SlideShare a Scribd company logo
Consider this…
40 years ago you could not
buy a Currency Futures Contract
20 years ago Collateralized
Debt Obligations did not exist.
2 years ago Subprime could be
spoken about on Wall Street
Fundamentals
#1 Failing
serious panic
Economic data causes
Equities
Communication is global and
extremely fast.
#2 Growing
complexity
Individual investors
are trading online.
Information Overload
#3 Disappearing Borders
Global Economic
Output in 2000
37%
Global Economic
Output Today
45%
merging markets have
ad a growth explosion.
Commodity markets are exploding
#4 Greater Transparency
Better software can help
investors visualise risk.
Harry Markowitz
Modern Portfolio Theory
Banks are scared as they hold many
custom over-the-counter assets.
Don’t look to regulators
New financial products
will be less arcane.
#5 Lack of Educatio
People think options are risky.
Managed futures are almost unknown
CISDM CTA Index
53%
Correlation is -0.08 to MSCI World
MSCI World Index
42%
ndividual investors will be capable of
managing their own affairs.
Death of the Mutual Fund
Mindset is
70% of success.
Multi-Family Office
nvestment Strategies
Research
Murray Priestley
+852 8122 9446
http://murraypriestley.com/

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