2013 was a year of anticipation and perhaps disappointment. For those hoping the 2012 election would have settled some of the dysfunction in Washington, that did not happen. In fact, we doubled down on fights already settled as if there were no new business. Equity markets impressed, but few saw it as anything other than the hand of the Fed. Mercifully, the Fed signaled the beginning of the end of QE3 by year-end.
The problem is not with managed futures, which have posted great returns, even (especially) during stock market meltdowns, but with the financial industry that wraps these otherwise useful products in a high fee wrapper