Category: Advisor Commentary

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Corn field
Advisor Commentary

Gamma Q January 2022 Market Update

Commentary provided by Todd Delay of Gamma Q Breckhurst Commodity Fund (onshore) was up a net estimate of 1.29% for January, and Breckhurst Commodity Fund (Cayman) was up a net estimate of 1.25%. The risk loss in trading futures and options can be substantial. Past performance is not necessarily indicative of future results. A long […]

Advisor Commentary

The Rush to Decarbonize

With COP26 underway, the discussion returns to how close each polluting nation can get to net-zero emissions (NZE) by 2050. This, the climate scientists suggest, is the only way to limit the pace of global warming to 1.5°C above pre-industrial levels this century. Not everyone is fully committed, but the general thrust is in this […]

Advisor Commentary

Cayler Capital January 2022 Commentary

Commentary provided by Brent Belote of Cayler Capital We first turned bullish oil in April 2020, and I’m slowly starting to feel like it has run its course. We are still holding long positions, and prices will likely overshoot on the high side, but for the first time since the pandemic, we are starting to […]

big picture
Advisor Commentary

AG Capital January 2022 Investor Update

Commentary by AG Capital Management Partners, LP Inflation It helps to go back to 10th-grade calculus class to understand inflation. Inflation is a rate of change (first derivative). For example, the latest headline number of 7% tells us that prices are rising on an annualized basis. What if inflation moves higher from here to 10% over […]

Winter is coming
Advisor Commentary Alternative Investment Strategy

Is this the Season for Managed Futures?

“Winter is Coming” goes the famous line from Game of Thrones. In that context, it portended trouble ahead. Perhaps, it could also refer to the stock market to begin the year with the lowest January returns since 2008. A saying says that “As January goes, so goes the year.”  The truth is that few are […]

Wheat Field
Advisor Commentary

January 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments January was a month of extreme volatility for the agricultural markets. The two primary drivers of price were the weather in South America and the Russian military buildup along the Ukrainian border. Southern Brazil, Argentina, and Paraguay experienced several days of record heat on the heels of […]

Advisor Commentary

GZC Strategic Commodities Fund December 2021 Report

Commentary by GZC Investment Management Sell-side analysts and consultants remain extremely constructive, upgrading their oil price targets significantly for mid-year, and investor positioning has resumed in oil futures and options. At the end of Q3, the portfolio was positioned for upside risk as we entered the winter months; however, following further lockdowns due to Omicron […]

Advisor Commentary

The Fed Pickle

I often think of an offhanded comment from the Chicago Fed Chairman Charlie Evans at a networking event shortly after the financial crisis. He said policymakers didn’t know what would happen after their extraordinary measures following the financial crisis. His point that much of what they did had never been tried before was true. I […]

Advisor Commentary

Numberline Capital Partners December Performance Report and Market Summary

Commentary by John Knott of Numberline Capital Partners. As we look back on the year, the program satisfied all the benchmarks we have set for ourselves. Although past performance is not an indication of what is to come, we exceeded our 15% performance target. In addition, we kept our max drawdown under 5%. This year the […]

Advisor Commentary

2021 Year in Review

The year of the pandemic led into another year of COVID but with a hefty dose of inflation. The Consumer Price Index (CPI) in the United States rose 7% in 2021, its highest level in nearly 40 years. The ramifications of this could impact every market going forward, especially as it affects central bank policy, […]

big picture
Advisor Commentary

AG Capital December 2021 Investor Update

Commentary by AG Capital Management Partners, LP Steady outlook We ended the year much as we performed all year long – one step forward, and one step back. That’s OK. In a year where our ideas have not come to fruition in a timely fashion, our job is twofold: first to question our fundamental themes and […]

Advisor Commentary

GZC Strategic Commodities Fund November 2021 Report

Commentary by GZC Investment Management November 2021 will be remembered as a month of abrupt volatility for oil, remembering September 2019, when the Saudi Aramco attack propelled oil prices $10 higher at the market open.  On the 26th of November, it was not a gap open per se, but prices started diving on news that […]

Advisor Commentary

Mitigating ‘attachment bias’

Investors generally feel the pain from losses twice as much as pleasure from gains. Investment judgment is skewed by initial information or experience, and investors assign excessive value to what they already own in their portfolios. These were the main findings by Nobel Prize winner Richard Thaler1 who used psychology to explore the cognitive biases […]

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