A Global Macro Guy, Emerging Markets Guy, and Managed Futures Girl walk into a bar…

Ok, so it wasn’t a bar, it was lunch at the iGlobal Alternative Investment Summit, but it does sound like the beginning of an awful geeky financial joke, doesn’t it? As it turns out, it was the start of a very interesting conversation.

While weather may be polite small talk in normal circles, for us market climate chatter is much more common in these settings, and you just can’t get into the markets without talking about Europe. As we went back and forth about Greece and Merkel and more, the conversation turned to how our respective strategies were working in this atmosphere. The emerging markets guy started talking about how cheap Russia is (beware the value trap), when the global macro guy interjected that it’s cheap, but not as cheap as when Russia defaulted (after the aforementioned trap had snapped shut).

Both men had, according to them (we weren’t sharing audited track records, so these could have been fish stories), turned a handsome profit during the time period that brought Long-Term Capital Management to its knees. The emerging markets manager had made “a killing” in bonds (we’re not sure what that position was – long US treasuries, short Russian debt?), while the global macro manager had been on the right side of the ruble when the market took a nosedive. In-depth conversations about the way the Russian banking sector had functionally shuffled itself in the aftermath led the gentlemen to reflect on the similarities to what was happening in Europe and how to position their portfolios to potentially profit from it.

Meanwhile, the managed futures girl sat back and smiled as the two managers contemplated a world with another severe crisis so soon after 2008. For managed futures – which was up 8.72% in the wake of LTCM and 16.73% in 2008 – we won’t mind seeing another crisis. Past performance is not necessarily indicative of futures results.

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Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, 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.

Benchmark 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.

Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.

Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.

Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.

RCM receives a portion of the commodity brokerage commissions you pay in connection with your futures trading and/or a portion of the interest income (if any) earned on an account's assets. The listed manager may also pay RCM a portion of the fees they receive from accounts introduced to them by RCM.

See the full terms of use and risk disclaimer here.

Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, 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.

Benchmark 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.

Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.

Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.

Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.

RCM receives a portion of the commodity brokerage commissions you pay in connection with your futures trading and/or a portion of the interest income (if any) earned on an account's assets. The listed manager may also pay RCM a portion of the fees they receive from accounts introduced to them by RCM.

See the full terms of use and risk disclaimer here.

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