PFGBest Update: Finally Taking Action
We were glad to see last week’s announcement from the NFA that they will be requiring all FCMs to give always-on access to view their segregated accounts online, but it’s still possible that someone will figure out a way to get by the new electronic confirmations. That’s why we’ve been calling for a SIPC-style insurance plan for the futures industry since last November – and now, it seems this proposal is finally being taken seriously.
Bain Capital: Not So Alternative
As election season moves into full swing, Romney’s record as CEO of private equity firm Bain Capital has been thoroughly dissected. Beyond the politics, some of the more recent commentary is far more interesting to us: Bain’s performance compared to other alternative investments.
Corzine to Continue with Business as Usual?
For those who were hoping that Jon Corzine would face criminal prosecution similar to what is being pursued with Russ Wassendorf, Sr., we’ve got bad news.
PFGBest Update: Wolf in Sheep’s Clothing?
Remember last week, when we talked about the sweep of margin out of an FCM and into a more traditional account as a means of protection? And how the legalities of the situation may well complicate the situation? Well, it looks like an unlikely player may just be stepping up to the plate and dancing around the legal concerns.
PFGBest Update: How far did the apple fall from the tree?
Since the PFGBest scandal broke, investors have been calling for heads on a platter. They have wanted Wasendorf Sr. arrested (done), the NFA disbanded/sued/held liable (not yet), and pray for US Bank and their deep pockets to have some liability so they pay out investors (fingers crossed). Underneath all of that, however, has been the question of just how much others at PFGBest (and especially Wasendorf’s son – Russ Wasendorf Jr.) knew about the fraud. Well, we may have a chance to find out.
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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