Mark Shore will be teaching a 2 day workshop in November at the New York Institute of Finance in Chicago.

This course is designed from a practitioner's perspective to give delegates a basic understanding and exposure to the managed futures industry within alternative investments by discussing various aspects and terminology of this asset class.

Managed Futures includes commodity futures, financial futures and foreign exchange. It is one of the fastest growing asset classes as it has existed for over 30 years and yet the investment management community is just beginning to understand it.

Portions of the course will introduce various metrics used for evaluating investment managers known as Commodity Trading Advisors (CTA), thus utilizing the concepts of asset allocation and due diligence. The tools and concepts of this course will find relevance to various assets and offer a stronger foundation in asset allocation,  portfolio management and due diligence.

Click here for more information and registration

The Chicago Council on Global Affairs Presents:

Foreign Direct Investments: Globalizing Chicago’s Economic Development Plans

The Chicago Council announces the release of its newest publication, Foreign Direct Investment: Globalizing Chicago’s Economic Development Plans, a report from an independent working group of twenty-five Chicago business and civic leaders.

Click for the background of the study. The study builds on the March 2011 “A Plan for Capturing Chicago’s Global Opportunity”

One year in the making, the report shows that Chicago lags behind its national and international counterparts in attracting foreign direct investment, resources needed to ensure that Chicago remains globally competitive.

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By Mark Shore
Published in Q2 2012 of Micro-Cap Review
Originally written May, 2012
mshore@shorecapmgmt.com

Since the economic decline in 2008, there has been a growing demand of individual and institutional investors to consider various choices of non-correlated investments to reduce tail risk (downside deviation)i and correlation risk, often known as alternative investments.

There is a good chance an investor will have stocks and bonds in their portfolio via a 401k, IRA, pension fund or directly into mutual funds. Perhaps they have some real estate either as an investment or the home they live in and maybe some private equity.

In 2008 and 2009, most stocks both domestically and foreign became highly correlated as they headed south and everyone was seeking the exit door simultaneously, thus causing losses to extend as panic selling and the need to liquidate increased.

One of the increasing areas of non-correlation investment is the currency market or sometimes called forex or FX (foreign exchange). In August, 1971 President Nixon removed the U.S. dollar from the gold standard, ending the Bretton Woods agreement and causing currencies to float at market rates. In December 1971, Professor Milton Friedman wrote “The Need for Futures Markets in Currencies”.(ii) May, 1972, the Chicago Mercantile Exchange introduced currency futures.(iii)

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Copyright ©2012 Mark Shore. Contact the author for permission for republication at mshore@shorecapmgmt.com Mark Shore publishes research, consults on alternative investments and conducts educational workshops. www.shorecapmgmt.com Mark Shore is also an Adjunct Professor at DePaul University's Kellstadt Graduate School of Business in Chicago where he teaches a managed futures/ global macro course.

Past performance is not necessarily indicative of future results. There is risk of loss when investing in futures and options. Always review a complete CTA disclosure document before investing in any Managed Futures program. Managed futures can be a volatile and risky investment; only use appropriate risk capital; this investment is not for everyone. The opinions expressed are solely those of the author and are only for educational purposes. Please talk to your financial advisor before making any investment decisions.

CTA Expo LLC Presents:

Chicago CTA Expo 2012

CTA EXPO in Chicago is designed to provide a venue where CTAs can interface with capital sources that consider CTA managers a source of alpha.

The expo is designed with significant networking time for participants and sessions with topics that will benefit capital sources and managers.

CTA EXPO was the original conference produced by CTA EXPO LLC. The 2012 expo in Chicago will be the 10th conference organized by CTA EXPO LLC.


As an attendee at past Chicago CTA Expos, they are well worth attending and are becoming very popular. The Expos are produced in several cities including Miami in December

Topics Include:
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The National Introducing Brokers Association Presents

The NIBA Fall Member Education and Marketing Meeting

The Chicago conference will discuss the hot topics facing the futures industry including: weather, compliance and regulatory changes, FCMs, and the economy at every level.

Speakers include experts to discuss individually or on panels these challenges every Introducing Broker and CTA faces. Additionally, there will be dedicated rooms to meet with the NFA for compliance and related questions.

Topics Include:

-This Year is All About the Weather

-Economic Outlook, Macro and Local

-Accessing FCM Risks

-CFTC Rule 1.17, MF Global and PFG, Where are We Now? Local Update

Speakers Include:

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Published July 31, 2012
CBOE Futures Exchange
"Futures in Volatility" Newsletter
By Mark Shore

While analyzing the utility value of the CBOE Volatility Index (VIX) futures® contract relative to the underlying market (S&P 500), a question often arises regarding the correlation of these two instruments. In this article we look at various durations of rolling correlations to determine its utility value.

The "static" correlation of two investment components is often quoted in a correlation matrix table when multiple markets are discussed or if there are only two markets, a single quote.

From January 2004 to June 2012, static correlation of daily VIX end of day data to the S&P 500 is -0.75. However, a static correlation does not always offer a strong profile of correlation. Correlation typically depends on the time duration of a holding period, thus building a profile of that period. One must keep in mind the S&P 500 has a growth component, whereas the VIX is more of a mean reverting market with moments of upward or downward spikes.

Between January 2004 and June 2012, the VIX reached its maximum close of 80.06 on October 27, 2008. It reached a minimum of 9.89 on January 24, 2007. During this period the VIX has averaged 21.08

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Copyright ©2012 Mark Shore. Contact the author for permission for republication at info@shorecapmgmt.com Mark Shore has more than 20 years of experience in the futures markets and managed futures, publishes research, consults on alternative investments and conducts educational workshops.

Past performance is not necessarily indicative of future results. There is risk of loss when investing in futures and options. Always review a complete CTA disclosure document before investing in any Managed Futures program. Managed futures can be a volatile and risky investment; only use appropriate risk capital; this investment is not for everyone. The opinions expressed are solely those of the author and are only for educational purposes. Please talk to your financial advisor before making any investment decisions.