Weekend Reads
Hopefully, by this point, you’re thoroughly enjoying your Halloween weekend. It’s probably about time to relax after the week we just saw. It seems as though Europe, after more dramatics than most of us would have preferred, has found some kind of solution to the mess they’re facing, while simultaneously squashing some of the market […]
These aren’t the droids you’re looking for…
Did the largest of the large commodities trading houses use Obi Wan Kenobi’s immortal line on the regulators when it came time to try and get a handle on speculation driving up commodity prices? The aim of the regulators in enacting recent position limits was to control excessive speculation. One of the problems with this […]
Anatomy of a Trend Following Trade- the Short Exit
We’ve spent a fair amount of time covering a fictional Crude trade in order to better illustrate how a typical trend following trade operates. We covered the long side entry in March when the Middle East and Japan threw the markets for a loop, and updated when the trade got stopped out in May. We […]
Our Top 14 Investing Movies, Ever
No, we’re not turning into an entertainment industry blog – but it turns out, we’ve got a pretty good list of (new & old) investing movies that we feel inclined to share. Sadly, you won’t see managed futures in the limelight (maybe that can be Before the Door‘s next project), and we already gave Margin […]
Managed Futures Spotlight: Covenant Capital Management
Our weekly newsletter is up, and we’re taking a look at a manager that has continued to impress as time has gone on. It has been nearly two years since we first profiled Covenant Capital Management in March of 2010. At the time, Covenant Capital Aggressive Program was, in our opinion, an up and coming trend […]
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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