Your Friendly Gold Public Service Announcement
Is gold a safe haven during times of uncertainty? We compared the recent decline in gold prices to the drop we saw during the (last) financial crisis. If you’re looking for a safe haven investment, gold might not be your best bet.
FX Futures: 40 Years Later
Today marks the 40th anniversary of the launch of FX futures by the CME – a perfect opportunity to reflect on how this market has influenced global finance in general, and managed futures in particular.
Batter Up: Managed Futures and the Coming Crisis
This week our newsletter looks at some of the looming “what-ifs” on the horizon – the Euro’s troubles, the US fiscal cliff, a Chinese slowdown – and how managed futures might fare if the worst-case scenario became reality.
Mutual Fund Death Spiral Continues?
When Pimco launched an ETF to track its famous Total Return mutual fund, one of our favorite bloggers declared it the beginning of the end of all mutual funds. How is that prediction holding up now that the Total Return ETF has been active for a while?
The Why Alternatives? Wrap Up
Last week’s flurry of conference activity was full of great insights from many clever people. Now that we’ve had a few days to recover, we decided to paint a bigger picture – what were the common themes we heard throughout the week?
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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