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How To Bake A Highly Deficient Cake

What happens when you leave out a key ingredient in the recipe for baking a cake? We won’t keep you in suspense. What you get is a highly deficient cake, but how it is highly deficient can tell you quite a lot about what the omitted ingredient contributes to a competently executed cake! At Bristol Science Centre, Nerys and David illustrate what we can learn by baking four different cakes – one batch with all the ingredients the basic recipe calls for, then other batches where either the margarine, eggs or baking powder has been excluded from the recipe. The following video illustrates how the resulting cakes baked with a single missing ingredient differ from a proper cake baked with all the ingredients. The same principle applies to data analysis. For instance, if a set of economic data omits the contributions of one particular sector of the economy, and that sector turns out to contribute a large share to the performance of the overall economy, the analysis produced using such data that excludes the omitted sector’s contribution will be highly deficient, because the data itself is not adequately representative of the economy being analyzed. Much like what happens when you bake a cake without one ingredient and compare it with a cake baked with all of them, the deficiency becomes very evident when you compare the results of the deficient analysis with the results of analysis performed with data that does not omit the missing sector’s contributions. If a professional baker omitted an ingredient in a cake recipe, then their competence would certainly be at issue. If they weren’t aware that the ingredient was missing, it might all be chalked up to simple ignorance on their part – the kind of mistake that many of us all make from time to time, that we acknowledge, learn from and do not repeat. But if they were aware of the deficiency and then went on to claim that the results of their deficient recipe were just the same as a properly baked cake, then their integrity would certainly also be at issue. We wonder how many people would continue to buy the “cakes” of such a highly deficient professional baker!

2 New Multialternative Funds Hit The Market

In the week that saw February transition into March, two new multialternative mutual funds were launched: the Preserver Alternative Opportunities Fund (MUTF: PAOIX ), which first traded on February 29; and the PineBridge Dynamic Asset Allocation Fund (MUTF: PDAIX ), which debuted on March 2. Preserver Alternative Opportunities The Preserver Alternative Opportunities Fund’s investment objective is to provide current income and capital appreciation with low volatility compared to traditional stock and bond markets. In pursuit of this end, the fund employs three distinct alternative strategies: Event driven Structured credit Tactical trading Although Semper Capital Management is listed in the fund’s prospectus as a sub-advisor, Preserver Partners CIO Floyd Taylor will initially manage all or most of the fund’s assets. As the fund’s assets under management (“AUM”) increase, Mr. Taylor may allocate a portion of those assets to be managed by the sub-advisor, and the fund may add other sub-advisors, as well. As of March 7, the fund’s AUM stood at just $8.8 million. The Preserver Alternative Opportunities Fund’s institutional class shares have a minimum initial investment of $100,000 and a net-expense ratio of 2.18%. The retail class (MUTF: PAORX ) shares have a minimum initial investment of $2,000 and a net-expense ratio of 2.43%. PineBridge Dynamic Asset Allocation The PineBridge Dynamic Asset Allocation Fund was launched with $50 million in seed capital. It pursues its investment objective of providing absolute return by allocating across a broad range of asset classes, taking both long and short positions in stocks, bonds, ETFs, REITs, and more. According to the prospectus , the fund’s secondary objective is generating alpha, with investment selections based on the advisor’s macroeconomic views, fundamental analyses, and risk-management considerations. PineBridge was also the sub-advisor to the Redmont Resolute Fund I, which was liquidated in December 2015, and the firm still is the sub-advisor Redmont Resolute Fund II (MUTF: RMRGX ). Version “I” of the fund was liquidated despite 2015 performance in the top 15% of its peers, while Version “II” had annualized three-year gains of 1.50% through February 29, ranking in the top 34%. The PineBridge portfolio management team thus has a solid track record of outperformance. Shares of the PineBridge Dynamic Asset Allocation Fund are available in institutional and investor-servicing (MUTF: PDAVX ) classes. The institutional shares have a minimum initial investment of $1 million and a net-expense ratio of 0.65%. The investor-servicing shares have a minimum initial investment of $100,000 and a net-expense ratio of 0.80%. Past performance does not necessarily predict future results. Jason Seagraves contributed to this article.