Is the Size of the Managed Futures Industry Inflated by 56%?
About that $300 billion+ of managed futures assets under management (AUM) we see reported here and there (and in turn report here on our blog)… Turns out that total AUM number from the BarclayHedge database includes Ray Dalio’s Bridgewater Associates – also known as the largest hedge fund in the world – in their managed futures AUM figures. So where does Bridgewater belong? Should they be in the managed futures number? Or should they only be counted toward the total AUM of hedge funds?
The Oil/Nat Gas Slide Continues
We’ve been wondering lately whether natural gas futures were set to reclaim the title of “Widowmaker,” but in the meantime, we’ve seen a different widowmaker move taking place: the collapsing oil/natural gas spread.
Gambling, Investing, or “Prediction Marketeering?”
This week, the CFTC took action against the online prediction market Intrade. It’s not the first time they’ve run into regulatory trouble, and frankly it’s not very surprising. Will the folks at Intrade figure out a legal way to operate their market in the US? If only there was somewhere we could go to bet on whether or not they will…
The Powerball at the End of the Long Gamma Rainbow
Tomorrow night we may see the largest Powerball jackpot in history, and the 2nd largest US lottery payout ever. But we can say one thing for certain: we won’t win it, because we aren’t playing. So why don’t we like the lottery? In short: math.
John W. Henry – An Autopsy of One of the Greats
The news that John W. Henry was shutting down his eponymous managed futures shop was the kind of story that draws us like a moth to a flame. This was an industry stalwart in every sense of the word. This isn’t quite Paul Simon hanging up his guitar, or Steven Spielberg deciding to get out of the movie business – but it’s close in terms of shock factor in the managed futures space. And it raises one huge question: what in the world happened?
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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