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Markham Gross
Works at Anderson Creek Trading
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Markham Gross

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Had a little mention in this post.
Think of the successes of great sports teams or businesses.  In so many cases, consistency in execution is a common feature.  The great football team doesn't just block and tackle well; they do so every play, every game.  A b...
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I enjoyed taking part in this interview series that tackles trading (and investing) from a psychological perspective.  http://goo.gl/ZHBFI2
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Markham Gross

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Anyone who would like a deeper understanding of trend following in the managed futures space should consider reading "Trend Following with Managed Futures" by Greyserman and Kaminski.  This book digs deep to answer why CTAs of the systematic trend following variety do what they do, why it works, and how it can improve diversification, risk control, and returns for a larger portfolio. 
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Markham Gross

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This brings back memories.  A buddy and I started our first company in college with no money.  We were literally selling just enough of our products to make more products.  Side jobs on the weekends helped us get by.  It was so much fun!  We were bought out a few years later.  
"Selling enough records to make another record." Rick Rubin started DefJam in his NYU dorm. Steve and I built TSR in Curtis Hall, and I went on to build my publishing business in my wife's dorm at NYU. It happens...
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Long only exposure to stocks, bonds, and real-estate is inadequate.  Long only exposure to commodities is also inadequate.  Investors need broader asset class diversification.  Investors also need strategies driven by tactical and systematic risk management.  

Quotes from the article I found agreement with:
"...in addition to providing portfolio diversification, Managed Futures also seeks to provide attractive stand-alone risk adjusted returns."

"...the returns of managed futures strategies are not consistently correlated to any market or sector."

"The global diversification provided by managed futures strategies may prove extremely valuable as we enter the next phase of the economic recovery"

Personally, I might change the term "managed futures" in the quotes above to something like Systematic Alternative Investments, in order to further differentiate the types of managed futures programs one can find.  They are not all the same for sure. 

#managedfutures   #alternativeinvestments   #sytematictrading   #trendfollowing   #futurestrading   #investing   #trading  
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“Expect anything worthwhile to take a long time,”

#mastery #patience  #grit  #struggle
Why showing up day in and day out without fail is the surest way to achieve lasting success. "Expect anything worthwhile to take a long t
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Divergent strategies tend to be more robust over the long term and therefore should be considered in a portfolio, but commonly are not. 

#trading #investing #divergent  
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Markham Gross

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I remember people arguing for long only and / or buy and hold commodity exposure as a portfolio diversifying tool over the years. Especially politically active people, as if that gives them some insight into markets. I always hated the buy commodities blindly argument because it is just another buy and hope strategy with no exit plan and usually no risk management. On top of that, it is a plan based on some type of faith, forecast, or maybe fear. Those folks missed out on some big opportunities to the short side of various commodity markets this year. Robust strategies are agnostic to future price direction and thrive in uncertainty, and are true portfolio diversifying tools because they are non-correlated with other markets and extract returns over time from up or down price trends in various markets.
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Markham Gross

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Can you be in the middle of enjoying a great summer and at the same time find yourself eager for winter?  I think the answer is yes.  Days of my Youth looks great. #skiing  
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Two centuries of trend following will be a good read for systematic traders / investors, particularly those using the futures markets.   Conclusions of the research will be interesting to anyone considering deploying or investing in systematic long volatility / trend following processes.  Recent years have been difficult for these strategies, and this paper analyses that from a long term statistical perspective. 


The link below takes you to the summary page, from which a PDF file of the paper can be downloaded.  

#trendfollowing  #futures #investing #trading #volatility
Abstract: We establish the existence of anomalous excess returns based on trend following strategies across four asset classes (commodities, currencies, stock indices, bonds) and over very long time scales. We use for our studies both futures time series, that exist since 1960, and spot time ...
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Work
Occupation
Systematic Alternative Investment Manager
Employment
  • Anderson Creek Trading
    Founder and Principle, 2013 - present
    Systematic Alternative Investment Manager, registered as a Commodity Trading Advisor (CTA) www.andersoncreekcta.com
  • Hardline Ropes
    Frounder / President, 1997 - 2001
    We designed and constructed high end wakeboard and barefoot tow ropes and handles. Hardline was the first to market Spectra as a material for tow ropes. Zero stretch and high tensile strength were the compelling qualities of our product line.
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Markham Gross's +1's are the things they like, agree with, or want to recommend.
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