Monthly Archives: October 2015

Poll Result: Will the salesperson of the future be invisible?

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In our last newsletter Kyle Dunn of Meyler Capital predicted that the salesperson of the future will be invisble. We asked you – our readers – whether you agree with this bold statement.

The opinions were divided as one might expect with a topic as controversial as whether the salesperson has to change its approach completely going forward in order to make a sale.

In the end the majority voted that they agree that the potential investor is (at least) as informed as the salesperson which changes his role fundamentally.

Poll Result_2015_10_website

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Manager Spotlight October 2015

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BastianBastian Bolesta Bolesta
Founding Partner & CEO,
Deep Field Capital

AuM: USD 45 million
Strategy:  Systematic Managed Futures
Favorite…
Sport: Rock Climbing & Yoga
Food: Fusion Cuisine
Book: The Three Little Pigs

If you could time travel back to day one, when you started your trading program in July 2010 and have 15min with your former self to communicate any lessons you’ve acquired with the intention of saving yourself headaches, what would you tell yourself?
Try to focus on what you do best and what you are passionate about – in our case trading and research – and outsource as many of the other critical functions to professionals in their fields. Nowadays, we heavily rely on professionally hosted cloud computing for our purely systematic fully automated trade execution, the ongoing research process and the monthly re-modelling of the portfolio. If you are good in developing trading models try not to build an operational expertise in running a server park. Read More

Opinion: The salesperson of the future will be invisible

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Kyle DunnKyle Dunn
President & CEO,
Meyler Capital

No, I am not indicating that the future will be void of human contact, nor am I down playing the importance of relationships. I am simply conveying that people now have a strong aversion to being “sold” to.

This is especially true for institutional investors. They want to feel in control, that they have objectively made the decision to approach you, not the other way around. You will never convince an allocator of anything. They don’t want to be convinced. You can, however, present information in a logical manner, and let them arrive at their own conclusion. How you present that information is “the sell”. Read More

Poll Result: Are index fund parasites killing their host?

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In our last newsletter Jeffrey Miller of Eight Bridges Capital Management stated that “index fund parasites are killing their host”.

We asked you – our readers – whether you agree with this bold statement.

The opinions were not as divided as one might expect with a topic as controversial as whether index funds and risk-parity funds increase market volatility and correlations within sectors.

In the end the majority voted that they agree that “index fund parasites are killing their host”.

Poll Result_2015_09_website

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Manager Spotlight September 2015

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Maciej WisniewskMWi
Founder & Fund Manager,
Macromoney Investments

AuM: USD 7 million
Strategy: Global Macro with Equity Bias

Favorite…
Sport: Martial Arts
Food: Asian cuisine
Book: The Art of War by Sun Tzu

If you could time travel back to day one of your fund and have 15min with your former self to communicate any lessons you’ve acquired with the intention of saving yourself headaches, what would you tell yourself?
As Graham used to say: “In the short run, the market is a voting machine but in the long run, it is a weighing machine.” So be patient even if for a few months the market is not in line with your convictions. But as Dan Loeb stressed in 2008 at the apex of the financial crisis, sometimes you have to be also able to change your mind in response to the evolution of market signals/data.
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Opinion: Index fund parasites are killing their host

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Jeffrey MillerJeffrey Miller
Partner,
Eight Bridges Capital Management

A man who does not think for himself does not think at all. – Oscar Wilde
Global stock markets are in a little bit of turmoil, and the reasons are many. A primary driver of the recent volatility is the increasing concentration of assets in investments where no one is driving the bus. Index funds are, by definition, parasites. These funds assume that the current price of a stock is the “correct” price at all times, and that trying to make a judgement about the company is futile. When Vanguard was small, it could be the parasite – charge really low fees, rely on the work done by active investors to adjust prices to reflect the fundamentals of the underlying business, and be the parasite along for the ride. But now, forty years later, the parasite has grown too large. Small amounts of money indexed to large companies don’t really impact the stock price. But large amounts of money do.  A parasite only survives so long as it doesn’t kill its host. Read More