Interview  |  MAY 1998

About Managed Futures And Commodity . . . Gary Spitz by Thom Hartle

About Managed Futures And Commodity Trading Advisors -- Interview with Gary Spitz by Thom Hartle Gary Spitz, principal of CTA Research Corp., recognized early on the value of professional money managers in the futures markets as an asset class for investors. Further research led him to develop an index to track the performance of Commodity Trading Advisors in ways that reveal those managers who are consistent performers. Stocks & Commodities Editor Thom Hartle interviewed Spitz via telephone on February 19, 1998, about his views on what investors should look for when considering this asset class. Q: How did you start out in the business? A: I was an options broker back in 1984 to 1987 for a commission house. Unfortunately, I had the same experience that many people complain about in commodities — that there were two parties that made money on every transaction, one being the brokerage and the other being the broker. It was rare that the client was a winner. During that same period, I heard about managed futures, and an acquaintance started doing research on the industry. His findings went against all the conventional thinking that I had heard about the futures industry. Q: And that was? A: That everybody loses money.

by Thom Hartle