Average Reviews:
(More customer reviews)I want to thank Mark Melin for writing this important book on managed futures. As a futures trader and broker I have a strong interest in the government regulated professionally managed futures asset class. After reading numerous academic papers on the importance of using non-correlated assets to best create the most effective Risk vs Reward long term portfolio, it was interesting to learn that managed futures are the most non-correlated of the asset classes. Mr Melin shows that even other generally non-corrleated assets to equities can become very correlated at market or economic dislocation when the non-correlation is most important. What is interesting is that at just such times the non-correlation of managed futures has stood out.
I have read many papers and books on managed futures and I find that this book is the most through and comprehensive, covering all the issues that an investor or financial advisor needs to understand this important asset class including:
*Investor protection based on the very strict Government Regulations that make Managed Futures so much safer than other HedgeFunds
*The topic of diversification is critical but where he gets into the nuts and bolts of the industry discussing volatility and correlation is where the book really shines
*Why differentiating between volatility on the upside and volatility on the downside better measures what investors are really concerned about as well as giving a better sense of how well the Managed Fund advisor handles adversity
*Why, as professionals understand, working out the risk issues first along with preparation for all eventualities is more important than just looking at returns
*Why diversifying even within the Managed Futures allocation between markets, methods and time frames is paramount and that once done the returns will almost take care of themselves
*How to evaluate Managed Futures Advisors and how to understand their disclosure documents
*And what I found most important and generally not covered elsewhere is how to actively manage the account once it has been established including the graphic tools to determine that the investment is not straying from the parameters that were used to establish the position.
This is a must read for anyone considering managed futures and those working to develop uncorrelated portfolios...
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