Managed Currencies Commentary

Just got a line on a new managed account run by a friend who has run over 300 million in the past. He’s been in the same business as us for five years, combing through these managers just as we do, testing them out, looking for the diamond in the rough. He is very careful on the drawdowns and shoots for 20% or so a year. Have a handful of new programs he asked me not to mention which have been killing it for him this year, some don’t have capacity and won’t take outside clients, a couple do. One he actually runs himself, it trades ETFs and is accepting capital, we’re starting him up. Real trading has been going since the beginning of the year, one down month of 2.33%, up 15% on the year, it’s called Long/Short, 10% drawdown is our out, manager is fine with that. I’m excited to see how it does, live trading has been even better than the backtesting which is impressive as the backtests look good too. Managed accounts, which I always like. Will let you know how it goes. Actually leverage is possible too if need be.

Devrim a bit of a recovery from what I watch.  I suspect as he gets the running of his company back under control he’ll resume his winning ways, we shall see if that’s the case.

McElhannon up 6% on trades overnight in the retail program, great to see.

Ian, HVB, UFX no trading.

Rove more work on allocating and giving Forex System research a small shot too, we’ll see what develops. Will give us something to talk about at the least as we don’t have much going on lately in terms of new guys.

Anybody had TriGlobal FX/Metro? How is it? I’ve looked into it before but never made the jump.

Opening up some new guys - none of which are compensated on trading volume, which I like.  Rove started today, Forex System Research we’ll get opened over the next week or two, and Long/Short Timing mailed in yesterday, which is actually a mutual fund timing program with solid numbers we’re excited about, low drawdowns we are told.

Made some changes on the site - first is a Forum - I’ll get some discussion topics in there to discuss - that way we can keep track of these threads and have info in one spot.  We’ll be able to carry on discussions and learn from each other.  Tried it before and didn’t get much participation, ideally we’ll get some this time around.

Next is we added some advertisements - let me know if you think they are obnoxious - I tried them before but took them down as I didn’t like them - but hey I think if we make money on advertising it makes the temptation to be biased less and makes it so we can cover anybody and everybody and don’t have to focus more on guys we get paid on.  So patronize our advertisers if you have interest please.

Now for regular business.  Ian’s new company name is Genoa Capital.  Web site is up at Genoacapital.com.  Spoke with him today about trading, or rather lack thereof, and he says he’s glad he decided to stay out these last few days as his trades set up weakly but fell apart rapidly, so good decision.  Patience is needed with him - most of the time on the sidelines, or has been recently.

Devrim recovered some more, hope his business turmoil is squared away and he can get back to it.  As we’ve seen before when he can focus he made money trading unlike lots we’ve watched, maybe the corner has been turned.
Paskewitz up on the month, spoke with him earlier today, up to 140 million AUM.

007 up 1.5% on the month or so as of the 10th, most recent info I have.

Was reading this morning on businesses - what is very valuable to people these days is time.  That’s what we’re trying to do here - make people money to give them time and freedom, and also save them time as we all do this analysis and testing of managers together so everybody doesn’t have to do it.