Category: Advisor Commentary

Commentary by AG Capital Management Partners, LP Steady outlook We ended the year much as we performed all year long – one step forward, and one step back. That’s OK. In a year where our ideas have not come to fruition in a timely fashion, our job is twofold: first to question our fundamental themes and […]

Commentary by GZC Investment Management November 2021 will be remembered as a month of abrupt volatility for oil, remembering September 2019, when the Saudi Aramco attack propelled oil prices $10 higher at the market open.  On the 26th of November, it was not a gap open per se, but prices started diving on news that […]

Investors generally feel the pain from losses twice as much as pleasure from gains. Investment judgment is skewed by initial information or experience, and investors assign excessive value to what they already own in their portfolios. These were the main findings by Nobel Prize winner Richard Thaler1 who used psychology to explore the cognitive biases […]

Commentary by AG Capital Management Partners, LP The Discretionary Global Macro Program generated a 9.3% return, net of fees, in November 2021, leaving YTD performance at -1.4%. Too late Although the Omicron variant of coronavirus is capturing current headlines, it’s not top of the list of things we care about from a macro perspective. Instead, a […]

Commentary by John Knott of Numberline Capital Partners. The Numberline Macro Risk Program was down 4.36% net of all fees for November and is up 19.37% year to date. Additionally, the program has returned 14.85% over the previous 12 months. These numbers are compiled by Turnkey Trading Partners. We left off last month worried about the […]

What if I told you there was a futures sector that was not only driven by governments but explicitly designed to appreciate over time?  Given the monetary policy of the past few years, many of us intuitively understand the influence that central banks can have on our economics.  What if I told you that corporate […]

The greatest sale on IASG is coming to an end as Adalpha Asset Management is changing their fee structure for new investors from 0/30 management and incentive fee to 1/20 effective January 1st, 2021. Gary Polony quietly traded this program since 2003 alongside his proprietary business before customer assets took off in mid-2019.  Despite spending immense […]

October was generally a strong month across the oil complex. Yet during that period gas and coal prices more or less halved. The interaction between fossil fuels continues with European gas prices ending their free fall at levels where oil prices were no longer competitive at substituting it. Spot crude oil balance tightness remained relatively […]

Commentary provided by Mark Adams of Warrington Asset Management After a choppy start to the month for the S&P 500 Index (“S&P”), the release of positive earnings reports sent the markets into an unabated upward trajectory with the indices quickly reaching new all-time highs. These strong gains were in the face of continued supply chain disruptions, […]

Commentary by AG Capital Management Partners, LP The Discretionary Global Macro Program generated a -3.7% return, net of fees, in October 2021, leaving YTD performance at -9.8%. The “big picture” letter We’ve had a tough year. Although our drawdown and performance are completely in line with what we would expect to see during tough patches (and […]

Commentary provided by Volt Capital Management The global economy has progressed from a stimulus-driven recovery to a ‘real’ demand-driven recovery. We note that the economic growth has overcome both the (expected) stimulus reduction and the global supply chain constraints (e.g., shipping, semiconductors). Equity markets reacted predictably to the strength of the economy and reached new all-time […]