Commodity trading advisor

Scotty es la casa.

Dentro de estos últimos, hay uno en particular, los CTA, Commodity Trading Advisors, que son un tipo de fondo de inversión automático que compra siguiendo tendencia y vende siguiendo tendencia.

En los últimos meses, lo que estos fondos han venido haciendo es ponerse cortos de bonos siguiendo precisamente la tendencia bajista de la deuda estadounidense.

Y lo han hecho de tal manera que han construido una posición corta bastante enorme.

So, um, basically TradFi, commodities, um, was over a decade.

Um, started off in a small commodity multi-asset hedge funds, um, mainly focusing on CTA, systematic, um, futures, managed future strategies.

Mm-hmm.

Um, then was in, uh, um, natural gas, crude oil products, and FX for over seven years, and moved into crypto 2008- uh, 2016, '15, '16 personally.

QIS was born, obviously, from the academic literature, the work of folks like Fama and French.

It has its origin, obviously, in CTAs, in pension funds, trying to rethink how to approach their risk models and their asset allocation.

Part of the story comes from post-GFC and the implementation of Volcker and all of the prop trading desks.

The banks had great IP and they didn't know how to deploy that in a world where they couldn't implement it on their own.