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Sticking to what works with currencies
e-Forex talks with Philippe Bonnefoy, co-founder of Eleuthera Capital AG
Philippe how long have you been in the currency business and what attracted you to the industry?
T is will be my 30th year in the fi nancial markets. During my career I have invested across all major asset classes. I began actively trading currencies in the early 1990s when I was responsible for a very large global macro proprietary trading book. T e fascinating thing about investing in currencies is that no day is ever the same. One has to continually observe the price action of the markets and evaluate the responses of other participants to news, economic data and political events. George Soros alluded to this behavioural approach in his theory of refl exivity. John Maynard Keynes also described the idea of “gaming” crowd behaviour in his famous analogy of comparing investing to that of beauty contests, in 1936 he wrote, “It is not a case of choosing those which, to the best of one’s judgement, are really the prettiest. We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be.”
My educational background is in economics and international studies and I really enjoy analysing political and macro-economic events, but over the years we have adapted our trading approach to be much more focused on what is essentially behavioural
psychology. We analyse what the market participants are doing by tracking them as they leave their footprints in the price action. Each morning it is exciting to see what happened overnight and every day is like a three-dimensional chess game. One can never know enough about markets.
When did Eleuthera Capital commence operations and what trading and investment services does the company provide?
Eleuthera Capital AG commenced operations in Q3 2011. We decided to set up a new investment advisor solely focused upon systematic currency trading. After selling my previous alternative asset management business in mid-2007 we wanted to explore new ways to trade macro strategies that could produce extremely attractive risk-adjusted returns in a predictable, repeatable and systematic way. We wanted to combine trading indicators we had previously used into a highly fi ltered and systematised decision making process. After several years of research, testing, implementation and incubation trading and a few million dollars of development costs, we were ready to deploy these models into a currency fund open to outside investors. We accepted a managed account and started a Cayman fund at the end of last year. We are also planning to launch an Irish UCITS fund
april 2012 e-FOREX | 185
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