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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2. Daily Trend Barometer and Market Score
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IL08: Why The Best Quitters Win ft. Annie Duke
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GM23: The Wars of Capital ft. Michael Howell
SI210: Trend Following Q & A ft. Rob Carver
IL07: Equality Across the Globe can be Achieved ft. Oded Galor
SI209: Trend Following...The Best Way to Surf the Markets ft. Richard Brennan
ALO11: From Ballet Dancer to CIO ft. Cameron Dawson
SI208: Trend Following in Today's Economy ft. Alan Dunne
ALO10: How to Manage $50bn ft. Jason Morrow
SI207: Trend Following: The Perfect Portfolio? ft. Jerry Parker
GM22: Investing through a Fourth Turning ft. Niels Kaastrup-Larsen & Cem Karsan
SI206: Trend Following is a Lazy Man's Strategy ft. Mark Rzepczynski
GM21: The Inflation Regime and the Big Macro Picture ft. Darius Dale
SI205: Trend Following...What Really Matters ft. Richard Brennan
IL06: The History of Interest & the Next Devastating Crisis ft. Edward Chancellor
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