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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 […]

Commentary by Ben Johnson of Sector Arc Advisors Below are areas we highlighted in our Outlook for 2021. “Going into 2021, we have optimism that the pandemic will subside in the first half of the year, opening up our economy, travel, and food service/restaurants. The meat packing industry will need to adjust again, moving away […]

Commentary by Dan Schindler of Schindler Capital  A 3.48% gain during the month of September helped the Dairy Advantage Program improve to -10.47% YTD ROR at the end of Q3, compared to -13.96% at the end of Q2. And October has started with a bang, adding another 3.32% as of 10/14, bringing the YTD ROR […]

Commentary by AG Capital Management Partners, LP The Discretionary Global Macro Program generated a -4.1% return, net of fees, in September 2021, leaving YTD performance at -6.3%. An Asian Inflection … Newspaper headlines screamed that the ongoing collapse of Evergrande–China’s largest real estate developer with over $300 billion in debt–is the country’s “Lehman” moment. The […]

Commentary by John Knott of Numberline Capital Partners. The Numberline Macro Risk Program was down .35% net of all fees for the month of September and is up 25.09% year to date. Additionally, the program has returned 25.32% over the previous 12 months. These numbers are compiled by Turnkey Trading Partners. Last month we left off feeling a […]

In recent years, sustainability has moved from the financial sector’s periphery to the mainstream, and the industry has increasingly embraced a transition to a more sustainable and inclusive economic model. This, in turn, has made ESG investing is a hot topic right now.  Environmental, social, and governance programs look at not only financial factors for […]

Commentary provided by Brent Belote of Cayler Capital My apologies for the delay in getting out month-end commentary, sometimes you are the hammer and sometimes you are the guy trying to launch a security token in the midst of institutional fundraising in the midst of a busy hurricane season (I think that’s how the saying […]

If it seems like September is looking like a rough period for the market you might be surprised but you shouldn’t be.  In fact, over the past 50 years, it is the worst performing month of the calendar year.  The chart below shows where the saying, “Sell in May and Go Away”, comes from referring […]