Chart(s) of the Week: Hello Taper, so long Risk On/Risk Off
Christmas came early for financial bloggers. As if one major event wasn’t enough, the Federal Reserve and Captain Bernanke (our personal nickname) announced the much hyped, much anticipated start of tapering, but only slightly. Here was the action in the DOW, Nikkei, and Vix – see if you can spot when the announcement was made:
CTA’s and CPO’s: Vote for Bry and Jaffarian
Two such good eggs are Doug Bry and Ernest Jaffarian, who were concerned enough about the industry response to MF Global that they petitioned to get placed on the ballot for NFA Director to do something about it. Well, they’re now facing a contested election, and we at Attain would like to see them continue the efforts and work that are underway to bring needed reforms to NFA.
Mark Twain Warns about Investing in Stocks in January
Ok, we may have taken a little bit (a substantial amount) of liberty with that headline, but the statement isn’t completely false. Here’s the rest of what the great American Writer supposedly had to say.
The Overall Buzz about Managed Futures from The Top Managers Themselves
Kudos to HFR and CTA Intelligence Magazine for putting on a different this week. This wasn’t the usual “promise” of matching up managers with potential investors, which more often than not fails to materialize. This event was more of a brainstorming session on how to raise assets rather than a place to find assets… as well as an opportunity for CTAs to mingle and question billion dollar managers, pension consultants, and multifamily office reps on how to crack into their slice of high society.
Blast from the past: How Futures saved Stocks
We’re happy to review the recent re-release of the documentary “Cancel Crash,” documenting the Stock Market crash of 1987, and how the futures market in Chicago saved the Dow. The story within the story was what was going on the next day, October 20th in Chicago, how three transactions helped saved the markets when no one else was trading.
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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