Monday, 20 October 2014
Last updated 2 days ago
Sep 6 2013 | 4:09am ET
Astenbeck Capital Management pulled itself out of the red last month as it seeks to avoid its second losing year in three.
The Westport, Conn.-based firm, headed by former Citigroup star trader Andrew Hall, rose about 3% in August, Reuters reports. The gain brings Astenbeck's year-to-date return to about 2%.
Astenbeck is used to volatility—it ended last year up 3.4% after being down 10% in August. Astenbeck has suffered only one losing year, 2011, when it fell 3.8%.
Hall told clients that the firm is heavily invested in oil. "We continue to favor owning relatively short-term time spreads—primarily Brent—to participate in any price spike, but limit the downside risk." Hall, normally an oil bull, was cautious in his assessment of the market.
"Oil prices have become extremely backwardated in response to these tight fundamentals," he wrote.
"Owning nearby oil is a high risk (but potentially high reward) proposition at the moment."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...