Reuters’ Jennifer Ablan and Breakingviews’ Antony Currie say that, after Moody’s downgraded ratings for several banks, the debt is still a more attractive investment than the stock. (more…)

This week’s newsletter is out, and following last week’s call to consider managed futures in light of global economic tensions is nicely complimented by a more in depth look at the asset class’ most prominent strategy: trend following.

Disclaimer: Past performance is not necessarily indicative of future results.

We mentioned in our blog post last week titled Here’s hoping the markets “Go to Zero” that we half-jokingly expected stocks and crude oil to be up 3% this week because we had the audacity to say we wanted them to go lower, and wouldn’t you know it – we finish today with gains of over 1.50% across stocks and Crude.

While we still hope the markets go to zero – we don’t think it will happen without the bulls trying to push it back to the upside a few times. We just don’t want the moves higher to be significant enough to reverse the trend lower.

You see, even though managed futures growth over the past two decades has seen the dawn of other strategy types within the asset class– like options, agriculture, currency, specialty (fixed income, stock index, metals, etc), spread, discretionary, and multi-strategy approaches– trend following is still the bread and butter of the world of managed futures. In fact, in our recent breakdown of the CTA industry, trend following was far and away the dominant strategy. However, not all trend followers necessarily cut from the same cloth. We’ve mentioned more than a few times that there are numerous ways to skin the trend following cat (sorry cat lovers).

Click to read the full piece.

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To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletter archive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any 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 and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System & Commodity Brokers. All Rights Reserved. Reprinted with permission.

Former FDIC Chair Sheila Bair says big banks should separate their safe and high-risk trading operations into subsidiaries. She adds these units should have their own management boards. (more…)

Written by Bob English

Ahead of Tuesday’s Senate Banking Committee hearing on MF Global, we present the April 20 installment of Capital Account with Lauren Lyster, featuring futures industry veteran guest, Mark Melin. Ms. Lyster pulls no punches in the opener:

Has the case really gone cold? Or, are those who are in charge of the investigation, the “regulators” and the trustees, simply spraying teflon on every piece of sticky evidence that could lead to criminal prosecutions–and, ultimately–the recovery of stolen customer money?

We wish that MF Global were just a one-off affair–a bad apple, if you will. Unfortunately, it seems more likely to us that this is another milestone in the history of what we see as criminality, which has swept through the financial services industry, like some sort of Medieval Black Plague–the Black Death for capital formation. It seems the only time people are held accountable anymore, is when they commit crimes that affect the super-rich.

Bernie Madoff is a prime example…Madoff is securely behind bars, but Jon “Teflon Don” Corzine is busy ordering carmel-Frappuchinos at the local Starbucks as he goes to shop for office space in New York…bothered only by the low din of discontent emanating from the blogosphere (and shows like this, Capital Account). What a nuiscance we must be to the new God-fellas of Wall Street…

Nuiscance, indeed, to which we hope we are part. Here is a link to the entire episode, in which Ms. Lyster and Mr. Melin cover the following salient points, all pointing to a criminal intent to commit fraud, as well as the role of regulators and investigators:

Why was the MF Global back office cleared out with three top personnel allowed to leave, just as the firm was exeriencing its most serious liquidity (ahem solvency) crisis in its soon-to-be-terminated existence?

Why were C-level executives, far from being sequestered by investigators and being placed in an information silo, allowed to run the company for six weeks (prior to Mr. Freeh being installed as Trustee of the Holdings company)?

Why did Lois Freeh wait until early March to have MF Global Holdings USA declare bankruptcy, the very entity that retained the few remaining executives and employees and may have been cash-rich?

Why did Federal criminal investigators fail to so much as question Mr. Corzine nearly six months after the crime?

Why were large counterparties paid with wire transfers, when requests from lowly customers for wires were converted to checks (which ultimately bounced)? “Sloppy is when you don’t do things consistently. Sending all checks to customers and all wires to counterparties–that’s consistent.” See here for details published by John Roe of the Commodity Customer Coalition.

Why were the final days characterized as so “chaotic” when a properly programmed iPhone or Android smart phone (sorry, RIMM) should have been able to handle what amounts to maybe a few dozen megabytes of transfer instructions?

Just what were the details surrounding the successful lobbying effort by top level MF Global execs that effectively postponed reforms on rules that would limit use of customer funds (coincidentally, or not perhaps, just ahead of a $325 million bond offering by MF Global)? [For more details, see our prior piece from this week, which includes exclusive CFTC emails on the issue.]

Even Chuck Grassley, the sponsor of the now-widely criticized 2005 bankruptcy reform act, has stated, “The bankruptcy laws are written to ensure that company executives who were involved in the demise of a company because of fraud or mismanagement shouldn’t be eligible for bonuses,” Mr. Grassley said.

More broadly, MF Global customers have an absolute right to clawback of questionable margin payments and asset transfers from the broker unit that occurred in the weeks leading up to the firm’s demise because there was a clear pattern of intent to deceive investors and customers alike–from manipulating regulators and the regulatory process to changing business practices in the final wee–all of which ensured that customers would be last in line for the remaining morsels of the MF Global carcass. (And, as we have pointed out since early November, 2011, the very nature of the Corzine Trade from Day One was such that all the risk was put in the customer brokerage house, while profits were diverted to an offshore business unit).

“Fraud” is the operative word here. There is no dispute that the Commodity Exchange Act (sic, the law) has been broken, but until fraud is investigated, customers are at the mercy of a very fuzzy and opaque legal process.

It’s time for Congress to put pressure on those in charge of this investigation and oversight to break their own glass of silence and dare them to utter the magic “F” word.

To view the full video interview with Lauren Lyster and Mark Melin click here.

Bob English is the author of this article, the opinions expressed are entirely his own. View his work at:

http://english.economicpolicyjournal.com/2012/04/mf-global-roundup-so-far-great-escape.html

One of the benefits we often tout for working with a managed futures broker like Attain is ongoing due diligence. We’ve all been told a million times over how important due diligence is, and it makes a lot of sense intuitively - making sure you understand all the ins and outs of a strategy and manager before risking your hard earned money. But what about once you have invested… what about making sure the ship remains on course once you’ve gotten involved? Does a pilot just check the plane before takeoff and then ignore the instruments while in the air? One would hope not - they need to be constantly monitoring their instruments throughout the flight to make sure the plane stays in the air.

Many an investor believes that they’re fully capable of checking the flight instruments of their managed futures portfolio all on their own, and in some cases, they may be able to. Unfortunately, sometimes the instruments are moving so quickly it can be hard to keep track of the changes taking place, and - more importantly - determining which changes are important enough to inspire action. Think about it like stepping up to the plate in baseball. Different pitches will be easier or harder to hit. You’ll have your soft pitches that your 6 year old could get a homer off of, the fast pitches straight over the plate that you just need to keep your eye on to make contact with, and those dreaded change-ups that leave you wondering what just happened - it simply depends on the subtlety of the changes and the nuance executed in evaluation.

Just how nuanced are we talking? We thought we’d break down just a handful of the elements that need to be monitored and let you decide for yourself - is this something you feel can do on your own, or would you feel more comfortable knowing you have someone on your side, looking out for your best interests every step of the way? Click through to see what we mean.

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To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletterarchive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any 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 and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System&Commodity Brokers. All Rights Reserved. Reprinted with permission.

It’s that time of year again. The weather is warming up, people are back on the roads, and gas prices are going up. This is when we’ve learned to expect a fair amount of “blame the speculators” rhetoric going around. The recent New York Times op-ed by Joe Kennedy is a perfect example of this type of bad argument, but goes far outside the bounds of the typical calls for position limits or curbing influence. No, Mr. Kennedy wants an outright ban on speculation- specifically, in the oil markets.

Now, this, in contrast to what we normally see, seems a little extreme, and, in the past, we may have just chuckled at the notion while shaking our heads at the flow of logic that a high school debate student would annihilate in 30 seconds. Unfortunately, crazy seems to be catching. Senators Sanders, Blumenthal, Cardin, Franken, Klobuchar, and Bill Nelson have proposed legislation that would force the CFTC to take “emergency” action to stop “excessive speculation” in commodity markets with pressure to eliminate it altogether… within 14 days. Representative John Larsen took it a step further, publicly calling on the President to take action personally should the bill or CFTC fail. Then you have House Democrats holding a panel on the subject, where former CFTC official and law professor at the University of Maryland, Michael Greenberger, joined ranks with Gene Guilford, head of the Independent Connecticut Petroleum Marketers Association, to continue the crusade.

Suddenly, crazy has legs.

Sanders, in a public statement regarding his proposed legislation, likened the bill to a similar one that received support during the height of the oil spike in 2008, and that, unfortunately is exactly what has us on edge. As poorly supported as the arguments presented by speculation critics may be, and as much as the data may be on our side, the fervor that surrounded the oil spikes in 2008 eventually manifested as the ill-fated Dodd-Frank position limits we saw imposed late last year. We know that these emotionally driven policy crusades, however silly they may seem to those who know better, can and dobecome law… and this is one instance where we can’t let that go without comment.

To be clear- do we think the ban will pass? No- too many what-ifs, maybes, and election year dramas to play out. But on the off chance that it does become a consideration, this had to go out, and through conversations with financial professionals from across the board, what began as a 500 word retort became a behemoth of a smack down.

We, alongside many other economists, analysts, traders and financial experts, have addressed the speculator argument time and time again, but, apparently, numbers aren’t getting through. So here it is- our open letter to policy makers regarding futures speculation and the bottom line.

Dear Current and Former Policy Makers,

In the wake of 2008, it has become a popular choice to blame rising gas prices on evil oil speculators. The argument, essentially, has been that if it were not for individuals buying and selling oil in an attempt to generate profits, the price of oil would be far more reasonable.

We understand why the argument is used. In some ways, it’s intuitive. After all, what business does a trader have in setting the price of such a globally important commodity? It’s also rather convenient, as it deflects attention from the impact of other policies in place that may cause or exacerbate tensions on the global stage. Unfortunately, your argument is also completely false.

This red herring may be a go-to tactic for you, but the fact of the matter is that the story you weave with such gusto has no foundation in reality. It completely ignores the inherent structure of trading, history, and logic. It covers a portion of the plot, but not its entirety. And with these new proposals you seem so hell-bent on pushing through… well, we believe an epilogue may be in order…

Click through to keep reading

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To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletterarchive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any 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 and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System&Commodity Brokers. All Rights Reserved. Reprinted with permission.

It’s time for our weekly newsletter, and we are sorry to report (except, not really) that it’s dealing with one of the most unsavory topics in American culture. That’s right. With the calendar rolling over to April, it is that time of year for taxpayers in America – one of America’s least favorite days of the year: April 15th… tax day.

While many Americans detest this day, investors surveying their gains and losses often abhor the date even more as they compile statements to find their cost basis and take a look at the taxes they owe. However, the pain endured in the payment of taxes can differ greatly, depending on the kinds of investments you hold. Turns out, if you’ve invested in managed futures, you may be letting out a sigh of relief… unlike your stock investing counterparts.

Confused? Sit tight. We’re about to explain all of this.

To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletterarchive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any 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 and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System&Commodity Brokers. All Rights Reserved. Reprinted with permission.

We talk a lot about the diversification value of managed futures within an investment portfolio, because we think it’s important to view each piece of your portfolio in context. Each piece is a part of the investing machine, and the only way it works is when you see all the pieces working together. That being said, there’s another attraction to managed futures as an asset class, and that is performance. Past performance is not necessarily indicative of future results, but investors chasing returns will light up when looking at some of the double digit years that pepper managed futures indices history. These indices are an imperfect proxy for measuring the performance of the asset class, but their record can be alluring.

The problem for these investors is that they are often blinded by these years of double digit returns, and will overlook some of the more lackluster years, becoming frustrated when one of them pops up. They typically compare the performance of managed futures against the performance of the asset class they’re most familiar with – stocks. When stocks outperform managed futures as they have for the past three years, the frustration escalates. Why invest in managed futures if you could have your money in stocks when they’re soaring?

Disclaimer: Past performance is not necessarily indicative of future results. Managed Futures = Dow Jones Credit Suisse Managed Futures Index

The past three years aren’t exactly a ringing endorsement for managed futures, but the bigger picture tells a different story.

To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletter archive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any 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 and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System&Commodity Brokers. All Rights Reserved. Reprinted with permission.

What’s news around the hedge fund industry for Friday, Feb. 24, 2012:

Around the web

Greece’s bond exchange: it’s official. (Felix Salmon) Press release.

Oil prices will rise ’till economy ‘breaks’. (Bloomberg TV)

‘Judge the trader, not the trading’: George Michaels’ advice on the Volcker rule. (Traders Magazine)

Crispin Odey’s top U.S. picks for 2012. (Investment Week)

Emerging market hedge funds add 4.4% in January. (FINalternatives)

SEI: Institutions committed to hedge funds but the message is clear – more information, please. (HedgeWeek)

Iceland solves banking crisis by indicting bankers, forcing mortgage relief. (Daily Kos)

Greek CDS worries fade ahead of debt swap. (MarketWatch)

Aberdeen Asset Management revamps multi-manager arm. (Citywire)

For hedge funds in Asia, big is beautiful. (Deal Journal)

SEC seems stymied by complexity of high-frequency trading. (The Washington Post, via The Seattle Times)

Playing with fire: Financial innovation can do a lot of good … it is its tendency to excess that must be cured. (The Economist)

The fast and the furious: High-frequency trading seems scary, but what does the evidence show? (The Economist)

Why was disclosure of critical MF Global documents delayed?  Why were time stamps amended?

Critical documents related to MF Global’s financial condition appear to have been delayed for release by the Securities and Exchange Commission (SEC) at an important time just before a MF Global floated a bond offering to professional investors.  While possibly a coincidence, approximately the same time the documents in question were finally made public, MF Global professional account holders were beginning to flee the company, leading to an eventual liquidity crisis and the firm’s bankruptcy.

The document in question is MF Global’s Annual Audited Report on Form X-17-A-5.  What is critical about this report is that it contained information regarding of MF Global’s risky sovereign debt trades, including some subtle, yet important, details that were not available anywhere else.  Had professional investors had this information weeks after the May 31, 2011 initial filing date, as is said to be typically the case with such documents, they may have avoided purchasing what ultimately became near worthless MF Global bonds.   Here is the critical timeline:

• May 31, 2011: The date the SEC acknowledged receiving MF Global’s 2011 Annual Audit.

Figure 1 (Above): Initial financial disclosure file stamped September 2, 2011 – well after the May 31, 2011 acknowledged filing date. MF Global floated an unsecured bond offering in August of 2011.

• August 2, 2011: MF Global sold $300 million of now nearly worthless bonds to professional investors.

• MF Global’s 2011 Annual Audit document was initially file stamped by the SEC as received on September 2, 2011 (see figure 1).  When the document was made public later weeks later, disclosing critical details of MF Global’s risky Sovereign debt position, professional traders were beginning to flee the firm.  This fleeing ultimately caused a crescendo of MF Global account holder liquidations.

• December 14, 2011: SEC removes the MF Global Annual Report

• January 3, 2012: SEC uploads a new copy of the Annual Report with a different file stamp date. Curious written notations that appeared in the replacement Annual Audit may indicate SEC interest in MF Global’s sovereign debt exposure–the very exposure FINRA was said to be negotiating with the firm over during the summer of 2011. (Figure 3)

While the SEC is said to have no definitive timeline for publishing Annual Audit documents, compliance consultant Bob English notes these documents are typically scanned and uploaded within two to four weeks from receipt.  “The process is: the documents are typically indexed and file stamped in the first week, then two weeks later they are scanned and uploaded to the public server,” he said.  MF Global Inc.’s 2011

Figure 2 (Above): Altered time stamp – taken off the SEC database in December of 2011 and replaced with a new time stamp indicating a May 31, 2011 filing date.

filing, due to the SEC on May 31, would have been anxiously anticipated by astute investors.  Rumors had been swirling throughout the futures industry the firm was in trouble, and industry participants could have used the information in the report for signs of trouble at the firm.  When the May 31 filing did not appear it may have raised questions, according to Mr. English.  Mr. English’s assertions regarding the delayed filing and document alterations are documented  in a Forbes article by Francine McKenna.  The key is to connect the dots.  There was a bond offering that appears to have been held under questionable circumstances.  There is significant “too big to fail” special privilege afforded to the president of a Futures Commission Merchant (FCM).  The New York Fed would have never considered an FCM to walk up to the discount window, and yet Mr. Corzine once again received special treatment, as he is receiving special treatment in the investigation into MF Global. Mr. Corzine has yet to be questioned by authorities, something which legal sources say is unusual.

To further point out special treatment, Mr. English points out that the document was held by the SEC concurrent with negotiations that FINRA and the SEC were having with MF Global over foreign sovereign debt exposure, which has now been widely reported after the fact.  “It appears as though someone at the SEC may have been holding the document while negotiating with Mr. Corzine over his sovereign debt exposure,” Mr. English speculated, noting that between the May Filing date and September release date FINRA and SEC negotiated with MF Global and finally demanded an increase of capitalization to support Corzin’s sovereign debt trade. He notes that the documents were de-indexed from the SEC database and then reposted–unusual activity given that a sampling of smaller brokerage firms found no instances of missing or amended audits.  “Astute industry participants may have been watching for the Annual Audited report of the broker unit,” noted Mr. English.   “That report did not surface until September at the earliest.  This is clearly out of the norm with respect to how the SEC usually scans and publicly posts these reports.”

After reviewing the charges, SEC spokesperson John Nester said: “Generally, broker-dealers that carry customer accounts publish audited balance sheet reports on their own websites at the same time they are filed on paper with the SEC and available for public inspection. The reports are also scanned for posting to the SEC’s EDGAR database, but there is no deadline that establishes when they must appear on EDGAR.  After it was posted in September, the MF Global report on EDGAR was amended to correctly reflect that it was filed May 31, 2011.”

SEC guidelines are apparently written with large loopholes regarding disclosure dates.  While Mr. Nester’s comments point to the fact that while it might not be technically a rule violation, the special treatment provided Mr. Corzine should at least raise questions.  As Mr. English notes in a survey of 20 mid-sized brokerage firms, there were no instances of pulling down documentation after the fact and changing of information.

To read the full article, click here.

All contents Copyright © Mark H. Melin, 2012. For additional information visit www.Go2ManagedFutures.com

Mark Melin is author of the book High Performance Managed Futures and taught managed futures at Northwestern University.  He currently consults with professional investors regarding development of uncorrelated investment portfolios.