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How Different Are Alternative Markets From Traditional Markets?
The markets do have some exposure to the common themes, but they also have considerable idiosyncratic return and risk elements. With, for example, the Fed or what's happening in the stock market, the idiosyncratic component is very large. And it's interesting, many of the markets that we trade are actually not that illiquid. It's just that they're operationally complex. We cast our net quite widely. If you think there are going to be some interesting developments, divergences, dislocations, trends, any of the stuff in emerging markets, we will capture that better than regular CTA's.