PUBLICATIONS

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Book

Intelligent Commodity Investing” • Risk Books, 2007.

Articles

“Challenges Facing Commodity Futures Market Participants: The Anti-Speculation Cycle, the RORO Environment, & Position Limits” • Commodities Now, March 2013.

“The Collapse of MF Global: What Happened and Lessons Learned” • FIRE [Finance, Insurance, and Real Estate] Policy News, September 2012.

“‘Who Sank the Boat?’ Alternative Explanations to Popular Narratives Regarding Recent Commodity Price Spikes and the Implications That Has for European Derivatives Regulations” • EDHEC-Risk Publication, June 2012.

An excerpt from this article was published as “European Regulation of the Commodity Derivatives Markets — Be Wary of Placebos” • Investment & Pensions Europe: EDHEC-Risk Institute Research Insights, Autumn 2012.

An edited version of this paper was also published as “Who Sank the Boat?” • Alternative Investment Analyst Review [for the CAIA Association], Third Quarter 2012.

“Lessons from History on Commodity Futures Trading Controversies”Investment & Pensions Europe: EDHEC-Risk Institute Research Insights, Spring 2012.

“Hedging For Food Price Stability” • Hedge Funds Review, September 2011.

“A Review of the G20 Meeting on Agriculture: Addressing Price Volatility in the Food Markets” • EDHEC-Risk Publication, July 2011.

Intelligent Commodity Trading & Risk Management” •  Working Paper version, which was published in Commodities Now, March 2011.

Cotton Through a Distant Mirror” • Commodities Now, March 2011.

Interview • The Hedge Fund Journal, January 2010.

Speculation in Oil Futures • FTfm • Investing in Commodities • Financial Times Special Report, December 7, 2009.

“Has There Been Excessive Speculation in the U.S. Oil Futures Markets? What Can We (Carefully) Conclude from New CFTC Data?” • EDHEC-Risk Publication, November 2009; and in Hedge Funds Review, December 2009.

“Oil Prices: The True Role of Speculation” • EDHEC-Risk Publication, November 2008.

The French version of this article is titled, “Les Causes Structurelles du Troisième Choc Pétrolier.”

“The Oil Markets: Let the Data Speak For Itself” • EDHEC-Risk Publication, October 2008; and serialized in Alternative Intelligence Quotient, March and June 2010.

A version of this article was published as “The Oil-Price Spike of 2008: Inferences from Price Relationships and Other Publicly Available Data” • CAIA Level II: Integrated Topics and Applications, 2010; CAIA Level II: Current and Integrated Topics, 2011; and CAIA Level II: Core and Integrated Topics, 2012.

Long-Term Sources of Return in Commodity Futures Markets From the Grain Markets” • Hedge Funds Review, October 2008.

Japanese summary of “Intelligent Commodity Investing: Opportunities and Challenges” • AIMA Japan Newsletter, August 2008.

Intelligent Commodity Investing: Opportunities and Challenges” • AIMA [Alternative Investment Management Association] Journal, Summer 2008.

Amaranth Lessons Thus Far” • Working Paper version, which was published in Journal of Alternative Investments, Spring 2008.

This article was included in CAIA Level II: Current and Integrated Topics, 2008-2009 and 2009-2010.

Excerpts from “Intelligent Commodity Investing” • Alternative Investment Quarterly, Third Quarter 2007.

Risk Management & Portfolio Construction in a Commodity Futures Programme” • Commodities Now, September 2007.

Evolving Markets” • Commodity Risk, September 2007.

Value Investing in Commodity FuturesThe Price Report, Fleet Street Publications Ltd, August 21, 2007.

The Amaranth Collapse: What Happened and What Have We Learned Thus Far?” • EDHEC-Risk Publication, August 2007.

This article was included in BarclayHedge’s Directory of Funds of Hedge Funds, 7th Annual Edition, 2008.

“A Brief Review of the U.S. Senate Report on the Amaranth Debacle”EDHEC-Risk Newsletter, July 2007.

Trading Strategies” • Commodity Risk, May 2007.

Japanese summary of “The Tortoise versus the Hare: The Role of Term Structure versus Spot Price Trends in Determining Commodity Futures Returns” • AIMA Japan Newsletter, March 2007.

Academic Paper on AmaranthHedge Funds Review, January 2007.

“Backwardation and Commodity Futures Performance: Evidence from Evolving Agricultural Markets” • Journal of Alternative Investments, Winter 2006.

This article was summarized in CFA Digest, August 2007.

This paper was included in Institutional Investor Journal’s “A Measured View of Commodity Index Investing: An Article Collection,” 2010.

The Tortoise versus the Hare: The Role of Term Structure versus Spot Price Trends in Determining Commodity Futures Returns” • AIMA [Alternative Investment Management Association] Journal, Winter 2006.

EDHEC Comments on the Amaranth Case: Early Lessons from the Debacle” • EDHEC-Risk Publication, October 2006.

What the Future Holds for Commodities” • Global Alternatives Magazine, June 2006.

Structural Sources of Return & Risk in Commodity Futures Investments” • Commodities Now, June 2006.

Japanese summary of “The Benefits and Costs of Illiquidity” • AIMA Japan Newsletter, April 2006.

The Benefits and Costs of Illiquidity” • AIMA [Alternative Investment Management Association] Journal, April 2006.

Separating the Wheat from the Chaff: Backwardation as the Long-Term Driver of Commodity Futures Performance; Evidence from Soy, Corn and Wheat Futures from 1950 to 2004” • EDHEC Risk-Institute Publication, 2006.

Survey of Recent Hedge Fund Articles” • Working Paper version, which was published in Journal of Wealth Management, Winter 2005.

This article was included in CAIA Level II: Integrated Topics, 2007-2008.

Commodities — Active Strategies for Enhanced Return” • Working Paper version, which was published in the Journal of Wealth Management, Fall 2005.

This article was summarized in CFA Digest, February 2006.

Challenges in Commodities Risk Management” • Commodities Now, September 2005.

The Capacity Implications of the Search for Alpha” • AIMA [Alternative Investment Management Association] Journal, June 2004.

Risk Measurement of Investments in the Satellite Ring of a Core-Satellite Portfolio: Traditional Versus Alternative Approaches” • The Singapore Economic Review, April 2004.

“Risk Management Lessons in Leveraged Futures Trading” MFA [Managed Funds Association] Reporter, March 2004.

On the Role of Hedge Funds in Institutional Portfolios” • Working Paper version, which was published in Journal of Alternative Investments, Spring 2004.

This article received research support from the Foundation for Managed Derivatives Research.

This paper was included in Institutional Investor Journal’s “premium collection of research articles on hedge fund replication,” 2008.

Weighing the Cost of Illiquidity” • Risk Magazine, November 2003.

On the Role of Hedge Funds in Institutional Portfolios” • Comprehensive Version • Premia Risk Consultancy Working Paper, September 2003.

Timing is Everything, Especially with a Commodity Index” • Working Paper version, which was published in Futures Magazine, August 2003.

Traditional Investment Versus Absolute Return Programmes” • Quantitative Finance, June 2003.

Implicit Options In Hedge Fund Products” • Derivatives Week, February 16, 2003.

Risk Considerations Unique to Hedge Funds” • Quantitative Finance, December 2002.

Comparing Tastes” [How to Include Hedge Funds in a Risk Allocation Framework — Part II]” • GARP Risk Review, the Journal of the Global Association of Risk Professionals, November / December 2002.

Managers Take Your Seats” [How to Include Hedge Funds in a Risk Allocation Framework — Part I]” • GARP Risk Review, the Journal of the Global Association of Risk Professionals, September / October 2002.

Risk Management Lessons in Leveraged Commodity Futures Trading” • Commodities Now, September 2002.

Measuring Risk-Adjusted Returns in Alternative Investments” • Quantitative Finance,
August 2002
.

Returns-Based Analyses of Hedge Funds” • Derivatives Week, July 28, 2002.

An Elaboration on the Difficulties With Using Standard Performance Evaluation Measures in Alternative Investments” • AIMA [Alternative Investment Management Association] Newsletter, June 2002.

“Performance Assessment of Alternative Investment Strategies” MFA [Managed Funds Association] Reporter, March 2002.

Measure for Measure” • Risk & Reward, October 2001.

Life at Sharpe’s End” • Risk & Reward, September 2001.

“Systematic Strategies in the Commodity Futures Markets”MFA [Managed Funds Association] Reporter, September 2001.

“Side Effects: Pricing Pressures Affect Commodity Indexes, Too” • Indexes: Journal of Index Issues, Third Quarter 2001.

Alternative Investment Trading Strategies” • Alternative Investment News, August 12, 2001.

Taking Full Advantage of the Statistical Properties of Commodity Investments” • Working Paper version, which was published in Journal of Alternative Investments, Summer 2001.

Diversification BenefitsRisk & Reward, February 2001.

Trading Scarcity” • Working Paper version, which was published in Futures Magazine, October 2000.

Passive Strategies in the Commodity Futures Markets” • Working Paper version, which was published in Derivatives Quarterly, Fall 2000.

Two Types of Systematic Returns Available in the Commodity Futures Markets” • Commodities Now, September 2000.

Institutional Investing in Commodity Derivatives” • Derivatives Week, August 2000.

Active Commodity-Based Investing” • Working Paper version, which was published in Journal of Alternative Investments, Summer 2000.

“The Reasons to Invest in Commodities” • Putnam Investments Working Paper, 1997.

Plan Sponsors Eye Commodity Returns” • Derivatives Strategy Magazine, November 1996.

Book Chapters

“Hedging and Speculation: A Discussion on the Economic Role of Commodity Futures Markets (Including the Oil Markets)” • a chapter in Perspectives on Energy Risk, Springer-Verlag, 2014.

“Case Studies and Risk Management Lessons in Commodity Derivatives Trading” • Working Paper version, which was published as a chapter in Risk Management in Commodity Markets: From Shipping to Agriculturals and Energy, John Wiley & Sons Ltd., 2008.

“A Long-Term Perspective on Commodity Futures Returns” • Working paper version, which was published as two chapters in Intelligent Commodity Investing, Risk Books, 2007.

Risk Management in Energy-Focused Commodity Futures Investing” • a chapter in The Professional Risk Managers' Guide to Energy and Environmental Markets, PRMIA Publications, 2006. Re-issued in The Professional Risk Managers’ Guide to the Energy Market, McGraw-Hill Finance & Investing, 2008.

Natural Resources Funds of Funds: Active Management, Risk Management, and Due Diligence” • Working Paper version, which was published as a chapter in Fund of Hedge Funds: Performance, Assessment, Diversification, and Statistical Properties, Elsevier Finance book, 2006.

Portfolio Risk Measurement in Commodity Futures Investments” • Working Paper version, which was published as a chapter in Portfolio Analysis: Advanced Topics in Performance Measurement, Risk and Attribution, Risk Books, 2006.

Absolute Returns in Commodity (Natural Resource) Futures Investments” • Working Paper version, which was published as a chapter in Hedge Fund & Investment Management, Elsevier Finance book, 2006.

“Commodities — Active Strategies for Enhanced Return” • Working paper version, which was published as a chapter in The Handbook of Inflation Hedging Investments, McGraw Hill book, 2006.

A Hedge Fund Investor’s Guide to Understanding Managed Futures” • Working Paper version, which was published as a chapter in Hedge Funds: Insights in Performance Measurement, Risk Analysis, and Portfolio Allocation, Wiley Finance book, 2005.

“Risk Measurement of Investments in the Satellite Ring of a Core-Satellite Portfolio” • Working Paper version, which was published as a chapter in Core-Satellite Portfolio Management: A Modern Approach to Professionally Managed Funds, McGraw Hill book, 2005.

How to Design a Commodity Futures Trading Program” • Working Paper version, which was published as a chapter in Commodity Trading Advisors: Risk, Performance Analysis, and Selection, Wiley Finance book, 2004. Re-issued in The Handbook of Commodity Investing, John Wiley & Sons, 2008.

“The Benefits and Costs of Illiquidity” • a chapter in Intelligent Hedge Fund Investing, Risk Books, 2004.

This article was summarized in The Research Foundation of CFA Institute Literature Review, April 2009.

The Risks of Commodity Investing” • Working Paper version, which published as a chapter in The New Generation of Risk Management for Hedge Fund and Private Equity Investments, Euromoney Book, 2003.

Encyclopedia Contributor

Encyclopedia of Alternative Investments • Chapman & Hall/CRC Press, 2008.

 

The information on this website is not for reproduction or distribution without
the prior written permission of Premia Capital Management, LLC.

Site last updated in December 2016. Copyright © Premia Capital Management, LLC

 

 

In reading “Two Types of Systematic Returns Available in the Commodity Futures Markets,” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONTINUE

In reading “Risk Management Lessons in Leveraged Commodity Futures Trading,” please be aware of the following:

The portfolio risk management process includes an effort to monitor and manage risk, but should not be confused with and does not imply low risk.

CONTINUE

In reading “Challenges in Commodities Risk Management,” please be aware of the following:

The portfolio risk management process includes an effort to monitor and manage risk, but should not be confused with and does not imply low risk.

CONTINUE

In reading “Risk Management & Portfolio Construction in a Commodity Futures Programme,” please be aware of the following:

The portfolio risk management process includes an effort to monitor and manage risk, but should not be confused with and does not imply low risk.

CONTINUE

In reading “Trading Strategies,” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONTINUE

In reading “Commodities — Active Strategies for Enhanced Return,” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONTINUE

In reading “Timing is Everything, Especially with a Commodity Index,” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONTINUE

In reading “Trading Scarcity,” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONTINUE

In reading “Passive Strategies in the Commodity Futures Markets,” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONTINUE

In reading “Active Commodity-Based Investing,” please note that Premia Capital is solely a proprietary trading and research firm, and is not seeking outside capital for its trading program.

CONTINUE

In reading “Risk Management in Energy-Focused Commodity Futures Investing,” please be aware of the following:

The portfolio risk management process includes an effort to monitor and manage risk, but should not be confused with and does not imply low risk.

CONTINUE

In reading “How to Design a Commodity Futures Trading Program,” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONTINUE

In reading “Risk Management Lessons in Leveraged Futures Trading,” please be aware of the following:

The portfolio risk management process includes an effort to monitor and manage risk, but should not be confused with and does not imply low risk.

CONTINUE

In reading “Systematic Strategies in the Commodity Futures Markets,” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONTINUE

In reading “Commodities — Active Strategies for Enhanced Return,” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONTINUE

In reading “Commodities — Active Strategies for Enhanced Return,” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONTINUE

In reading “Risk Measurement of Investments in the Satellite Ring of a Core-Satellite Portfolio” please be aware of the following:

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING RESULTS PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

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In reading “Case Studies amd Risk Management Lessons in Commodity Derivatives Trading,” please be aware of the following:

The portfolio risk management process includes an effort to monitor and manage risk, but should not be confused with and does not imply low risk.

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