As he looks at the investing landscape, with historic low stock market volatility amidst a generally uncertain geopolitical environment, John Dolfin, chief investment officer at fund of funds manager Steben & Company, shakes his head. The “consensus” of opinion among major institutional players has always been an investment in managed futures cannot be timed. Dolfin, pointing to statistics, sharply disagrees. In a white paper out this September, Dolfin and Christopher Maxey, a senior portfolio manager for the managed futures allocator, point to research that outlines the cyclicality of market trends and trend exhaustion. [dalio] As managed futures has muddled along…
Hot Debate: Steben Says A Managed Futures Investment Can Be Timed
Mark Melin
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.