Skanderbeg Asset Management's Put into Perspective newsletter for the month of April 2020. "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails." - William Arthur Ward Q1 2020 hedge fund letters, conferences and more Hedge Funds Exposures: Overall book grosses and nets fell, while fundamental...
“The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money.” - Warren Buffett, 2007 Shareholder Letter Q1 2020 hedge fund letters, conferences and more Dear fellow investors, We are big fans of Buffett’s theories about businesses with low...
Dear Friends, Q1 2020 hedge fund letters, conferences and more I may occasionally write opinions that are controversial, but I try not be controversial as a rule. So, when I wrote my piece yesterday, I was not looking to make any huge statement regarding Berkshire Hathaway. Yes, I might be a...
In the weeks since my first update on the crisis on February 26, 2020, the markets have been on a roller coaster ride, as equity markets around the world collectively lost $30 trillion in market cap between February 14, 2020 and March 20, 2020, and then clawed back more...
Recent news headlines state that the hedge fund industry saw its highest level of redemptions during the 1st quarter of 2020 in over a decade, with $33 billion leaving the industry. A more appropriate headline would have been “Hedge Funds Only Lose 1% of Industry Assets – Learned from...
This is an appendix to Chapter 2, “The Big Cycle of Money, Credit, Debt, and Economic Activity.” It is intended to look at the concepts expressed in that chapter in a more granular way and to show you how these concepts are consistent with the actual cases that are...
When #crudeoil and $USO are trending on Twitter – you know it’s something more than just some 5% move or so; AND it’s about the exact same time we’re getting calls from people asking the best way to invest in crude oil and the best way to profit from...
Institutional investment management is broken. Asset gathering business objectives and gold-plated cost structures magnify the imperative to grow AuM. Investment firms led by marketers rather than investment managers create strategies tailored to what will sell rather than what works. Large pools of management fees are required to fund large,...
Now more than ever many investors need consistent income without a threat to their nest egg. There is a path for this, and it coincides with the best general investment strategy: Q1 2020 hedge fund letters, conferences and more Take what the market is giving you! The current market gift is high...
Tollymore has developed six behavioural constraints impairing institutional money managers’ execution of a sound long term investment programme. Q1 2020 hedge fund letters, conferences and more mohamed_hassan / Pixabay The pursuit of informational edge Overconfidence can have profound consequences, inflating investors’ valuation of their investments, leading physicians to gravitate too quickly to...
In an age of constant abundance, some texts are meant to be devoured in urgency. Others to be completely ignored. And, there are few that are truly deserving of deep reflection and of a dialogue with the author. Q1 2020 hedge fund letters, conferences and more rawpixel / Pixabay Daniel Gross’ essay,...
FORECASTS & TRENDS E-LETTER Q1 2020 hedge fund letters, conferences and more by Gary D. Halbert April 14, 2020 IN THIS ISSUE: Overview: 20%-30% of Small Businesses Could Fail Fast Facts Regarding Small Businesses & Role They Play Another 6.6 Million Americans Filed For Unemployment Half of Small Businesses...
Commodity Q1 2020 hedge fund letters, conferences and more Program Last Month YTD Minimum Cayler CapitalQ 14.94% 18.72% 125K Red Rock Commodity Long Short 13.16% 25.15% 500K Jaguar AegirQ 9.14% 10.79% 1MM Aquantum Commodity 3.58% 7.87% 5MM Aquantum EnergyQ 2.20% 7.46% 5MM Emil Van Essen SpreadQ -1.17% -15.66% 5MM Auspice Short TermQ -1.27% 0.17% 5MM Caerus Group Oil Futures Trading Program -1.64% -18.06% 200K Catalyst Hedged Commodity (CFHIX) -4.32% -0.70% 2.5K EVE InfrastructureA -23.91% -38.20% 100K Volatility Program Last Month YTD Minimum Covenant Total Volatility Fund 35.33% 29.72% 100K Orion Beta OpportunityQ 11.29% 37.20% 100K Pearl Hedged VIXQ 7.34% 3.64% 500K Deep Field Vol ArbQ 7.09% 11.65% 500K Deep Field ICCQ 1.13% 2.44% 500K Certeza Macro VegaQ -7.80% -8.20% 1MM Short Term Program Last Month YTD Minimum Breakout Funds 7.67% 12.96% 1MM Adalpha 4.92% 7.53% 1MM Systematic Alpha F/X 3.39% 3.54% 3MM Deep...
Key highlights for March: Q1 2020 hedge fund letters, conferences and more The Eurekahedge Hedge Fund Index registered its strongest outperformance relative to underlying markets since October 2008, outperforming the MSCI AC World Index by 9.22% in March. Long volatility and tail risk hedge funds topped the performance tables for...
ETFGI reports ETFs and ETPs listed globally gathered net inflows of US$20.44 billion during March 2020 Q1 2020 hedge fund letters, conferences and more LONDON — April 17, 2020 — ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs and ETPs ecosystem, reported today that ETFs and ETPs listed...
If money is a commodity, the American dollar is the best brand in this world (this is not an understatement). The sharp appreciation of the dollar coinciding with a large (negative basis) on other currencies takes on the attributes of a risk-capacity indicator for the commodity trading and finance sector....
I have been a consumer of financial news for more than thirty years. For fifteen years I have joined in financial writing, consistently citing the best work I can find. Traditionally investors could see great stories on the economy, corporate earnings, relevant government policies, and suggestions for investment themes. Q1...
We’re going to get into a bit of a deep dive on just how the more classic managed futures profile (you, know, crisis period performing trend follower types) have performed during the past month and a half. We’ve covered some of the non-classic vol traders doing well here and...
In our last post we touted a too-big too fail return in the commodity-sector (a name nobody dare to pronounced. Today prices are down but market volatility is up (VaR is up, prices are down). Capital one, a FDIC-insured bank is allowed to skip a $1B margin call related...
Equal-weighted and asset-weighted hedge fund performance Q4 2019 hedge fund letters, conferences and more Hedge fund managers were down 1.70% in February as the development of the COVID-19 outbreak outside of Mainland China weighed on risk assets throughout the month. More than 90% of the hedge fund managers were able to...
Commodity Trading Advisors (CTAs) are one of only a few hedge fund strategies that performed well throughout the market selloffs of 2000-2002, 2008 and 1st Q of 2020. Yet, investor’s perception of the strategy is more divergent than any other major hedge fund strategy. Many investors view the strategy...
What an amazing three days. I’ve said to some of my clients that moves of this magnitude are highly unusual. How unusual? Q4 2019 hedge fund letters, conferences and more The returns of the last three days would rank sixth in the top ten three-day moves upward for the S&P 500...
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