On the 11th anniversary of the terrorist attacks that rocked the nation, the country is in a state of reflection. But in an era of economic fragility, the new enemy, deserved or not, has become uncertainty. The fiscal cliff has been shoved to the peripheral as politics take center stage. No one ever expected the country’s fiscal issues to be addressed before November, but the debt rating agencies don’t seem to be on board with the delay strategy.
Category: Macro Commentary
11
Sep
2012
11
Sep
2012
PFGBest Update: CFTC asks Trustee to Verify
Last week, the PFG trustee announced plans to make an initial distribution of customer funds – at last. Just a few days later, however, the regulators come in saying that motion shouldn’t be granted. This is obviously a complicated process, but we think there are far better options than further delays for customers waiting to get their money back.
06
Sep
2012
PFGBest Update: Interpreting the Distribution Motion
By now, most people have heard about the trustee’s motion yesterday for a distribution. There’s been a lot of confusion and a lot of questions about what different elements mean, and while we had been anticipating further clarification from the trustee’s office, that’s not looking likely, so we’ll explain what we know so far.
05
Sep
2012
Asset Class Scoreboard- August Update
We’ve updated the 2012 asset class scoreboard through August, and it looks like a perfect case of why you shouldn’t fight the Fed. We’re happy to see managed futures hanging on to a positive year, however slightly, and hope to see them close the year on a strong note.
31
Aug
2012
PFGBest Update: NFA Making the Right Changes?
In the wake of PFGBest’s bankruptcy, we’ve been calling for Congress to launch an investigation of the NFA. Now we’re seeing encouraging signs of progress – the NFA has acted on their own, retaining expert consultants on the matter to conduct an independent review. We’re cautiously optimistic, but it looks like we may be FINALLY turning a corner.
30
Aug
2012
Volume and Open Interest
When investors who are used to trading stocks first get into futures, most of what they see makes sense. Open, High, Low, Close, Volume – these are all fairly intuitive. But in the futures trade, there’s another number we sometimes use: open interest (OI). So what’s the lowdown on volume, open interest, and the role that these two stats play in the world of managed futures?
30
Aug
2012
PFGBest Update: It’s About Time
Today is August 30th. It has been a month and a half since PFGBest declared bankruptcy. After silence from the Trustee – FINALLY – news from his offices.
29
Aug
2012
Numb to the Rumors
The low volume, low volatility August continues – along with speculation about what, exactly, is going on. Earlier this year, rumors of QE or a Eurozone bailout sent markets reeling. Have the markets finally become numb to the rumors?
23
Aug
2012
The Risk in Hedge Funds as a Portfolio Hedge
Two of our favorite financial writers took opposing sides this week on the value of hedge funds. While they both made valid points, we decided to take a look at hedge fund returns by strategy type – and found that the question is more nuanced than it seems.
20
Aug
2012
Review: Drobney’s “The Invisible Hands”
I finally finished Steven Drobny’s 2010 book: The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money. If you are a pension fund or endowment investment manager, this is a must-read. If not, well, you should probably read it anyway.
