Lamensdorf Market Timing Report
EDITOR: DICK STERN
+100%
75%
CIO: BRAD LAMENSDORF
50%
25%
0%
-25%
-50%
s
LAMENSDORF MARKET TIMING REPORT
JULY 2015
s The charts and graphs presented in LMTR’s newsletter are not produced by LMTR. The interpretation of the charts and graphs is only the opinion of LMTR and does not reflect the associated firms’ opinions.
DEFINITION OF ‘MARKET BREADTH’
A technique used in technical analysis that attempts to gauge the direction of the overall market by analyzing the number of companies advancing relative to the number declining. Positive market breadth occurs when more companies are moving higher than are moving lower, and it is used to suggest that the bulls are in control of the momentum. Conversely, a disproportional number of declining securities is used to confirm bearish momentum.
Forget the S&P and Nasdaq……. Things Are NOT Looking Good Most investors rely on the S&P 500 and Nasdaq 100 when gauging the market. However, this approach is faulty. Both indexes are market-capitalized and weighted, which allows larger capitalized companies to mask the underlying action that is actually taking place in all stocks. For instance, the top 10 names in the S&P 500 comprise almost 20% of the S&P. Investors can look through the market capitalization index distortion by focusing instead on the stock market’s breadth. This issue of LMTR is heavily focused on the topic of breadth.
1 W E S T P O R T, C O N N E C T I C U T [email protected]
LAMENSDORF MARKET TIMING REPORT
JULY 2015
On Friday, July 17 the NASDAQ traded at a 52-week high, up 1%. This took place even though there were more declining stocks than those that advanced. Over the past 15 years this is only the second time that such a situation has occurred, the other time being March 23 of 2000. The bull market ended two days later. Jason at sentimenTrader.com created a unique study to analyze this occurrence. His study looked at a 0.9% or more rise in the market while simultaneously hitting a 52-week high. It was discovered that there were actually more stocks in the index that declined compared to those that advanced. This situation has taken place 10 times over the last 30 years, and nine of them occurred during the period from the summer of 1998 to the winter top of 2000. The tenth time occurred on Friday, July 17 of this year. BE WARY!
This tool calculates the cumulative 21-day advancing/declining volume (NYSE and Nasdaq). It helps monitor the amount of up or down volume moving into the markets. While the indexes have continued to hit higher highs, the chart has been deteriorating all year. A series of lower highs and lower lows have been created. This is an extremely worrisome divergence.
© Copyright 2015, All Rights Reserved Cross-currents Newsletter. Further distribution prohibited without prior permission.
2 W E S T P O R T, C O N N E C T I C U T [email protected]
LAMENSDORF MARKET TIMING REPORT
68 66 64 62 60 58 56 54 52 50 48 46 44 42 40 38 36 34 32 (S135)
Weekly Data 8/27/1976 - 7/17/2015 (Log Scale)
Dow Jones Industrial Average Profitable Long Trades: 73% Gain/Annum: 9.2% Buy-Hold Gain/Annum: 7.8% Latest Signal 1/09/2015 = 17737.37
S
S = Switch into Commercial Paper Signal Dates: 9/10/1976 - 7/17/2015
S S
B
B
BB
B
B
Total of Stocks Advancing Plus One Half of Those Unchanged, Divided by Total Issues
Oversold Intense Oversold
24254 19846 16240 13289 10874 8898 7281 5958 4875 3989 3264 2671 2186 1789 1464 1198 980 802 656 537
2015
2014
2013
2008
2007
7/17/2015 = 18086.45 2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1991
1990
1989
1988
1987
1986
1985
1984
B
B
B
Signals Generated When Diffusion Index: Rises Above 46.36% or Falls Below 38% = Buy Falls Below 51.91% = Sell
B B B
Overbought
B
B B B
B
S
S
BB B
B
B B
B
BB B
2012
B BB
B
B
S
S
S
S
S
2011
B B
S
S
2010
S
S
1983
B
S
1982
BB
SS
1981
1979
B B
1978
B
S
1980
S S S
S S SS
S
B B
1992
SS S
B
SS S
S
S S S
2009
S SS
S
SS
S
S
B
S
1977
242 5 4 198 4 6 162 4 0 132 8 9 108 7 4 88 9 8 72 8 1 59 5 8 48 7 5 39 8 9 32 6 4 26 7 1 21 8 6 17 8 9 14 6 4 11 9 8 980 802 656 537
JULY 2015
7/17/2015 = 45.0%
10-Week Advance/Decline Diffusion Index
68 66 64 62 60 58 56 54 52 50 48 46 44 42 40 38 36 34 32
Concept Courtesy: Merrill Lynch Copyright 2015 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/.
Recently a unique concept, originally created by Norman Fosback, was highlighted by sentimenTrader.com. Fosback discovered that when the stock market reaches a 52-week high with only 2% of the NYSE components hitting the new high and 2% hitting a new low, forward returns are extremely poor. In order to simplify this concept, sentimenTrader.com modified the study using the S&P 500, assigning 4% as the benchmark. The corresponding chart highlights each time this situation has occurred over the last 25 years. One can see that each occurrence matches a market top. It is worth noting that a warning was signaled on July 21, which is the first time this has occurred since October 18, 2007. The warning previous to that happened on September 26, 2000. This recent negative breadth divergence is a clear signal that should be heeded.
3 W E S T P O R T, C O N N E C T I C U T [email protected]
The Ned Davis 10-week advance/ decline diffusion index does not focus on volume. Rather, it looks at advancing and declining stock issues. Over the last three years a series of lower highs and lower lows have been reached, which dovetails the previous chart.
LAMENSDORF MARKET TIMING REPORT
JULY 2015
Weekly Data 1/02/1981 - 7/17/2015 (Log Scale)
% of Time
Both Indicators Bullish
14. 1
60. 1
* Both Indicators Bearish
0. 7
39. 9
Signal only changes when both indicators confirm.
Standard & Poor's 500 Stock Index
For Both Indicators: Upper and Lower Modes = Bullish Middle Modes = Bearish
7/17/2015 = 2126.6 Source: S&P Dow Jones Indices
7/17/2015 = 50.45%
Percentage of NDR All-Cap Equity Series Stocks Above Their 10-Week Moving Averages
Source: Ned Davis Research, Inc.
90 80 70 60 50 40 30 20 10 0
7/17/2015 = 54.07%
Percentage of NDR All-Cap Equity Series Stocks Above Their 40-Week Moving Averages
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
The NDR all-cap equity percentage of stocks above their 40-week moving average has created a nasty negative divergence, which is another warning sign from a breadth perspective.
90 80 70 60 50 40 30 20 10 0
Source: Ned Davis Research, Inc.
1984
(S215B)
Gain/ Annum
Combined Signal Is:
1983
90 80 70 60 50 40 30 20 10 0
1890 1502 1193 948 753 598 475 378 300 238 189 150 119
S&P 500 Gain/Annum When:
1982
90 80 70 60 50 40 30 20 10 0
S&P 500 Index vs. NDR All-Cap Equity Series Stocks Above 10-Week and 40-Week Moving Averages
1981
18 9 0 15 0 2 11 9 3 948 753 598 475 378 300 238 189 150 119
Copyright 2015 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/.
Daily Data 1998-10-30 to 2015-07-21 (Log Scale)
S&P 500 Index Versus NDR Supply and Demand with Spread
The NDR supply and demand spread has been carving out a series of lower highs, while the supply indicator has already started an uptrend. Such poor characteristics do not show strong institutional sponsorship, which is yet another warning sign.
2,113 1,995 1,884 1,778 1,679 1,585 1,496 1,413 1,334 1,259 1,189 1,122 1,059 1,000 944 891 841 794 750 708
Standard & Poor's 500 Index
2,113 1,995 1,884 1,778 1,679 1,585 1,496 1,413 1,334 1,259 1,189 1,122 1,059 1,000 944 891 841 794 750 708
S&P 500 Index Performance When
Source: S&P Dow Jones Indices
56 55 54 52 51 50 49 48 47 46
NDR Vol Demand is:
% Gain/ Annum
% of Time
* Above NDR Vol Supply
10.18
66.04
Below NDR Vol Supply
-7.04
33.96
56 55 54 52 51 50 49 48 47 46
NDR Volume Demand NDR Volume Supply (Log Scale)
10.0 7.5 5.0 2.5 0.0 -2.5 -5.0 -7.5
10.0 7.5 5.0 2.5 0.0 -2.5 -5.0 -7.5
NDR Volume Demand minus Supply 2015-07-21 = 0.38
1999
2000
2001
2002
2003
DAVIS125B
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
© Copyright 2015 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html For data vendor disclaimers refer to www.ndr.com/vendorinfo/
4 W E S T P O R T, C O N N E C T I C U T [email protected]
LAMENSDORF MARKET TIMING REPORT
CONCLUSION Breadth is an important quality to monitor when determining the health of the stock market. When looking back over the last 6,657 days (40 years), July 17 of this year was the 6,627th worst day the stock market has experienced from a breadth perspective. Put another way, July 17 was in the bottom 0.03%. Investors should heed this warning sign and continue to monitor for further deterioration. We maintain our 50% short position, which was created on December 15, 2014.
SUBSCRIBE TO THIS NEWSLETTER Sign up at the new LMTR.com Contact us today to recieve this newsletter at the low annual price of just $299. Phone: 203-557-3006
Email: [email protected]
Please send a check to: LMTR PO Box 5087, Westport, CT 06881 We also accept
DISCLAIMER Lamensdorf Market Timing Report is a publication intended to give analytical research to the investment community. Lamensdorf Market Timing Report is not rendering investment advice based on investment portfolios and is not registered as an investment advisor in any jurisdiction. Information included in this report is derived from many sources believed to be reliable but no representation is made that it is accurate or complete, or that errors, if discovered, will be corrected. The authors of this report have not audited the financial statements of the companies discussed and do not represent that they are serving as independent public accountants with respect to them. They have not audited the statements and therefore do not express an opinion on them. The authors have also not conducted a thorough review of the financial statements as defined by standards established by the AICPA. This report is not intended, and shall not constitute, and nothing herein should be construed as, an offer to sell or a solicitation of an offer to buy any securities referred to in this report, or a “buy” or “sell” recommendation. Rather, this research is intended to identify issues portfolio managers should be aware of for them to assess their own opinion of positive or negative potential. The LMTR newsletter is NOT affiliated with any ETF’s Nor any investment Advisors.
W E S T P O R T, C O N N E C T I C U T [email protected] Copyright © 2015 Lamensdorf Market Timing Report.
JULY 2015
BIO
Brad Lamensdorf, a seasoned money manager and market strategist, is the CIO of The Lamensdorf Market Timing Report, a newsletter designed to help investors improve performance via market timing by assessing the environment of the stock market using a variety of technical, fundamental and sentiment-oriented tools from powerful independent research firms. Many investors mechanically enter and depart the market without a true “game plan.” Studies have shown that retail investors, in particular, are very poor market timers, tending to invest at or near market peaks and sell at or near market lows. The newsletter is designed to provide risk parameters for both professional and retail investors around the short-term stock market environment, giving subscribers better insight about when to allocate assets into or out of the equity markets. Lamensdorf, a frequent guest commentator and analyst on major business networks including CNBC, CNN and Fox Business News, also serves as a Portfolio Manager and Principal of Ranger Alternative Management LP, a sub-advisor to the Advisor Shares Ranger Equity Bear Exchange Traded Fund (NYSE: HDGE). In this role, he conducts top-down technical evaluations of broader market liquidity, sentiment and breadth to help identify short and intermediate-term market trends, manage exposure and mitigate risk. HDGE was launched in 2011 and is the first and sole actively managed, short-only ETF in existence. Lamensdorf, also has managed investment portfolios for the Hughes family and was principal of Tarpon Partners, managing a long/short fund that was up more than 200% gross over six years. Earlier in his career, he was as an equity trader/market strategist for Taylor and Company, the Bass brothers’ trading arm, co-managing a short-only strategy in a derivative format with national exposure. He also served as the in-house market timing strategist for the entire internal and external network of Bass managers.
+100%
75%
CIO: BRAD LAMENSDORF
50%
25%
0%
-25%
-50%
s
LAMENSDORF MARKET TIMING REPORT
JULY 2015
s The charts and graphs presented in LMTR’s newsletter are not produced by LMTR. The interpretation of the charts and graphs is only the opinion of LMTR and does not reflect the associated firms’ opinions.
DEFINITION OF ‘MARKET BREADTH’
A technique used in technical analysis that attempts to gauge the direction of the overall market by analyzing the number of companies advancing relative to the number declining. Positive market breadth occurs when more companies are moving higher than are moving lower, and it is used to suggest that the bulls are in control of the momentum. Conversely, a disproportional number of declining securities is used to confirm bearish momentum.
Forget the S&P and Nasdaq……. Things Are NOT Looking Good Most investors rely on the S&P 500 and Nasdaq 100 when gauging the market. However, this approach is faulty. Both indexes are market-capitalized and weighted, which allows larger capitalized companies to mask the underlying action that is actually taking place in all stocks. For instance, the top 10 names in the S&P 500 comprise almost 20% of the S&P. Investors can look through the market capitalization index distortion by focusing instead on the stock market’s breadth. This issue of LMTR is heavily focused on the topic of breadth.
1 W E S T P O R T, C O N N E C T I C U T [email protected]
LAMENSDORF MARKET TIMING REPORT
JULY 2015
On Friday, July 17 the NASDAQ traded at a 52-week high, up 1%. This took place even though there were more declining stocks than those that advanced. Over the past 15 years this is only the second time that such a situation has occurred, the other time being March 23 of 2000. The bull market ended two days later. Jason at sentimenTrader.com created a unique study to analyze this occurrence. His study looked at a 0.9% or more rise in the market while simultaneously hitting a 52-week high. It was discovered that there were actually more stocks in the index that declined compared to those that advanced. This situation has taken place 10 times over the last 30 years, and nine of them occurred during the period from the summer of 1998 to the winter top of 2000. The tenth time occurred on Friday, July 17 of this year. BE WARY!
This tool calculates the cumulative 21-day advancing/declining volume (NYSE and Nasdaq). It helps monitor the amount of up or down volume moving into the markets. While the indexes have continued to hit higher highs, the chart has been deteriorating all year. A series of lower highs and lower lows have been created. This is an extremely worrisome divergence.
© Copyright 2015, All Rights Reserved Cross-currents Newsletter. Further distribution prohibited without prior permission.
2 W E S T P O R T, C O N N E C T I C U T [email protected]
LAMENSDORF MARKET TIMING REPORT
68 66 64 62 60 58 56 54 52 50 48 46 44 42 40 38 36 34 32 (S135)
Weekly Data 8/27/1976 - 7/17/2015 (Log Scale)
Dow Jones Industrial Average Profitable Long Trades: 73% Gain/Annum: 9.2% Buy-Hold Gain/Annum: 7.8% Latest Signal 1/09/2015 = 17737.37
S
S = Switch into Commercial Paper Signal Dates: 9/10/1976 - 7/17/2015
S S
B
B
BB
B
B
Total of Stocks Advancing Plus One Half of Those Unchanged, Divided by Total Issues
Oversold Intense Oversold
24254 19846 16240 13289 10874 8898 7281 5958 4875 3989 3264 2671 2186 1789 1464 1198 980 802 656 537
2015
2014
2013
2008
2007
7/17/2015 = 18086.45 2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1991
1990
1989
1988
1987
1986
1985
1984
B
B
B
Signals Generated When Diffusion Index: Rises Above 46.36% or Falls Below 38% = Buy Falls Below 51.91% = Sell
B B B
Overbought
B
B B B
B
S
S
BB B
B
B B
B
BB B
2012
B BB
B
B
S
S
S
S
S
2011
B B
S
S
2010
S
S
1983
B
S
1982
BB
SS
1981
1979
B B
1978
B
S
1980
S S S
S S SS
S
B B
1992
SS S
B
SS S
S
S S S
2009
S SS
S
SS
S
S
B
S
1977
242 5 4 198 4 6 162 4 0 132 8 9 108 7 4 88 9 8 72 8 1 59 5 8 48 7 5 39 8 9 32 6 4 26 7 1 21 8 6 17 8 9 14 6 4 11 9 8 980 802 656 537
JULY 2015
7/17/2015 = 45.0%
10-Week Advance/Decline Diffusion Index
68 66 64 62 60 58 56 54 52 50 48 46 44 42 40 38 36 34 32
Concept Courtesy: Merrill Lynch Copyright 2015 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/.
Recently a unique concept, originally created by Norman Fosback, was highlighted by sentimenTrader.com. Fosback discovered that when the stock market reaches a 52-week high with only 2% of the NYSE components hitting the new high and 2% hitting a new low, forward returns are extremely poor. In order to simplify this concept, sentimenTrader.com modified the study using the S&P 500, assigning 4% as the benchmark. The corresponding chart highlights each time this situation has occurred over the last 25 years. One can see that each occurrence matches a market top. It is worth noting that a warning was signaled on July 21, which is the first time this has occurred since October 18, 2007. The warning previous to that happened on September 26, 2000. This recent negative breadth divergence is a clear signal that should be heeded.
3 W E S T P O R T, C O N N E C T I C U T [email protected]
The Ned Davis 10-week advance/ decline diffusion index does not focus on volume. Rather, it looks at advancing and declining stock issues. Over the last three years a series of lower highs and lower lows have been reached, which dovetails the previous chart.
LAMENSDORF MARKET TIMING REPORT
JULY 2015
Weekly Data 1/02/1981 - 7/17/2015 (Log Scale)
% of Time
Both Indicators Bullish
14. 1
60. 1
* Both Indicators Bearish
0. 7
39. 9
Signal only changes when both indicators confirm.
Standard & Poor's 500 Stock Index
For Both Indicators: Upper and Lower Modes = Bullish Middle Modes = Bearish
7/17/2015 = 2126.6 Source: S&P Dow Jones Indices
7/17/2015 = 50.45%
Percentage of NDR All-Cap Equity Series Stocks Above Their 10-Week Moving Averages
Source: Ned Davis Research, Inc.
90 80 70 60 50 40 30 20 10 0
7/17/2015 = 54.07%
Percentage of NDR All-Cap Equity Series Stocks Above Their 40-Week Moving Averages
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
The NDR all-cap equity percentage of stocks above their 40-week moving average has created a nasty negative divergence, which is another warning sign from a breadth perspective.
90 80 70 60 50 40 30 20 10 0
Source: Ned Davis Research, Inc.
1984
(S215B)
Gain/ Annum
Combined Signal Is:
1983
90 80 70 60 50 40 30 20 10 0
1890 1502 1193 948 753 598 475 378 300 238 189 150 119
S&P 500 Gain/Annum When:
1982
90 80 70 60 50 40 30 20 10 0
S&P 500 Index vs. NDR All-Cap Equity Series Stocks Above 10-Week and 40-Week Moving Averages
1981
18 9 0 15 0 2 11 9 3 948 753 598 475 378 300 238 189 150 119
Copyright 2015 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/.
Daily Data 1998-10-30 to 2015-07-21 (Log Scale)
S&P 500 Index Versus NDR Supply and Demand with Spread
The NDR supply and demand spread has been carving out a series of lower highs, while the supply indicator has already started an uptrend. Such poor characteristics do not show strong institutional sponsorship, which is yet another warning sign.
2,113 1,995 1,884 1,778 1,679 1,585 1,496 1,413 1,334 1,259 1,189 1,122 1,059 1,000 944 891 841 794 750 708
Standard & Poor's 500 Index
2,113 1,995 1,884 1,778 1,679 1,585 1,496 1,413 1,334 1,259 1,189 1,122 1,059 1,000 944 891 841 794 750 708
S&P 500 Index Performance When
Source: S&P Dow Jones Indices
56 55 54 52 51 50 49 48 47 46
NDR Vol Demand is:
% Gain/ Annum
% of Time
* Above NDR Vol Supply
10.18
66.04
Below NDR Vol Supply
-7.04
33.96
56 55 54 52 51 50 49 48 47 46
NDR Volume Demand NDR Volume Supply (Log Scale)
10.0 7.5 5.0 2.5 0.0 -2.5 -5.0 -7.5
10.0 7.5 5.0 2.5 0.0 -2.5 -5.0 -7.5
NDR Volume Demand minus Supply 2015-07-21 = 0.38
1999
2000
2001
2002
2003
DAVIS125B
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
© Copyright 2015 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html For data vendor disclaimers refer to www.ndr.com/vendorinfo/
4 W E S T P O R T, C O N N E C T I C U T [email protected]
LAMENSDORF MARKET TIMING REPORT
CONCLUSION Breadth is an important quality to monitor when determining the health of the stock market. When looking back over the last 6,657 days (40 years), July 17 of this year was the 6,627th worst day the stock market has experienced from a breadth perspective. Put another way, July 17 was in the bottom 0.03%. Investors should heed this warning sign and continue to monitor for further deterioration. We maintain our 50% short position, which was created on December 15, 2014.
SUBSCRIBE TO THIS NEWSLETTER Sign up at the new LMTR.com Contact us today to recieve this newsletter at the low annual price of just $299. Phone: 203-557-3006
Email: [email protected]
Please send a check to: LMTR PO Box 5087, Westport, CT 06881 We also accept
DISCLAIMER Lamensdorf Market Timing Report is a publication intended to give analytical research to the investment community. Lamensdorf Market Timing Report is not rendering investment advice based on investment portfolios and is not registered as an investment advisor in any jurisdiction. Information included in this report is derived from many sources believed to be reliable but no representation is made that it is accurate or complete, or that errors, if discovered, will be corrected. The authors of this report have not audited the financial statements of the companies discussed and do not represent that they are serving as independent public accountants with respect to them. They have not audited the statements and therefore do not express an opinion on them. The authors have also not conducted a thorough review of the financial statements as defined by standards established by the AICPA. This report is not intended, and shall not constitute, and nothing herein should be construed as, an offer to sell or a solicitation of an offer to buy any securities referred to in this report, or a “buy” or “sell” recommendation. Rather, this research is intended to identify issues portfolio managers should be aware of for them to assess their own opinion of positive or negative potential. The LMTR newsletter is NOT affiliated with any ETF’s Nor any investment Advisors.
W E S T P O R T, C O N N E C T I C U T [email protected] Copyright © 2015 Lamensdorf Market Timing Report.
JULY 2015
BIO
Brad Lamensdorf, a seasoned money manager and market strategist, is the CIO of The Lamensdorf Market Timing Report, a newsletter designed to help investors improve performance via market timing by assessing the environment of the stock market using a variety of technical, fundamental and sentiment-oriented tools from powerful independent research firms. Many investors mechanically enter and depart the market without a true “game plan.” Studies have shown that retail investors, in particular, are very poor market timers, tending to invest at or near market peaks and sell at or near market lows. The newsletter is designed to provide risk parameters for both professional and retail investors around the short-term stock market environment, giving subscribers better insight about when to allocate assets into or out of the equity markets. Lamensdorf, a frequent guest commentator and analyst on major business networks including CNBC, CNN and Fox Business News, also serves as a Portfolio Manager and Principal of Ranger Alternative Management LP, a sub-advisor to the Advisor Shares Ranger Equity Bear Exchange Traded Fund (NYSE: HDGE). In this role, he conducts top-down technical evaluations of broader market liquidity, sentiment and breadth to help identify short and intermediate-term market trends, manage exposure and mitigate risk. HDGE was launched in 2011 and is the first and sole actively managed, short-only ETF in existence. Lamensdorf, also has managed investment portfolios for the Hughes family and was principal of Tarpon Partners, managing a long/short fund that was up more than 200% gross over six years. Earlier in his career, he was as an equity trader/market strategist for Taylor and Company, the Bass brothers’ trading arm, co-managing a short-only strategy in a derivative format with national exposure. He also served as the in-house market timing strategist for the entire internal and external network of Bass managers.
