fees for operating a fund for the investment managers via affiliate Attain Portfolio Advisors, or via direct payment for marketing services.
Managed Futures Disclaimer:
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.
See the full terms of use and risk disclaimer here.
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