Ivory Fund, Like Bridgewater, Thinks Deleveraging A Market Issue With Legs

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Mark Melin
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After having a rough third quarter, reporting a loss during the period of 1.75 percent, the Ivory Fund, like Goldman Sachs, believes a strong dollar would be a headwind U.S. firms with foreign sales exposure going forward. Ivory Fund concerned about Federal Reserve’s stimulus program In a letter to investors reviewed by ValueWalk, the Los Angeles-based hedge fund said the market is showing a degree of concern and volatility around the final conclusion of the U.S. Federal Reserve’s stimulus program, providing logic for the recent stock market volatility.  This deleveraging is a similar concern expressed in Bridgewater Associates second quarter investor letter….


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Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.