From: Lesley Groff To: Michael Fowler Subject: Re: ATorus Daily Portfolio Report - 5/9 Date: Mon, 12 May 2014 17:02:32 +0000 ok, thanks On May 12, 2014, at 12:54 PM, Michael Fowler < > wrote: No worries....around anytime that is good for him Best Regards, Michael J. Fowler - Intl. Mobile Sent From My Mobile Device The information contained in this electronic mail message is confidential information intended only for the use of the individual or entity named above, and may be privileged. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this message is strictly prohibited. If you have recieved this communication in error, please immediately notify us by telephone, and delete the original message. On May 12, 2014, at 12:52 PM, Lesley Groff < > wrote: oops! totally see you did NOT talk to JE...will get you back on call list! On May 12, 2014, at 12:32 PM, Mike Fowler < > wrote: Lesley, Please find attached the Daily Portfolio Report for 5/9. Also, I didn't hear from Jeffrey on Friday, or I could have been out of cell service. Fm now back, so anytime he's available let me know to finalize basic commercial terms for IMA per Darren. Thanks! - Daily Commentary - There has been considerable discussion recently on how 'Risk-Parity' strategies have performed poorly over the past 18-months. While we feel most of the discussion is a classic example of most people being unable to "separate the signal from the noise," there is some truth to the issue vexing these funds. For full disclosure, we don't know the intricacies of the respective models, but can make some deductions. To be clear, we think risk-parity makes more sense than most, but with one underling assumption that could potentially create a structural issue with the methodology. Specifically, the reliance on long term stable correlations between indicators, which are generally econometric based. While