PFGBest Update: Dear House Committee on Agriculture
The House Committee on Agriculture questioned NFA President Dan Roth, and while they got a few things right, we were hoping for a lot more. Representatives, here’s a what you need to know – and why we still need a full Congressional investigation of the NFA.
Blame the Short Sellers? Here We Go Again…
Speculators are often the scapegoats during poor market conditions. The impulse makes sense, in a misdirected and ill-informed sort of way, but it doesn’t make these attacks any more legitimate.
QE Speculation v. The Markets
The market seemed to bounce back yesterday after Fed hints of a new round of quantitative easing, but how much does such speculation matter? We looked at whether increases in quantitative easing speculation was linked to changes to the movements of the stock market, and how durable those moves are.
PFGBest Update: The Place Where Logic Goes to Die
Hardly a day goes by without someone asking us if it’s possible to sue the NFA. As it turns out, holding the regulators accountable might not be so easy – they enjoy a wide breadth of immunity, and that’s a problem that goes far beyond recent scandals.
CTAs Step Up to the Plate
In a perfect world, the industry would have stepped up to the plate by now to make PFGBest clients whole, but without such action, individual players are doing what they can to try to help investors. Take, for instance, TYL Trading and their decision to temporarily scrap their incentive fee.
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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