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Masters in Business · 2026-04-08 · 19 min · 3,171 words

At the Money: Seeking Uncorrelated Returns

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He put it in his sack. Lots of asset classes promise uncorrelated returns, but very few deliver. One that does is manage futures. Sure, they're expensive and the trading is somewhat spiky, but when all correlations go to one, meaning everything is trading in lockstep, like we saw during the financial crisis or the first couple of months of COVID, managed futures seem to be the rare diversifier that works.

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