Is the CTA Industry Too Focused on Sharp?

I wanted to ask Mike something about something that both is a general observation from your decades involved in the industry. And then maybe we can turn it also specifically to your approach at Quest. Cliff Asness came out with this paper last year. He talked about the dual mandate of trend follows for CTA's, absolute returns and quote-unquote crisis alpha. But he also raised the question, have we as an industry become too focused on sharp?Mike: I think what you've seen over the last 20 to 30 years is that some of the larger CTA's have kind of morphed and become multi strats. Some managers may have lost their way.

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