EU Readying Finance Tax
The 2008 financial crisis brought quite a few ideas from the margins of financial thought into the limelight. Now, one of these ideas looks poised to enter into force in the EU: a financial transactions tax. Similar proposals have appeared in the US, but now it looks like some EU members are going to give us a live experiment of the idea.
Closing MFGlobal Loopholes?
After MFGlobal collapsed, there was a great deal of commentary on the accounting tricks that had been used to conceal the financial health of the company – moving the debt associated with the repo-to-maturity trades on European debt off of the balance sheets and out of the public eye. At the time, changing the accounting rules seemed like a long-shot, but that may be changing.
Good Reason to Be Nervous?
There’s a lot of economic data floating around right now, providing mixed signals on growth or prolonged stagnation, but the story that matters to us right now is the debt ceiling. The U.S. is set to hit the debt ceiling mid-February, and as it stands, there are enough factors combining to make us very anxious about what that means for the market.
Good News for MF Global Customers
In the wake of MF Global’s collapse, the process of picking up the pieces has dragged out for well over a year. But as the picture of what comes next has become clearer, it has also become rosier.
A Case Study in the Structural Risks of Hedge Fund Investing
Managed futures and the world of hedge funds have a love hate relationship. On one hand, lumping managed futures in with hedge funds can make it easier for investors to understand the general idea behind a managed futures investment. But there are some pretty major distinctions between hedge funds and managed futures investments that can give managed futures a bad rap.
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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