ForesightHindsight

The Lake Wobegon Effect—where, according to its creator, Garrison Keillor, ‘all the women are strong, all the men are good looking, and all the children are above average’—relates to the tendency to overestimate one’s achievements and capabilities in relation to others. Lake Wobegon seems to be alive and well in the hedge fund industry, where every manager thinks they are above average, despite a wide range of evidence to the contrary

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67c563b8-ee77-4d52-8de2-4c83aee5f536

Greetings, We begin with several updates on commodities. 1. Soybean meal futures continue to rocket higher. While China’s rising demand for feed is one of the factors, at this point hot money is all over this market. Source: @barchart 2. The situation is similar with US sugar and soy futures, where the rally has accelerated. Source:

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blog-ethics-law

It is imperative that the chief compliance officer of an RIA review the RIAs policies and procedures to make certain that the Code of Ethics and policies and procedures are up to date and contain a definition of “Access Person” that is consistent with Rule 204A-1 and the SEC’s interpretations of that rule

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