That’s Just About the Size of Things
Marketing materials often rely on generalizations about an asset class, but rarely do they provide investors with the kinds of solid information they need in order to make an informed decision. You shouldn’t make decisions based on what everyone else is doing; you should invest in a way that makes sense for your portfolio. We think that filtering information further makes it much more useful. Because we’re the helpful people we are, we decided to compile filtered information on managed futures for your investigative purposes.
The NFA Has Landed
To take part in the world of futures trading from a brokerage standpoint, registration is mandatory with the industry’s regulatory body, the National Futures Association (NFA). The next couple of weeks will be a testament to just this around the Attain offices, as the NFA is conducting their regular audit, which all members are subject to every three years or so. They’ll be poring over financial records, documentation, communications, promotional material and supporting evidence for days on end.
Waterview Tower- A Leading Economic Indicator?
If you’ve strolled (or floated) down the main stem of the Chicago River in the last 4 years, you’ve probably spotted the unfinished concrete skeleton at 111 W. Wacker Drive. The building, to be called the Waterview Tower, epitomized the 2008 recession, and we can’t help but wonder whether the resumption of work on this monument to the credit crisis might be a sign that we’re nearing the top of this post-recession rally.
Witches, Leprechauns, High Volume and other Mythical Concepts
Another visit to the pits today, another unique perspective. As it turns out, today is what was once known as a “witching” day- a day on which multiple contracts expired, specifically, stock options, stock index options, stock futures and stock futures options. In the past, witching days were significant because the markets were all closing at once, leading to higher volume and volatility. Today, the closes are more staggered, but even so, there’s a general expectation that one will see similar effects.
Goldman Sachs Not the Only One with PR Headaches
The CFTC’s website may not be digital real estate as valuable as the New York Times, but the whistleblower letter from a JP Morgan employee, admittedly following in the footsteps of Greg Smith’s resignation letter from Goldman Sachs, is raising some eyebrows.
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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