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Market Trends for February 2016

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Coco-Bonds spooked the markets…but not CTAs It is fair to say that investors had plenty of things to worry about in February and we were reminded about the days from 2008, where you were not quite sure if your bank was in trouble. This time around, we learned of a new instrument…Coco-Bonds! Clearly the banks…

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Market Trends for January 2016

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January kicked off 2016 on a positive note! Although the Trend Barometer finished unchanged for the month, it did spend the first half of the month significantly above break-even, which allowed trend following strategies to build up enough of a cushion to withstand the drop in number of trends during the last week of January…

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The Costly Mistake of Misjudging Luck from Skill

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Following up on a great H2 2014, most trend following CTAs continued to produce strong gains during Q1 this year. Good performance tends to attract new investments, i.e., investors are inclined to chase returns as they attribute recent outperformance to manager skill. This can be a costly mistake.

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Why Robust Trading Strategies are more Volatile

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I am often asked, “Why is your Tactical system of futures trading volatile?” Robustness and increased odds for survival have a lot to do with it. But I am getting ahead of myself…

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Getting Started On Top Traders Unplugged

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top traders unplugged new here

If this is your first time visiting the website, check out some of our best episodes and resources here.

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High Volatility Reduces Risk

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Investors do not necessarily lower their risk by lowering the volatility of their returns. That’s because volatility and risk are two very separate matters.

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Smooth Risk

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The CTA industry has changed a lot during the past ten years. New regulations and increased demand from institutional investors, especially pension funds, have caused many CTAs to change (i) their trading programs and (ii) their business operations.

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CTAs: Equity Hedge, Crisis Alpha, Long Volatility – True or False?

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Many CTAs emphasize that their products can produce “crisis alpha,” provide an “equity hedge” and enhance the overall return profile by being “long volatility.” This article puts these (highly attractive) features into perspective.

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Like to dislike trend following

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Everyone involved in the systematic trend following business has probably heard it many times, and I have heard it again last week: “Why invest with you when I can buy and hold the DAX for zero cost and, when holding my position for a number of years, I always end up making money?”

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Why its OK when people don’t like what you do

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If your strategy is within the CTA space, you will certainly know what I’m talking about. At the moment, not many investors look at these strategies in a favorable light. But that is OK in my view! Of course, it applies to any strategy as these things go in cycles! This is why building a…

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