This week is a cage match of a pod, going point/counterpoint on every Alt from private equity to fine art to digital assets with Phil Huber and the knowledge he’s about to drop in his upcoming new book ‘The Allocators Edge: A modern guide to alternative investments and the future of diversification’. Phil is the Chief Investment Officer at Savant Wealth Management. As a Chicago native, we talk with Phil about his start in investments with his interests in the family business from an RIA wealth management background and decided to sink his teeth in. We dive into his book talking about everything from how the actual writing of it went – to what’s being said in it – from the current issues with the 60/40 portfolio, his blog bps and pieces, why sometimes the juice isn’t worth the squeeze, the thin line between traditional and alternative portfolios, his periodic table of investments, reviewing a huge list of Alternative Investments, including private equity, real estate, fine art, digital assets, style premia, real assets, trend following, and more, the state of Indiana sports, 80’s-90’s pro wrestling,  and Chicago pizza. Join us on this interesting Alt-tastic ride as we dig into what really is an Alternative investment by cracking open that “Other” bucket on the client statements.

Chapters:

00:00-02:37 = Intro

02:38-13:30 = Family Ties & the Modern RIA playbook

13:31-24:40 = Blogs, Muses, and the Allocator’s Edge

24:41-32:51 = The Problems with the 60/40 portfolio in today’s world

32:52-46:15 = The Periodic Table of Investments

46:16-01:08:14 = Walking through a dozen Alternative Investments ALT by ALT

01:08:15-01:20:42 = Digital Assets, and How a Portfolio of Alts might Look

01:20:43-01:26:05 = Favorites

From the Episode:

Get his book on Amazon, Barnes & Noble

Read Phil's blog bps and pieces: https://bpsandpieces.com/ & Follow Phil on Twitter @bpsandpieces

Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAltsand our host Jeff at @AttainCap2,  or LinkedIn , and Facebook, and sign-up for our blog digest.

And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options.

Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

In this episode, we sit down again with one of the OGs of VIX futures trading & options, Brett Nelson, CEO of Certeza Asset Management, and discuss their new mutual fund — Convex Core and how it relates to their Macro Vega hedge fund strategy. Join us to hear how the mutual fund aims to participate when the market is up, exploit opportunities when things get bumpy, and then protect heavily when the market is down. Brett explains why Convex Core isn't just an overlay strategy and how utilizing changes in Vega & Gamma can help protect you in a rough market. We talk about the Geometric Loss Problem, Certeza's three regimes of Volatility, their equity component, dialing through options, looking for the mathematical structure in the market, the rebalancing premium, and the importance of educating Advisors/Investors on volatility as an asset class. Finally, we ask Brett's opinions on some well-known relative value or Volatility arbitrage trades, asking when they work and when they don’t. And rounding things out is a discussion on the two new VIX ETF products coming out, and Brett’s thoughts on Delta Hedging Market Makers, just how critical "flow" is,  and what the next disruption event could look like.

Chapters:

00:00-02:46= Intro

02:47-06:04= Covid = A Missed VIXportunity

06:05-025:02= A Flawed Mentality & The 3 Regimes of Volatility

25:03-38:09= Masquerading As an Equity Strat & the Rebalancing Premium

38:10-48:21 = What Works? What Doesn’t in Vol Arb trading

48:21-54:39= VIX ETFs: Good, Bad, or Ugly?

54:40-01:11:55= Delta Hedging Market Makers: A Game within Games

Check out our previous episode with Brett here: Seeking (VIX) Certainty with Certeza's Brett Nelson

Follow along with Brett on Twitter @CertezaAM 

Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2,  or LinkedIn , and Facebook, and sign-up for our blog digest.

And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options.

Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

In this week's pod, we're doing something new and digging into the derivative market's Ag roots in our first "Way more than you need to Know" series, starting with the Global Meat Markets. Joining us today discussing all things Meat in the world is Simon Quilty, from Melbourne, Australia, and also RCM's very own Jeff Eizenberg, who handles all things Ag, including hosting the Hedged Edge podcast where they talk grown in the ground commodities once a month. Today we get an overview of the Global meat market: Beef, Poultry, and Pork, the main players and the main concerns, including labor and shipping shortages being a critical problem in securing food security around the globe. Simon talks about how he goes about hedging the various contracts providing risk management for the current disruption for in-demand meat products. We're talking Cutouts, CME vs. Wholesale prices and how to manage that risk, using swaps and removing basis risk to help manage price risk, and how the big players in the meat industry navigate it all. Bacon? Who said bacon. We briefly discuss that cut of pork belly that most of the US and Canada love so much & the future of alternative food, Beyond Meat, and their questionable mark on the industry since COVID. Also, We Want the Beef! Why beef will continue to dominate the meat market and why inflation is fueling it right along.

Chapters:

00:00-02:44 = Intro

02:45-07:18 = From Dancing Lessons in Melbourne To Escaping Tiananmen Square

07:19-23:04 = How Big is the Global Meat Market? Who has it? Who needs it?

23:05-36:59 = Big Player’s Concerns & the Tightening of the Global Beef Supply

37:00-57:57 = The Hedgers Toolbox: Futures, Cutouts, Swaps & Offsetting Risk

57:58-01:15:12 = Bacon Lovers, Beyond Meat as a Bust, and a Little Lamb

01:15:13-01:18:34 = Favorites

Follow along with Simon on Twitter @SimonQuilty and for more information visit the website at globalagritrends.com 

Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2,  or LinkedIn , and Facebook, and sign-up for our blog digest.

And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options.

Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

We’re looking into the far reaches of the search for yield in this episode, diving into investors’ interest in so-called Cat Bonds, or catastrophe bonds, and the world of reinsurance and ILS (insurance-linked securities). Yes, even the biggest risk-takers need backing – and we’re talking Reinsurance with Chris McKeown, Chief Executive of Reinsurance, ILS, and Innovation at Vantage Group Holdings. Take a trip with us and daydream about Bermuda as we define reinsurance: the secondary market & their clientele, capital protection, the risk transfer process and what efforts go into sorting through claims, what disaster gaps are, and how reinsurance is helping aid areas in vital need of protection. We’re discussing Cat(Catastrophe) bonds, ILS, Pop & Drop Hurricanes, Climatology, tight ecosystems, secret handshakes, and why Bermuda is the central hub for reinsurance. Chris explains the importance of adjusting models to deploying capital, why cat bond investors rely on these models, and what structural issues the business of reinsurance is facing in an upside market, trying to bring investors in.

Chapters:

00:00-02:39 = Intro

02:40-10:43 = Taking on Risk in the Hurricane Belt

10:44-32:41 = Off-loading Riskvia Reinsurance, Capital Deployment & Investor portfolio protection

32:42-38:21 = Cat Bonds & Structural Issues in an Upside Down Market

38:22-52:35 = Climate Change, Adjusting Models & Defining Capital in a Tight Ecosystem

52:36-58:05 = Favorites

For more information about Vantage Group Holdings please visit vantagerisk.com

Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2,  or LinkedIn , and Facebook, and sign-up for our blog digest.

And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options.

Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

How do large delta hedging flows of market makers tie in with Central Bank quantitative easing? How do ETF rebalancing’s and structured note issuer movements shift markets? We sit down with options guru Hari Krishnan talk through his new book: Market Tremors - Quantifying Structural Risks in Modern Financial Markets. 

Hari's first book, The Second Leg Down, talked about what investors can do when they're in trouble and how to structure actual options trades to keep bleed under control and maximize protection. This time, he's zooming out and asking how to know when there might be trouble lurking. How we can quantify and identify events like Volmageddon (Feb 2018), the Swiss Franc depeg (Jan 2015), Game Stop run up (2021), and more. In a world where we often get bogged down considering how specific items like this gamma, or that Fed decision, or how large ETFs flows will impact markets, Hari masterfully weaves all those 'agents' together to consider how we apply a real world risk to these agents shifting the distributions we rely on to size investment positions. Enjoy the episode.

Chapters:

00:00-03:13=Intro

03:14-06:34 = Volatility - The Last Chance Saloon

06:35-15:20 = There’s London Whales Everywhere

15:21-31:55 = Merging Normally Distributed & Networked Chaos

31:56-42:01 = Volmageddon: A Case Study

42:02-54:19 = Big Gamma: Market Making Options / Do Less

54:20-01:09:43 = The Danger of 1 / Volatility Position Sizing

01:09:44-01:17:37 = Takeaways & The Twin Heralds of Risk

Follow Hari on Twitter @HariPKrishnan2 and check out his book here.

From the episode:

Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. Listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. RCM Alternatives is DBA Reliance Capital Markets II, LLC. For more information, visit www.rcmalternatives.com/disclaimer

In this episode, we're stepping away from our ordinary world of futures and options to find out why boring old corporate bonds aren't all that boring after all. Join our conversation with Greg Obenshain, Partner and Director of Credit at Verdad Advisers, as he and Jeff discuss just what running a high yield bond investments portfolio is like. Greg shares the complexities of accessing and organizing the needed data to run a quantitative model on bonds (think no central exchange nor shared order book, etc.), how he racks 'em and stacks 'em, and why there should always be a fundamental lens on quant outputs at the end of the day. He gives some real-world examples talking about the bonds of Netflix, Crocs, and Oil& Gas companies; and why there's a sweet spot between BBB and B-rated bonds.

Speaking of ratings, we ask Greg how his custom quant model assigns his own ratings, how and why those differ from the ratings agencies, and why multi-billion firms don't model this area of the high yield market similarly (he says it's not sexy enough). We finish the chat touching base on some topical bond/rates areas, such as Evergrande's potential default, the debt ceiling, yield farming, private credit, private equity's big debt appetite, and more. You'll also find some nuggets on duration, stripping out Treasury yields, and what both retail and institutional investors typically get wrong when considering holding bonds in a portfolio. Enjoy the chat!

Chapters:

00:00-02:47 = Intro

02:48-07:27 = London Tea, a Midwest Twang, and Dartmouth Green

07:28-20:50 = Becoming a Quant, Finding Verdad, and Racking and Stacking

20:51-41:24 = Finding Growth vs Getting Paid for Default Risk

41:25-56:15 = Cash in and Cash Out, and Record Tight High Yield Spreads

56:16-01:09:10 = High Yield Risk, Private Credit, and what everyone gets wrong about Bonds

01:09:11-01:14:02 =Favorites

Follow along with Greg on Twitter @GregObenshain and learn more about Verdad Advisers at verdadcap.com

Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2,  or LinkedIn , and Facebook, and sign-up for our blog digest.

And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options.

Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

Jeff is “stacking” two guests in this episode, welcoming 1. Corey Hoffstein, CIO and co-founder of Newfound Research, host of Flirting with Models Podcast, and co-conspirator on the Pirates of Finance YouTube channel; and 2. Rodrigo Gordillo, President and Portfolio Manager of Resolve Asset Management and host of the Resolve Riffs Friday live stream. They’re talking about their new research paper: “Return Stacking: Strategies for Overcoming a Low Return Environment,” which takes a novel approach to solving a few problems. Such as: How do you endure the ‘line item risk’ of an alternatives allocation? How do you participate in the upside of an increasingly overvalued stock market? What value do bonds bring as a diversifier at the zero bound? The answer boils down to some new capital-efficient ETFs and mutual funds, which stack asset classes and returns on top of one another at greater than 100% exposure. How does that work exactly? What are the pros and cons? What types of products can investors look at? Listen in to find out more. 

Chapters: 

00:00-02:36=Intro 

02:37-10:30=It’s the Cayman Islands…not Caymans 

10:31-29:55=Return Stacking: The Paper, the Problem & the Solution 

29:56-38:33= Leverage and Capital Efficiency 

38:34-01:04:14= Managed Futures, Macro, and Convexity as Diversifiers 

01:04:15-01:12:09= Are you just Stacking Fees? 

01:12:10-01:26:16= I’m Scared to Buy at All-Time Highs (and to Own Bonds) 

01:26:17-01:30:24=Favorites 

From the episode: 

Download the whitepaper here: https://info.rcmalternatives.com/return-stacking 

Podcast: Noodling on Ensembles, Trend, & Convexity with Newfound’s Corey Hoffstein: https://podcasts.apple.com/us/podcast/noodling-on-ensembles-trend-convexity-newfounds-corey/id1497570451?i=1000478501833 

Podcast: Asset Allocation, AI, and the Alpha Process with Resolve Asset Management: https://podcasts.apple.com/us/podcast/asset-allocation-ai-alpha-process-resolve-asset-management/id1497570451?i=1000467460922 

Flirting with models podcast: https://blog.thinknewfound.com/podcast/ ReSolve's Riffs: https://investresolve.com/single/resolve-riffs/ The picture from space that shows why commodities are non-correlated: https://www.rcmalternatives.com/2013/10/the-picture-from-space-that-shows-why-commodities-are-non-correlated-to-the-stock-market/ Follow along with Corey & Rodrigo on Twitter @choffstein https://twitter.com/choffstein and @RodGordilloP https://twitter.com/RodGordilloP?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor Don't forget to subscribe to The Derivative (https://www.rcmalternatives.com/the-derivative-podcast/), and follow us on Twitter at @rcmAlts (https://twitter.com/rcmAlts), and our host Jeff at @AttainCap2 (https://twitter.com/AttainCap2), or LinkedIn (https://www.linkedin.com/company/rcm-asset-management/), and Facebook (https://www.facebook.com/RCMAlternatives/), and sign-up for our blog digest (https://info.rcmalternatives.com/get-our-blog-alternatives). And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

How is the ETF sausage made? Who creates the filling? The casing? Who buys it at the store? What other meat is it replacing?  We dig into all these tasty morsels and more with this episode’s guest – the ETF expert Dave Nadig, who has spent his career analyzing ETFs, their asset managers, and how investors fit them into portfolios. We’re talking with Dave about why nobody in Springfield, MA likes Tom Brady, how ETFs went from nothing to a Trillion to $7 Trillion (with a ‘T’), and why exactly they get that super beneficial tax treatment.

He covers whether they spell the end for mutual funds, whether they brought on the boom in RIAs, if they’re actually tied to indices anymore?, and how to square passive investment with active allocations to ETFs. Then onto how the SEC punted to Gensler at the CFTC re: Crytpo ETFs (and now he’s at the SEC…wtf), why the future could be ETFs by voting style, and the obligatory Cathie Wood/ARK questions on a pod talking ETFs. Finally, we’re talking what it takes to launch an ETF, who you need on your side in terms of market makers and distributors, and how the ticker has become all important. Don’t miss this informative chat with an insider in the huge world of ETFs. Enjoy.

Chapters:

00:00-04:42=Intro

4:43-15:47=Wells Fargo, RIAs vs FAs, and Voltron

15:48-24:45=A Brief History of the ETF: the First Trillion is the Hardest

24:46-40:57=The obligatory ARK/ Cathie Wood questions

40:58-51:11=When do we get Crypto ETFs? Did the Sec Punt?

51:12-01:05:11=How do you do Futures, Leverage, and Taxes in an ETF?

01:05:12-01:16:01=Are there limits on ETF innovation? All Hail the creative Ticker!

01:16:02-01:21:53=The Game Stop Moment

01:21:54-01:26:50=Favorites

From the episode:

Luke's Entrance but with the Force Theme

Follow along with Dave on Twitter @DaveNadig and visit www.etftrends.com for more information

Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2,  or LinkedIn , and Facebook, and sign-up for our blog digest.

And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options.

Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

We jump back into some VIX and Volatility discussion with this week’s episode but also get to talk about trend following’s rise and fall (and rise again?) over the past decade. We’ve got Scot Billington, the co-founder and managing partner of Covenant Capital Mgmt., talking through his unique journey from futures broker to floor trader of OEX options, to trend following hedge fund manager, to VIX trader and volatility focused funds. We talk with Scot about his indoor, Kentucky basketball themed half court basketball gym above his garage in the Chicago suburbs, what it was like being a floor trader back in the hay day of the CBOE options pits, having a side gig when trying to start a hedge fund, when customers cry uncle in a drawdown, turning the switch from trend to vol, why the VIX is different than options, how one can be both long vol and short vol at the same time, why Goldman Sachs doesn’t care about your VIX trading, why the short vol blowups annoy him, and why it isn’t all that crazy to look at adding short vol to the mix. Enjoy!

Chapters:

00:00-02:35=Intro

02:36-26:12 =JC Bradford, Options Sheets & the Trading Floor

26:13-44:16 = Trend Following Was GREAT, then it became Commoditized

44:17-01:08:47 = Turning the switch from Trend Following to VIX

01:08:48-01:24:35 =Selling Premium Retail, Buying Reinsurance Wholesale

01:24:36-01:30:03 =Favorites

From the episode:

LJM – THE AUTOPSY

Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2,  or LinkedIn , and Facebook, and sign-up for our blog digest.

And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options.

Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

Our guest this episode is surely not a stranger to our listeners, with his voice reaching far and wide via StockTwits, the Panic with Friends podcast, his ever-changing Twitter handle (currently Metaverse Lindzon) and his eponymous blog where he dishes on everything from stock picks to software to NFTs.  Oh, and in his spare time, he’s invested in some big names like Robinhood, eToro, Koyfin, and Rally Road.

We sit down with Howard for a quick chat on exactly what he means by ‘trend following’, why that’s not the same thing the managed futures industry sees it, why sometimes it really is that easy, golfing with your son, whether it’s early or late in crypto, carb-loading your legs, ‘drafting’ behind pros for big trends, living in a rare asset world, investing in a bubble, how not to get scared off putting money to work amidst the Fed/inflation/etc, finding a career that suits your lifestyle, NFTs, Tesla, HOOD, whether RIAs are the next travel agents, or if they’re the travel agents that survived, and whether it’s a good idea to have 50%+ of your liquid net worth in crypto. Take a listen:

Chapters:

00:00-02:09=Intro

02:10-11:35 =  Playing Golf, Peloton & Pushing Tesla’s Range

11:36-33:59 = Go West Young Man (into Crypto) & Not Being the Last Guy Out

34:00-56:02 = The Golden Age of Investing, Gamification & Community

56:03-01:06:04 = RIAs as the Last Travel Agents & Investing in a Bubble

01:06:05-01:10:49 = Favorites

Follow along with Howard on Twitter @howardlindzon and visit his website at howardlindzon.com.

Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2,  or LinkedIn , and Facebook, and sign-up for our blog digest.

And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options.

Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer