Today, we are joined by Andrew Beer and Tim Pickering for a heated debate on some of the most important changes that we are seeing in the CTA industry. We discuss how ETFs can be used in the CTA industry and the pros and cons of using indices to represent manager performance, why Tim and Andrew are fundamentally different in how they approach the way retail investors can access CTA strategies and how they disagree on the definition of "pure alpha", the use of replication strategies and much more.
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Episode TimeStamps:
00:50 - The macro perspective
03:56 - Industry performance update
06:17 - First CTA to launch a ETF
09:57 - The managed futures index - what and why?
17:40 - Tim's experience with indices
20:15 - Building an asset allocation bucket
22:36 - A discussion on alpha
30:58 - Getting exposure to CTA return streams
37:10 - Why Tim would avoid replication strategies
44:18 - The biggest positions drive performance?
51:45 - Are ETFs reliable?
55:47 - Getting the timing right
01:00:49 - A terrible product?
01:04:26 - Why did Tim's US ETF fail?
01:08:07 - What is alpha?
01:11:00 - Are lower fees better for investors?
01:12:14 - Getting the correlation right
01:13:21 - Question from Oliver
01:15:59 - Teasing the next debate
01:22:38 - Thanks for listening
Copyright © 2023 – CMC AG – All Rights Reserved
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PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
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2. Daily Trend Barometer and Market Score
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SI302: The Negative Crisis Beta and CTA's Hidden Market Timing Skills ft. Nick Baltas
GM63: War Without Rules ft. General Robert Spalding
SI301: The AI Hype within Investing...a Step Too Far? ft. Rob Carver
OI08: Trend Following...Austrian Style ft. Michael Neubauer & Joseph Waldstein from SMN
SI300: Finding the Optimal Trend Following Rules ft. Richard Brennan
IL27: Unlocking the Secrets of Great Communication ft. Charles Duhigg
SI299: Sharing the Trend Following Pie ft. Andrew Beer
GM62: How to Build a Future-Proof Portfolio ft. Bob Elliott
SI298: The Trend Following ETF Revolution ft. Katy Kaminski
GM61: The New Politics: Neoliberal Decline and Authoritarian Rise ft. Gary Gerstle
Si297: Trend Following as a Return Enhancement Overlay ft. Alan Dunne
IL26: How New Technologies Will Shape the Economy ft. Koen De Leus & Philippe Gijsels
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