Great meeting with Nigol Koulagian and his team from Quest Partners.

Nigol is a research first type of manager, who not only knows the ins and outs of his program, but has intelligent views on the managed futures industry as a whole. His take – that the big boys in the industry are moving further and further away from being ‘CTAs’ and becoming more like hedge funds with negative skew profiles. Essentially, he thinks they are becoming less volatile in exchange for larger unseen (yet to be experienced) periods of volatility/drawdown.

The old risk you can see, versus risk you can’t see conundrum.

Smart guys with an interesting model.