Weekend Reads
It seems fitting to cap off one of the most boring weeks in years with the most boring day for S&P 500 in seven years. It may have been a boring week, but we’ve got just the thing to spice up your weekend: our weekend reads.
Bain Capital: Not So Alternative
As election season moves into full swing, Romney’s record as CEO of private equity firm Bain Capital has been thoroughly dissected. Beyond the politics, some of the more recent commentary is far more interesting to us: Bain’s performance compared to other alternative investments.
On Size, Luck, and CTA Returns
There’s been plenty of press around Nassim Taleb’s new short paper, especially his claim that new entrants into the money management space would be better off looking elsewhere. We’re big Taleb fans, and there’s certainly something to be said for his argument, but we’re not so sure Taleb’s argument applies to managed futures.
Corzine to Continue with Business as Usual?
For those who were hoping that Jon Corzine would face criminal prosecution similar to what is being pursued with Russ Wassendorf, Sr., we’ve got bad news.
The August Doldrums
It’s been a strange couple of weeks. It has reminded us of one of those scenes in a horror movie when it gets just a little too quiet… Major markets are trading in a narrow range, volume is down all over the place, twitter’s all abuzz about the VIX falling below 15… just what is going on?
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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