Elliott Wave's Prechter sounds the alarm (marketwatch.com)
2 hours ago
Thursday, October 20, 2005
Watching Refco falling apart & Hedge Fund Maze
How a 4 billion $ company feel apart in one week
Refco having its ups and downs
A guide to the Hedge Fund Maze from Businessweek
Refco's painful lesson for investors
Hedge Funds get tangled with bad business cycle
Refco having its ups and downs
A guide to the Hedge Fund Maze from Businessweek
Refco's painful lesson for investors
Hedge Funds get tangled with bad business cycle
Thursday, October 13, 2005
The Refco Scandal and Customer Funds
In the light of the recent events customers having accounts with Refco will remove substantial funds from the broker. This is what the National Futures Association says about segregation of customer funds from that of the firm.
More Refco news from Hedgeworld
Monday, October 03, 2005
When Stock Market Models Crash
cxoadvisory.com published a resarch study about Didier Sornette, Professor of Geophysics at UCLA, who forcasts a stock market crash since 2002, and who was serially wrong. (the picture above shows his latest prediction)
Thursday, September 22, 2005
Graham Stock Screen
39 stocks meet the criteria annual EPS Growth Rate >= 30 and P/E ratio <=10 at moneycentral.msn.com with STC leading the pack.
| Annual EPS Growth Rate >= 30 | P/E Ratio: Current <= 10 |
DJ Utility Index testing support
The DJ Utility Index made an all time high two weaks ago as it jumped over its highs back in December 2000. It is now testing its first support in the 390 /420 area.
EMini Biotech Futures start trading 9/26/05
The CME announced the start of the EMini Biotechnology Stock Index Futures effective 9/26/05. Traded on Globex, contract size is 50x the Nasdaq Biotechnology Index, which is a modified capitalization weighted index comprised of stocks that are classified as either pharmazeutical or biotechnology. Commodity code is BQ, Ticker Symbol BIO (Futures), BQX (undlying index)
Wednesday, September 21, 2005
Fed ups Fed Fund Rate to 3.75%
Stocks fell sharply after the Fed raised interest rates a quarter point to 3.75%--the 11th rise in 15 months.
(Tradingmarkets.com)
Hedge Fund News from HedgeWorld
Hedge Fund Strategies without Performance Fees
NEW YORK (HedgeWorld.com)—The mutual fund company Rydex Investments has launched two new retail vehicles that promise to replicate the performance of certain hedge fund strategies but at lower cost to the investor.
TraderSource Starts FX Fund of Funds
NEW YORK (HedgeWorld.com)—The Harbourside Multi-Manager FX Fund (SICAV) plc from TraderSource Inc. will invest with foreign exchange managers in Europe and the United States.
RMF Creates ‘Three Pearls' Portfolio for German Institution
PFÄFFIKON, Switzerland (HedgeWorld.com)—RMF, an investment manager of Man Investments, announced Monday that it has placed a 150 million euro customized hedge fund portfolio with an unnamed German institutional client.
NEW YORK (HedgeWorld.com)—The mutual fund company Rydex Investments has launched two new retail vehicles that promise to replicate the performance of certain hedge fund strategies but at lower cost to the investor.
TraderSource Starts FX Fund of Funds
NEW YORK (HedgeWorld.com)—The Harbourside Multi-Manager FX Fund (SICAV) plc from TraderSource Inc. will invest with foreign exchange managers in Europe and the United States.
RMF Creates ‘Three Pearls' Portfolio for German Institution
PFÄFFIKON, Switzerland (HedgeWorld.com)—RMF, an investment manager of Man Investments, announced Monday that it has placed a 150 million euro customized hedge fund portfolio with an unnamed German institutional client.
Monday, September 19, 2005
Election in Germany - DAX and EURO drop
German stock market, euro fall after election leaves deadlock between Angela Merkel's CDU and Gerhard Schroeder's SPD.
Intergraph in strong uptrend
INGR is moving up strongly since June and shows now signes of weakness.
Hedgeworld News
ISDA Protocol Aims to Ease Derivatives Trades Transfer
(Hedgeworld)
NFA Suspends CPO Manager: Adamant Vacationer
(Hedgeworld)
Short Sellers, Emerging Markets Funds, Lead CSFB/Tremont Index in August
(Hedgeworld)
Thursday, September 01, 2005
Friday, August 26, 2005
Possible collapse of the Bayou Group
Hundreds of millions of dollars may be missing in Bayou. Connecticut investigates the Hedge Fund for Solvency (WSJ)
Friday, August 19, 2005
Daily Treasury Yield Curve Rates
not yet inverted...
August 2005
Date____1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr
08/01/05 3.30 3.48 3.73 3.83 4.04 4.09 4.16 4.22 4.32 4.59
08/02/05 3.35 3.49 3.73 3.84 4.06 4.10 4.17 4.24 4.34 4.62
08/03/05 3.34 3.46 3.72 3.82 4.02 4.07 4.13 4.20 4.30 4.58
08/04/05 3.34 3.47 3.72 3.83 4.04 4.09 4.15 4.22 4.32 4.60
08/05/05 3.35 3.52 3.75 3.87 4.11 4.16 4.24 4.30 4.40 4.66
08/08/05 3.38 3.54 3.82 3.93 4.16 4.22 4.28 4.34 4.42 4.68
08/09/05 3.37 3.52 3.79 3.90 4.13 4.19 4.25 4.31 4.41 4.66
08/10/05 3.38 3.51 3.78 3.90 4.13 4.18 4.24 4.30 4.40 4.65
08/11/05 3.31 3.51 3.78 3.89 4.10 4.14 4.18 4.24 4.32 4.60
08/12/05 3.32 3.52 3.79 3.88 4.05 4.08 4.11 4.16 4.24 4.52
08/15/05 3.28 3.54 3.82 3.91 4.08 4.11 4.15 4.20 4.27 4.53
08/16/05 3.32 3.54 3.80 3.88 4.03 4.06 4.10 4.15 4.23 4.49
08/17/05 3.31 3.52 3.80 3.89 4.07 4.10 4.15 4.20 4.28 4.53
08/18/05 3.30 3.50 3.78 3.86 4.01 4.04 4.08 4.13 4.21 4.48
www.ustreas.gov
August 2005
Date____1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr
08/01/05 3.30 3.48 3.73 3.83 4.04 4.09 4.16 4.22 4.32 4.59
08/02/05 3.35 3.49 3.73 3.84 4.06 4.10 4.17 4.24 4.34 4.62
08/03/05 3.34 3.46 3.72 3.82 4.02 4.07 4.13 4.20 4.30 4.58
08/04/05 3.34 3.47 3.72 3.83 4.04 4.09 4.15 4.22 4.32 4.60
08/05/05 3.35 3.52 3.75 3.87 4.11 4.16 4.24 4.30 4.40 4.66
08/08/05 3.38 3.54 3.82 3.93 4.16 4.22 4.28 4.34 4.42 4.68
08/09/05 3.37 3.52 3.79 3.90 4.13 4.19 4.25 4.31 4.41 4.66
08/10/05 3.38 3.51 3.78 3.90 4.13 4.18 4.24 4.30 4.40 4.65
08/11/05 3.31 3.51 3.78 3.89 4.10 4.14 4.18 4.24 4.32 4.60
08/12/05 3.32 3.52 3.79 3.88 4.05 4.08 4.11 4.16 4.24 4.52
08/15/05 3.28 3.54 3.82 3.91 4.08 4.11 4.15 4.20 4.27 4.53
08/16/05 3.32 3.54 3.80 3.88 4.03 4.06 4.10 4.15 4.23 4.49
08/17/05 3.31 3.52 3.80 3.89 4.07 4.10 4.15 4.20 4.28 4.53
08/18/05 3.30 3.50 3.78 3.86 4.01 4.04 4.08 4.13 4.21 4.48
www.ustreas.gov
Record 6527 registered Funds in Cayman Island
(HedgeWorld.com)—A record number of new hedge funds were created in the Cayman Islands during the first six months of 2005, according to a report by the Cayman Islands Monetary Authority, which registers more than 80% of the world's hedge funds. see story
Second Lyxor Fund in Germany
Lyxor opens a second fund of hedge funds in Germany that is focused on long/short equity.
Hedgeworld.com
Hedgeworld.com
Friday, July 15, 2005
Vega Asset Drop Approaches $1 Billion
According to hedgeworld.com redemptions and losses by Vega funds in May and June approached approximately $ 1 Billion.
Vega told investors that in the past month their portfolios were adversely affected by the yield of the U.S. 10-year Note dropping 30 basis points and the spread between the two-year maturity and 10-year maturity in the U.S. swap curve flattening. This happened while the spread between U.S. and Euroland 10-year maturity swap rates moved down to a negative 1.23% in the U.S. market.
Vega told investors that in the past month their portfolios were adversely affected by the yield of the U.S. 10-year Note dropping 30 basis points and the spread between the two-year maturity and 10-year maturity in the U.S. swap curve flattening. This happened while the spread between U.S. and Euroland 10-year maturity swap rates moved down to a negative 1.23% in the U.S. market.
CogentHedge on Fund Performance for First Half 2005
David Slavin, Managing Director of CogentHedge writes:
The first half of the year 2005 has been a roller-coaster ride for alternative investments. That may be good for amusement parks but most investors prefer something more consistent. Fortunately, for the year to date overall performance has been comfortably positive with all alternative investments in the CogentHedge database reporting results through June (currently 1700) showing an average gain of 1.625%.
Performance by investment strategy and sub-strategy is as varied as the policies and funds themselves. A quick review of the Cogent Dynamic Averages shows that Emerging Market Equity strategies are leading the pack - up +8.489% for the year - while the Convertible Arbitrage strategy remains the single worst-performing category for the year: down -6.797% through June. Convertible Arb funds are so far (with 48 reporting as of this moment) up +1% for the month of June. You may recall our analysis of this investment strategy in a prior newsletter.
Taken in aggregate, alternative investments have posted three positive months and three negative months so far this year. Results range from a high of 1.715% in June to a low of -1.444% in April. Rollercoaster, indeed!
The Cogent Dynamic Averages allow us to delve into these numbers. For instance, what is the range of reported June results by individual strategy? The largest standard deviations by investment strategy for the month of June 2005 are as follows:
| Investment Strategy | Standard Deviation | % Change | # Reporting |
| Options Strategies | 10.399% | 0.479% | 16 |
| Currency Trading | 5.408% | 3.454% | 38 |
| Futures Programs | 5.087% | 2.821% | 206 |
| Emerging Markets Equity | 3.341% | 2.756 | 51 |
| Global Macro | 3.257% | 1.463% | 89 |
| All Funds | 2.935% | 1.632% | 1820 |
| All Single Manager Funds | 3.146% | 1.720% | 1477 |
| All Multi-Manager Funds | 1.598% | 1.132% | 339 |
Barclay Group & MARHedge cooperate
The Barclay Group and MARHedge Announce Database Distribution Agreement.
The Barclay Group and MARHedge, a subsidiary of Metal Bulletin plc, have reached an agreement in which MARHedge will publish, starting in September 2005, The Barclay Group's proprietary hedge fund and CTA performance data.
The Barclay Group, founded in 1985, is one of the industry's premier database companies and collects performance data from more than 4,500 hedge funds, funds of funds and CTAs worldwide.
Thursday, July 14, 2005
BOSC chased higher
BOSC is chased higher today and is up 100%. If you were lucky and early enough, there was a good dummy entry at 3.58.
Put Call Ratio no leading indicator
There is an interesting article about Put/Call Ratio at the blog of CXO Advisory Group saying that "the put/call ratio is not a particularly strong or consistent leading indicator for the overall stock market. Like many other measures of investor sentiment, it is more a coincident than a leading indicator."
John W. Henry's June comment
Michel Covel published John W. Henry's June comment.
Its intersting how oppositional views can be: Reading the first paragraph of the commentary one could believe nearly all of the 11 programs managed be JWH are trading very well at present, while numbers of verious databases are showing a completely different picture with all but one strategy under water for the year.
The John W. Henry & Co Original Program currently suffers the worst drawdown in history with YTD -42.68%. Her is his performance table from IASG
| Monthly Performance | |||||||||||||
| JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | YEAR | |
| 2005 | (19.00) | 0.59 | 3.88 | (25.11) | 5.01 | (13.88)E | (42.68) | ||||||
| 2004 | 8.01 | 14.11 | (2.94) | (9.24) | (7.85) | (15.05) | (1.29) | (0.10) | 10.22 | 22.25 | 5.25 | (16.09) | (0.26) |
| 2003 | 22.39 | 8.21 | (9.27) | 0.53 | 0.83 | (14.08) | 4.36 | 5.63 | (14.56) | (15.69) | 8.60 | 4.71 | (5.50) |
| 2002 | (0.04) | 0.02 | (9.20) | 1.81 | 5.11 | 14.73 | 10.74 | 6.30 | 11.08 | (7.82) | (8.10) | (1.59) | 21.50 |
| 2001 | (3.18) | (4.41) | 17.44 | (14.34) | 0.69 | (9.23) | (3.31) | 3.69 | 6.35 | 2.49 | (12.36) | 2.10 | (16.79) |
| 2000 | 5.96 | 1.44 | (4.90) | (6.68) | (5.13) | (2.73) | (3.31) | 5.37 | (10.15) | 1.57 | 17.29 | 7.74 | 3.43 |
| 1999 | (3.88) | 5.11 | (2.22) | 5.98 | (2.84) | 2.14 | (2.27) | 0.59 | (3.78) | (11.36) | 4.63 | (2.06) | (10.73) |
| 1998 | (1.30) | 2.22 | (4.10) | (0.52) | 4.41 | 1.68 | (3.97) | 3.96 | 2.65 | 5.21 | (12.82) | 15.37 | 10.81 |
| 1997 | 3.42 | 0.21 | 1.63 | 0.50 | 1.10 | (4.43) | 2.05 | (0.80) | (5.99) | 3.59 | 0.00 | 4.86 | 5.73 |
| 1996 | 5.28 | (7.35) | 1.02 | 3.84 | (6.48) | 7.99 | (4.36) | (2.33) | 8.24 | 10.37 | 5.19 | 1.11 | 22.65 |
| 1995 | 2.16 | 17.87 | 16.58 | 9.09 | (4.43) | 1.65 | (0.03) | (3.89) | (3.93) | 3.25 | 1.15 | 6.84 | 53.23 |
| 1994 | (2.95) | 1.53 | 4.36 | 0.21 | 5.53 | 6.64 | (7.15) | (4.73) | (2.83) | (14.11) | 10.21 | (0.04) | (5.68) |
| 1993 | (0.75) | 9.54 | (3.50) | 10.36 | 0.12 | (4.05) | 14.92 | (3.65) | 0.63 | (1.53) | 3.45 | 11.40 | 40.64 |
| 1992 | (6.12) | (8.79) | 0.72 | (0.84) | (4.46) | 8.27 | 9.09 | 9.12 | (2.75) | 2.24 | 3.61 | 2.19 | 10.86 |
| 1991 | (0.48) | 0.30 | (2.07) | (5.76) | 4.40 | (0.73) | (7.38) | (3.60) | 10.74 | (3.91) | (1.26) | 17.71 | 5.43 |
| 1990 | 7.12 | (2.04) | 18.42 | 12.37 | (10.93) | 7.17 | 10.94 | 19.11 | (2.12) | (1.90) | 0.98 | (2.32) | 66.82 |
| 1989 | 0.80 | (19.91) | 11.70 | (5.09) | 28.97 | (3.86) | 8.08 | (13.66) | (13.25) | (11.97) | 7.35 | 9.82 | (10.85) |
| 1988 | (6.90) | 4.65 | (16.05) | (5.10) | 3.60 | 13.90 | (19.80) | (4.30) | 6.35 | (2.45) | 1.64 | (12.53) | (35.16) |
| 1987 | 8.99 | 3.65 | 2.66 | 21.91 | 0.75 | (3.54) | 8.84 | (3.13) | (10.40) | 35.80 | 16.48 | 11.93 | 129.81 |
| 1986 | (4.39) | 22.22 | 15.44 | (5.83) | (2.78) | (2.13) | 11.51 | 7.19 | (2.86) | (10.25) | (1.94) | (2.98) | 19.83 |
| 1985 | 2.43 | 0.88 | (8.81) | (17.11) | 11.00 | 4.37 | 16.80 | 1.74 | (15.51) | 9.57 | 7.36 | 18.62 | 26.77 |
| 1984 | 5.53 | (4.81) | (7.54) | (2.09) | 16.55 | (10.30) | 28.69 | (9.03) | 15.98 | (5.24) | (2.18) | 12.54 | 34.66 |
| 1983 | 14.36 | (28.56) | 1.63 | 4.86 | 8.27 | (9.61) | 10.91 | 13.41 | (7.31) | (3.28) | (6.40) | (2.54) | (12.35) |
| 1982 | 7.11 | (16.85) | 2.71 | (8.52) | |||||||||
An introduction into Trend Following can be found at turtletrader.com
Wednesday, July 13, 2005
Code for Hedge Funds
The trade body for UK hedge funds is considering an industry code of conduct for managers in response to the threat of more regulation. (link)
Tuesday, July 12, 2005
Todays Markets
Overbought stock markets are nearly unchanged today, CLQ5 recovers impressively and is back in the 60ies as another hurricane threat appers, the Euro gains ground against the US$ and looks back above 1.2200. No remarkable moves in the other markets with grains slightely lower and meats a little higher.
Daytraders are pushing CAFE today sending it up 100%.
Daytraders are pushing CAFE today sending it up 100%.
Monday, July 11, 2005
TS, HANS, VPHM
TS, HANS and VPHM continue to climb higher and will probably do so for ever.
Ex post the London blast sell off has been a perfect window of opportunity to go long. European stock indices are making new highs for the year.
In his June issue Bob Prechter called the current level in the S&P and other US indices a historical shorting opportunity...future will show.
James Mound's Commodity Review
James Mound writes a weekly commodity review every Friday and came up with a mid-year issue this time.
Friday, July 08, 2005
Movers
Momentum stocks from this week are still doing well and it pays of to buy new highs.
Today LUFK powers ahead, with RL, KYPH, AGP and VPHM following - all of them have excellent short and long term charts.
Headlines
London higher as investors recoup losses
Europe rallies after strong wallstreet session
Sterling hit 18 month low against the dollar
Oil volatile as traders assess London blasts
Thursday, July 07, 2005
Business as usual
Markets have recovered from terror panic and most of the futures are trading near yesterdays levels with US index futures in the green. With risk of terrorism back in investors minds i doubt that equities can move substantial higher from this level in the near term - the next days will show.
Crude Oil plunges
Together with stock markets crude oil futures plunge in the premarket due to fears that terror attacks could be a damper for the economy
Terror Fears
An additional bus explosion in the city of London sends Bonds higher and stock markets lower.
September Bunds are trading above 124 already, USU5 @ 118-30, the DAX is down 150 points, the US$ is losing ground against all major currencies except to the British Pound.
Stopped out in FGBLU5 Short
Spooked by a London underground explosion European Bonds spiked and i was stopped out in my FGBLU5 short position at 123.27 for a loss of 42 points.
Wednesday, July 06, 2005
Hedge Funds gain in June
According to HFRX most of the Hedge Fund strategies were positve for June, but stay under water for the year.
| Daily - 06/30/2005 | Jun | 2004 | 2003 | |||||
| HFRX Index | DTD | MTD | YTD | Value * | ROR | TOTAL | TOTAL | |
| Glob Hedge | -0.0083 | 0.9148 | -1.7511 | 1116.85 | 0.91 | 2.69 | 13.39 | |
| Equal Weight | 0.0478 | 0.4499 | -1.8225 | 1094.87 | 0.45 | 2.73 | 11.32 | |
| Abs Return | 0.0954 | -0.1262 | -2.9714 | 994.66 | -0.13 | 3.20 | 11.95 | |
| Market Dirl | -0.0666 | 2.2908 | -1.7663 | 1027.14 | 2.29 | 4.84 | 25.22 | |
| Conv Arb | 0.0997 | -0.0528 | -8.3388 | 938.32 | -0.05 | -0.14 | 8.85 | |
| Dist Sec | 0.3280 | 0.1876 | -1.9198 | 1231.41 | 0.19 | 8.95 | 20.90 | |
| Equity Hedge | -0.0860 | 1.8468 | -1.2436 | 1131.49 | 1.85 | 2.19 | 14.47 | |
| Equity MN | 0.1770 | -0.0848 | 0.6750 | 981.38 | -0.08 | 0.33 | -2.38 | |
| Event Driv | -0.0084 | 1.1407 | -0.5349 | 1241.19 | 1.14 | 6.93 | 18.74 | |
| Macro Index | 0.0067 | 0.5424 | -2.4225 | 1086.84 | 0.54 | -0.32 | 14.61 | |
| Merg Arb | -0.1150 | 0.7260 | 2.6856 | 1097.79 | 0.73 | 2.80 | 4.26 | |
| Rel Val | -0.0251 | -0.6030 | -2.2512 | 1065.53 | -0.60 | 1.98 | 9.15 | |
Barclay CTA index up in June
The Barclay Trading Group publishes CTA performances, too. After 1/3 of the CTAs having reported the Barclay CTA Index shows an estimated June performance of 1.03% and is down -2.26% for the year.
| | June ROR† | Percentage of funds reporting† | YTD through June† |
| Barclay CTA Index | 1.03% | 37.89% | -2.26% |
| SUB INDICES | |||
| Agricultural Traders Index | 0.00% | 0.00% | 2.03% |
| Currency Traders Index | 1.02% | 38.37% | -1.59% |
| Discretionary Traders Index | 0.54% | 25.32% | 2.51% |
| Diversified Traders Index | 0.95% | 40.47% | -4.28% |
| Fin./Met. Traders Index | 0.87% | 30.00% | 0.77% |
| Systematic Traders Index | 1.13% | 40.84% | -2.94% |
CTAs - Monthly Flash
IASG has a large database of Commodity Trading Advisors. A lot of CTAs have already reported their June performance. Despite the early reporters are usually the ones with a good performance, you can take the figures as an indication, that for most of them June has been a month with above average gains offsetting some of the losses piled up in the last 12 months.
Tuesday, July 05, 2005
Commodity Markets Today
So what are the main movers on the futures markets today: we see a grain rally again, with SX5 up 40 ct above 720, WU5 and CU5 up 13 ct to 340 and 238, we see the expected follow through at the metals to the downside, PAU5 was already down at 170.2 today! Bonds are weak and energies strong with CLQ5 approaching the 60$ mark.
Winner List
KEYW, AMTD, UNH seem as they would only go up! TS is a beauty, so is KOSP, which continous to make new highs and looks very strong.
Trade recommendation FGBLU5 short
The SARA System is short the FGBLU5 (Sep German Bund) at 122.85 with a stop at 123.72.
Stops are adjusted daily.
Stops are adjusted daily.
Monday, July 04, 2005
Tour de France
I hope i will have some time to watch the Tour de France this year. I am desperate to see one of these 6 hour mountain stages live on TV - to miss nothing i've already stocked up with DVDs.
Further gains for US$
As i write this, the EUR trades below 1.19, down from close to 1.36 back in March - so why should it stop here?
Country Indices - Europe tops US
Comparing the YTD performance of some equity indices around the globe, the excellent performance of (mainly) eastern european countries is obvious.
For example Hungary gained 23.14%, Czechia 19.45% and Poland 12.90%. Top performer in Central Europe is Austria with a gain of 27.12 YTD.
European indices are outperforming US indices by a big margin, the Eurostoxx50 index gained 8.72% compared to a loss of -1.44 of the S&P500 and -8.06 of the Nasdaq100.
Eastern European Index Futures can be traded on the OTOB, the Austrian Futures Exchange, but only with very low volume. It's also difficult to find a broker or bank with acceptable conditions but there are a lot of certificates and ETFs available.
My opinion is, that all these top performing indices are looking very stretched but with the current momentum in the back i will definetively stay back and avoid to call a top.
Friday, July 01, 2005
Weekend ahead
Heading into the weekend now, among others to visit an excellent winegrower in our vicinity, see you.
Futures Markets Today
A lot of mentionable moves on the futures markets today, with CLQ5 up 2$ to 58.5, the US Doller up strongly against all currencies (e.g. UROU5 down 1250 ticks under 1.20 and the Rand down 2500 ticks) as a late reaction to the interst rate hike yesterday, USU5 down a full point under 118 and weak short term rates, Silver and Gold stumbeling. Only equity indexes doing well so far, S&P up 4 points at 1200 and European indexes making new highs for the year (Eurostoxx at 3212, DAX at 4637 futures basis September). A mixed picture for medium to long term trend followers.
Friday, April 29, 2005
Hedge Funds and Managed Futures
To get a first overview about the subject matters I intend to post about, CISDM is a good start.
In its "Benefits of" series the Center of International Securities and Derivatives Markets provides an analysis of risk and return benefits of Hedge funds and Managed Futures when considered as part of an investor's overall portfolio. The risk and return performance of portfolios constructed from adding alternative investments to established U.S. stock and bond portfolios are evaluated.
In its "Benefits of" series the Center of International Securities and Derivatives Markets provides an analysis of risk and return benefits of Hedge funds and Managed Futures when considered as part of an investor's overall portfolio. The risk and return performance of portfolios constructed from adding alternative investments to established U.S. stock and bond portfolios are evaluated.
Terms and Conditions
This site is presented for informational purposes only. It is intended for your personal, non-commercial use. No information or opinions contained in this site constitute a solicitation or offer by Luna to buy or sell securities or to furnish any investment advice or service.
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