The Ghosts of Commentary Future
November 30, 2020·3 comments·In Brief
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This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.
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Comments
Hey Rusty…I’ve been looking forward to Epsilon Theory’s top ten predictions for 2021. when do y’all think you will have that ready?
It’s going to be a great year for Top Ten predictions!
Fun story that I hope you’ll enjoy.
My firm has an internal SMA, access to about a million external ones, and one that’s kind of a weird hybrid. They aren’t a wholly owned subsidiary, but 95% of their AUM comes from our firm and they don’t accept any outside money. They run the shop as they please–and they’re pretty good as far as that goes–and they are quite accessible to us lowly FAs. They have a fund that is based entirely on our company’s research. If we don’t cover it then it’s not in the fund. The MD told us at a meeting that not one single dollar from anyone within his group of employees or PMs is in said fund. He was explicitly telling us to not buy this dog for our clients. See, he answers to all the FAs, and when we have a client get burned by a bad fund we pull everything and go elsewhere. All his other funds perform well, or at least they don’t embarrass him. But this one fund, the research fund, is an embarrassment. Our company puts out research that very few read, even fewer take seriously, and that is utterly ignored–accept for a contractual obligation–by PMs. That should tell you all you need to know about this particular corner of the financial services world.
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