“You can see why managed futures grew in popularity following the crisis. This particular index outperformed stocks by more than 50% in 2008 and beat a 60/40 portfolio by roughly 40%. Predictably, managed futures mutual funds exploded in AUM from around $200 million in 2007 to almost $2.5 billion by the end of 2009 as investors chased past performance.” — Ban Carlson
The Importance of Intellectual Honesty in the Markets – (A Wealth of Common Sense)
Alternative Investments By the Numbers: Top 5 2015 YTD Takeaways – (All About Alpha)
Headline Havoc – (361 Capital)
Curse of the Macro Tourist – (Barry Ritholtz)
Large CTAs take spoils of performance revival – (CTA Intelligence)
Forever Stamps:
“The prison or ward economy runs much like a commodities market: Money in a commissary account can’t be traded, but goods sold at the commissary can be. And since the amounts in circulation are tightly regulated, their value can far surpass their price in dollars. Store men — prison or psych businessmen who have amassed a fortune of stamps — often mail stamps to loved ones outside effectively converting their fortune into cash, reducing the number of stamps in play and thereby inflating the value of individual stamps.”
Forever Stamps as Underground Currency, from Bo Keely – (Daily Speculations)
The Euro:
This Chart Tells You Why It’s So Hard to Bet Against the Euro – (Bloomberg)
Treasuries:
Hedge Funds Load Up on Dollars to Treasuries in Search of Yield – (Bloomberg)
Is Managed Futures Secret Weapon Coming Back? – (Attain Alternatives Blog)
Gold:
Hedge Funds Are Holding First-Ever Gold Net-Short Position – (Bloomberg)
Gold is doomed – (Washington Post)
The Life of a Gold Bug – (Attain Alternatives Blog)
Commodities:
Global Growth Worries Pummel Commodities – (Wall Street Journal)
Have They Convinced You That Commodities Are Dead Yet? – (Attain Alternatives Blog)
Armajaro Said to Shut Commodity Hedge Fund After Assets Shrunk – (Bloomberg)
These 10 States Will Be Hurting the Most After the Commodities Meltdown – (Bloomberg)
Emerging Managers:
7 Messages Family Offices Give Emerging Managers – (All About Alpha)
Industry News:
Catalyst Funds To Acquire Auctos Capital Management, Convert Managed Futures Fund – (FIN Alternatives)