GEPA FUTURE The magazineofSuperfund,Issue1/2009 Proof YourFuture iStockPhoto.com stay oncourse. right billions inbailouts, managedfutures funds plummet, andcentralbankshandout While real estate values collapse, equities 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 One MileReport:Vienna Burgtheater (Foto: Georg Soulek) Georg (Foto: Burgtheater the 18Superfundoffices. oneof landmarkssurrounding and culinary “One MileReport” highlightsthecultural Vienna upclose. Inthisissue, theFUTURE Full SpeedAhead! An interviewwithBodeMiller Overall winner–2008AlpineSkiingWorldCup Nouriel Roubini the financialmarkets. in turmoil aboutthecurrent interview investment inanexclusive expert FUTURE speakswiththecontroversial The Futureofinvesting 2∫ 60 Seconds FUTURE |Contents FUTURE in Contents Article onpage10 Article onpage4 Article means for managed futures funds. futures managed for means ultimately it what and about came crisis this how analyzes FUTURE performance. solid deliveredhave funds Superfund red, the into most other investment vehicles have slid deep point. While breaking the to world financial a as Solid to Hollywoodto goe Superfund rdc tre pt, as spots, discovered.FUTURE three to produce Coast West the to flew a team marketing excellence, Superfund of the In pursuit Angeles? Los than so do to better where And spot. TV glossy a into idea commercial initial to an transforming from eye a the producing meets than The U.S. credit crisis has pushed the the pushed has crisis credit U.S. The There’s more excitement There’smore Rock 10 s Article onpage18 Article Reloaded V for the occasion. the for Vienna to transported then from artist aroundthe greatworld whichwere the by artworks 150 brought over together Albertina, the of director Schröder, Albrecht Klaus Austria. in seen ever extensive van Gogh most exhibition the hosted Albertina, the museum, art Viennese Van Gogh Museum Amsterdam an an n al 08 te famous the 2008, fall In 4 G og

h iStockPhoto.com 18 his personal goals for the season ahead. season the for goals personal his as well as events, ski international major to RVhis takes still slopes.revealshe why Bode the off and on both performance outstanding program,sponsorship he continues to deliver how,Superfund explains the Champion with Interview: Article onpage12 Article h 20 Apn Sin Wrd Cup World Skiing Alpine 2008 The Superstar s Superfund and many others. many and Theatre Ballet American the dance from Smith American Sarah sensation, as well as Jukic, Dinko and Mirna Austria’s celebratedswimming Malysz,siblings Adam champion, jump ski Polish as such stars talented includes which program sponsorship Superfund the introducing Article onpage20 Article ode Miller Bode UUE ae pie in pride takes FUTURE 20 12

GEPA Article onpage26 Article Interview: neve poie a acntn isgt no the into – opinionated expert. market insight highly and fascinating – acclaimed internationally a provides interview absorbing This outlook. investment medium-term the YorkUniversity, viewson his about Superfund with talks Article onpage22 Article O ughae ae even are Superfund. by supported Vienna the Burgtheater and these museum of art Albertina the landmarks, famous most the delights. of Twocultural and culinary finest Europe’s of some of distance walking within lies office Superfund the Vienna, of district first Vienna ne M ne ore Ruii Poesr f cnmc a New at Economics of Professor Roubini, Nouriel etal lctd n the in located Centrally i le le R eport: eport: 22 Nouriel Roubin e world the around Superfund Superfund clients in clients Tokyo.Superfund for Ballet performed Theatre American the and Germany; Superfund with tour national expert a on went Busch Friedhelm market Chicago; in opened center investment Superfund new New York;a World his Cup victory with us in celebrated Miller Bode active. highly is companies Article onpage30 Article h gop f Superfund of group The 26 30 N ew s

REUTERS H Yoursfaithfully, found. be to news good some still indeed is years.four to one just of spells dry experience 25 years, while in contrast, managed futures funds usually drawdownsandbetween laststock15marketcan the in even.out come These to recoveryjust 900%staggering with problemequities isthat ifthey lose 40%. 90%oftheir The value, to ittakes a 20% only of corrections crisis,havegenerallymanagedfundsfuturesexperienced lossesbetweenof their60%and90%ofvalue duringa suffered repeatedlyhave equities. markets of stock While shorterdisplayand significantly milder drops than those far be to provenhave funds futures managed for phases expected.However, whatimportant isthatisrecoverythe correctionlastingevenor oneseveral yearsbearealso to where phasesthe stock market inmoves steadily also upward. but turbulencePeriods market of of times in only returns.positive post to able havebeen funds crisis,futuresestate managedreal and banking of current failure the crash,or the dot-com LTCM, crisis,the Asian the or crisis debt Russian Iraq the crisis,during marketwhether War, of times the 60% to year. this +30 of months ten first Throughout the in earned returns have funds successful futures most crisis.The managed this of winners big the of undiscovered largelyemergedone has as managedfunds futures of class asset the banks, failing into billions of hundreds bankrupt,pump gogovernments banks and case. the be actuallymay opposite the automatically disproved.convincingly being fact,is In risk high returns mean high that world financial the in assumption old crisis:The estate real and banking i g In a financial world dominated by bad news, there bad by dominated world financial a In Managedfutures funds cangenerate highreturns not While stock markets plunge into free fall, investment global the of effect positive side one is there least At h

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Ris k Founder and owner Founderand Christian Baha Christian of Superfund of

4∫ FUTURE | Managed Futures SUPERFUND Q-AG1) Managed Futures | FUTURE ∫5

Solid as a ROCK

hile the financial world is W staggering and markets crash following the U.S. subprime crisis, managed futures funds are emerging at their best. As the financial storm continues to rage, another successful chapter is being written in the long S&P 500 history of computer-managed funds.

Since the summer of 2007, a category five hurricane has been blowing through the world’s financial markets. By the start of fall 2008, virtually all of the world’s stock markets had been thoroughly MSCI World ravaged by this perfect storm. In the U.S., the 500 big corporations belonging to the S&P 500 lost almost –38% of their market value. Japanese equities were hit even harder, with the Nikkei losing over –48% of its value. Meanwhile, the crisis in the NIKKEI stock market has been spreading like wildfire around the globe, all the way to Australia and New Zealand. Worldwide, equities plunged by more than –43% (MSCI World). Managed futures funds like Superfund funds, however are a different breed; they can win when others are losing. To put this into numbers: Over this same period of global financial crisis, the Superfund Q-AG1) has gained almost Returns in Crisis +27%. In short, even in these extremely Performance 12 months 60 months 2008 5-year correlation In times of crisis, the quality of an investment portfolio is really put to the test. Over 11/07 – 10/08 11/03 – 10/08 01/08 – 10/08 11/03 – 10/08 painful times for equity investors, the the long run, managed futures funds have generally performed independently to Superfund Q-AG*) +26.8% +67.0% +30.0% 1.00 Superfund trading strategy has remained CISDM CTA Equal Weighted +13.3 % +43.1% +10.9% +0.81 equities. But take a look back at the past and find something more telling: When equity Gold Spot –9.0% +88.6% –13.1% +0.14 as solid as a rock. markets drop, managed futures funds actually provide a solid hedge against risk. CRB Commodities Index –23.5% +8.4% –25.2% +0.15 1) S&P 500 –37.5% –7.8% –34.0% –0.02 1) (Above: Superfund Q-AG , MSCI World index of global equities, S&P 500 index of MSCI World –43.1% –0.6% –39.8% +0.05 Superfund Q-AG (closed fund). Source: TeleTrader. U.S. equities, Nikkei index of Japanese equities, from 10/2007 to 09/2008.) Nikkei –48.8% –18.8% –44.0% +0.03 Period: 11/2007 – 10/2008. Past performance is Source: TeleTrader not indicative of future results. iStockPhoto.com iStockPhoto.com 6∫ of +16% annually.+16% of home prices rose by an average 2006, July and 2000 Between years. of investment for a fantastic number a indeed home was a buying areas, metropolitan important estate most 20 real the in residential market U.S. the tracks Poor’s& Index, which Price Home Shiller were extremely favorableterms. on credit mortgages hefty poor granted with homebuyers investment.Even winning a was property FUTURE |Managed Futures ne hs aln y bu –20%. about by fallen has Index ic ta pa, h Hm Price Home the peak, thatSince estatreal crash The e Standard the against measured When For many years, buying U.S. residential h pie elns n .. eieta ra ett, og eadd s “safe” a as regarded long estate, investors. real institutional and individual both on residentialtoll huge investment,a havetaken U.S. in declines price The R markets such as Las as marketssuch Vegasand eal e eal im, rcs have prices Miami, to tens of billions. of tens to amounting injections capital with heel to the bring to trying are banks world’sThe central .S. credit crisis credit U.S. st In a purposes – or even as short-term short-term as even investment or speculation. – for purposes property bought who residential buyers of 21% the to but also plummet, homes their of value the huge blow to who Americans are watching Los value.in –31% a only not are losses These lost the has home average in the area, while Angeles –35%, by dropped hratr acltd h psil extent possible the calculated thereafter shortly Fund Monetary International the by published analysis An dollars. 650 billion of figure a to came and banks U.S. News Bloomberg the among write-offs required the May,totaled of the At beginning experts. financial by estimated is damage financial resulting the of extent The institutions. financial powerful most t e Cra of the damage at USD 945 billion. 945 USD at damage the of h wrds ags and largest world’s the mortgage these of some including loans, hold distressed which affecting banks major numerous been have prices home collapsing concentrated scale, these On a larger and more s h a ld o srml i ahntn in banks. savethe Washingtonto order in scramble a to market led has system financial USD world’s the danger on imposed tremendous billion The capitalization. 18,000 lost (MSCI Index) Worldmarket Equity stock global the 2008 October to January From billion bailout package. bailout billion 700 USD stunning a announcement of fromWashington the by calmed partly be partial a dailyonly almost could marketan basis on stock the rocking been as since have which regard earthquakes resulting nationalization. The might some which intervention government saved through was – company insurance largest knights stepped into the breach. white AIG – the world’s other and and Treasury U.S. Stanley the Reserve, Federal the Morgan Sachs, Goldman Lynch, Merrill billion in dollars debt. In the case of Bear Stearns, 600 than more with bankruptcy on names leading the WallStreet,for filed months. recent teeteredtheonbrink insolvencyof in world’s five leading investment the banks as surprise everyone by almost Despite looming the crisis, took it for Billions Lehman Brothers, one of one Brothers, Lehman bailouts IndyMac was seized by the federal federal the by government, second-largest the seized bank was IndyMac mortgage U.S. lenders. independent the up of prop largest one to attempt IndyMac, an California-based in used also two giants, was an option which mortgage these in stock buy to hand free a granted also was Treasury dollars.The billion 11 of losses suffered already had 2008 March of end fromJulythe who through to 2007 mega-institutions, these of both to credit additional Paulson provide to Fed Congress, the with U.S.acted the of urging the loans.At home in dollars trillion 5.2 some guarantee or hold institutions together which mortgage U.S. largest the Mac, two Freddie and Mae Fannie Reserve save Federal to in step to had Bernanke Ben and Chairman Paulson Henry loan this Secretary Treasury before and U.S. announcement, Even savings 1989. in failed institutions from scale massive a on loans the assumed government which through Corporation, Resolution the Trust was this for model injection. The billion 50 USD in a of funds form the market money distressed for alr nUS history. U.S. in failure s t ube it insolvency, into tumbled it As under Banks Government support was also declared h hv fle vci t te U.S. the to victim fallen have who upie rss s og indeed: long is crisis subprime pressure The list of those of list The

Christian Baha, Founder and owner of Superfund Baha,of owner FounderChristian and their highs, the correction in the price of highs,their price the in correction the have platinum from 70% to up of and corrections suffered silver while that strengthened platinum.Consider and silver also relativeto has Gold euro. the of decline recent more the with similary but USD weak the in only not lies gold of strength the for reason the Yes. But weak the I ounce. an USD 2,000 reach it see wewill term, long rise the that,in and its continue will gold of price the since believehavethat I proventhen right. me events But skeptical. were extremely bankers investment and time, analysts that At Bloomberg. and on CNBC ounce an gold USD that 1,000 reach predicting would was I ago three as years back far As market. gold the in bubble a of all at signs any see don’t I year.past the of high a reached has and years for rising been has gold of price The system. financial the as endanger these such 40 Practices equity. to of that 30 times of leverage with been have operating Banks opinion. this share I think? you do What meltdown. to close system financial the bringing is which the the since time first the for I BAHA CHRISTIAN n his latest book, book, latest his n s the rise in gold mainly being driven by by driven being mainly gold in rise the s U .S. credit crisis has led to a situation situation a to led has crisis credit .S. USD? re we seeing a bubble here? bubble a seeing we Are G eorge Soros writes that, that, writes Soros eorge G U S reat reat D 1,000 within within 1,000 D epression, epression, comments inflation. by affected been never has and years of held its intrinsic value for many thousands has Gold rise. will gold for demand the up of the creditdrying market, the faster the and crisis, estate real the stagflation, uncertainty and fear grow that with recession, more the And China. and India in particularly high, very remains demand time, same the world.At the in gold of amount finite a only is Demand.There gold? of price the driving is else What inflation. fuel these term, long the over and – deficits government great huge the mention money, a to of not deal printing are Europe and U.S. the both crisis, subprime the of Because will,eurodownward the head buttoo. – to continue will it term, long the Over heading? dollar the see you do Where will continue to fall. to continue will these of values the so money,and paper in even and bonds and equities as such securities paper in confidence losing are 30%.Investors about only been has gold USD 1,000anounce.In the longterm,wewill predicted thatgold “Three yearsago,I see itreachUSD T THE ABOUT would reach 2,000.”

MARKET ∫7 8∫ .. otae edr wih ol only could giant which lender, mortgage another U.S. Countrywide, of failure the with chapter new a entered crisis the and 2008, January of In Germany. Commerzbank in Suisse Postbank Credit and and Switzerland, UBS major as such including names Europe, in also but U.S. the in only not banks major at mount to continued problems 4.6%. The to risen interbank already had the which rate, of lending rise the halt to order 95 in the markets money pumping the into with euros billion Bank world, Central the European around Baden- central banks from reactions prompted Landesbank crisis year,the last byof AugustWürttemberg.By its to led takeover LB, Sachsen bank, German and by the summer, atcrisis another major of problems, major Industriebank announcing Düsseldorf IKB with Germany, reached turmoil the months,two another New bank trouble.After into ran mortgage Financial Century U.S. the 2007, April in later months two then warning, Europe’sbank,largest profita issue to had year,last of February HSBC,in back Even

iStockPhoto.com FUTURE |Managed Futures Bank of America.Bank by takeover a through bankruptcy avoid attacks of September 11. From July 2001 July From 11. September of attacks terror the surrounding bleakthe period in financial markets, was firmly demonstrated and overall the on movements of independent investments largely are which funds, futures managed equity between traditional disparity huge The +13%. of funds gain a with black the futures in solidly remained managed crash, market stock general a triggered 2000 of spring the the in While bubble technology 1999. the of bursting June and 1998 July between+17% of returns positive posted debt crisis,Russian futuresmanaged funds crisis. of period this in funds in have futuresagain managedproven mark their – percentstrength 2008September five the above rate interbank three-month the drove under pressure credit the the crisis – struggle to continue banks and drops While stock markets post staggering M even in crisi in even strong a n ag ed fu ed t ure At the time of the of time the At s fund s h aiiy f ud lk Sprud funds Superfund like funds of ability the to due also and markets, to different among many due diversification part broad in extremely is This market. stock the with uncorrelated virtually are funds Superfund that–0.14,showing Average is Q-AG Superfund the between correlation The opposite –1. of correlation exact a have they directions, in move always they If +1. of correlation a have to said are they security,another with step movesexact in security one of price the If funds. futures managed on bearing of little has this down, regardless that or moveup markets financial the whether meaning market, are uncorrelated virtually with the general simple: quite is They portfolio investment balanced a of rock”part as a as be as “solid to again haveand provedagain themselves to ability their severecrisis. provingwithstand thus of +8%, gain a posted funds futures managed equity World index fell MSCI by –17%. Over the same period, the 2002, June to The reasonThe that futuresmanaged funds 1) and the Dow Jones Industrials Industrials Jones Dow the and h gl pie are price zero.to close likewise gold the +0.15. even or equities global with as such markets other Correlations just of index (CRB) Bureau Research Commodity orlto bten h Superfund a the with Q-AG between independent, largely correlation be to markets, Superfund funds show themselves commodities the to compared when Even to profit in and both fallingrising markets. eid o ssand weakness. sustained of periods highlighted further in equities is to compared directly when funds futures en be o an hi wy u of of out analysis way An their drawdown. earn temporary to able been futures managed funds 2003, dating back to 1979 have to consistently period 2001 market bear from the in more –45% of than loss a suffered equities global Thesolid performance managedof M . equities vs. a 1) n the and n ag ed fu ed t ure that’s more than five times five that’sthan more futures funds have yielded have funds futures Since 1980, managed 1980, Since a return of over +5,400% over of return a higher than equities. than higher s fund

While s 1) times.bad and good trading out-shines the competition in both to approach system-based the numbers, over by +5,400%.howthe of cuts Regardless one grew Index Futures Managed CISDM the 2008, of middle the 1980 through of of start gain the from +950% a roughly posted index, World MSCI trouble.in is market stock the adding And of range wide different marketswell perform a even when on trade which funds those that shows funds futures managed and equities both from returns quarterly not indicative of future results.future of indicative not 10/2008.is Period:– Pastperformance 11/2007 Superfund Q-AG (closed fund).(closed Q-AGSource: Superfund TeleTrader. – s esrd y the by measured as run: equities, global long While the over yielded clearly also superior returns have funds futures managed of independence, market benefits these to Trend following is based on based is Trendfollowing Trend following Trend is suchanintegralpartofhumanbehavior. by clouded human emotions being or by this herd instinct which judgment its without – computer immediately closes out the position the direction, right the in continue fact in not identified, the systems invest. stages. earliest their in computer models to search for market trends sophisticated use systems following Trend herd instinctwasbehindthistrend. the that concluded Solow growth, economic of theories on argument his Basing it. behind reason logical no was there though even – rally strong a such enjoying were stocks U.S. expressed his bewilderment back in 1998 that the of winner time. same the why so many people behave the same way at explaining phenomenon The instinct”: “herd the understanding trouble have experts Even the herd instinct. herd the one of man’sinstincts: oldest of one systems will be able to able be will systems humans trade on the world’sthe on trade humans enjoy long-term success. long-term enjoy following trend exchanges, iStockPhoto.com Managed Futures |FUTURE Nobel Professor s soon as a trend is trend a as soon As ie in Prize s long as long As If the trend does br Solow, Robert Economics, ∫9 10∫ storyboard. an early concept in The basic rnuc te od ivso” (or By “investor” Christian). to word according “inWestor” the correctly pronounce to Baha get the to attempts his in in actor back knocked an getting The keeps commercial) effect: by (played good director to accent Austrian the in filmed. being role itself spot leading the shows which commercial, the market. plays U.S. Baha the film Christian Owner and Founder Superfund 40 TV for first-rate of a commercial make crew to a August, professionals in with there days working full two spent world’s movieand industry.TV Superfund h ky a t ue aas distinctive Baha’s use to was key The the with synonymous is Hollywood Hollywood Goesto Superfund of creatives to realize a project like this.”like project a realize to creatives of team whole a with agency advertising an marketers.Superfund “You by need normally in-house conceived was concept this that surprised quite was The crew class.production asset futures managed the to U.S.the in morepopular brand it link and awareness.brand raising in effective more therefore is and rate higher recall a yields commercial the fashion, making use of Baha’s accent in a humorous

watch the commercial online: www.superfund.com/tvspot The spot aims to make the Superfund the make to aims spot The

Jeff Christian Baha(FounderandOwnerofSuperfund). From left to right: pps (Director),Apps Rene Larry Danzinger (Superfund ead of marketing for Superfund for marketing of (Head Reno Director of global marketing), instructions. director’smany the following set, the on Baha Christian USA), perfect finishedproduct, bothcinematicallyandintermsofcontent. goal: The team. marketing Superfund the as well as crew film the of A look behind the scenes: Superfund goes toHollywood |FUTURE Every detail came under the constant scrutiny actor fortheshoot. roleof his to adapted quickly Christian campaigns, advertising several “Ready and... action!” were involvedintheshoot. 40 than More lyod professionals Hollywood Already the star of Hollywood A ∫11 iStockPhoto.com time as an investor and celebrity endorser of Superfund. of endorser celebrity and investor an as time performance,brilliantanotherdeliveringyetbeenthis has he under his belt.championships For the past two and a half years, victories, worldskiingfourincludingoverall two has titles,winner and Cup World 31 up New chalked from already American has TheHampshire time. all of charismatic racers and ski successful downhill most the of one is Miller Bode Bode M iller

GEPA more than that. I don’t really like talking like really don’t I that. than more sayany to don’tfine.It’swant I just going then? since earned you have percent What was was react. Superfund to able quickly I how problems, at amazed real markets having the starting as then, But investment. good a for looking just was I – fine going was everything strong, were markets the beginning, the well.At really performing been it’s great, been it’s Yeah,(laughs) you? for off paid investment this has So me. to important was that and record, track great a with strategy coherent a It’smarkets.got different many so incrediblyamong diversification broad the and systems, trading automatic of logic the me: impressed the at look careful really a took I philosophy and strategy of Superfund, funds.and there were two things that really its in money own my invest to Bode Miller: And how! Back when Superfund first approached me, I decided now. time some for program sponsoring Superfund the of part been have you Bode, FUTURE: as this also been successful for you personally? you for successful been also this Has inSuperfund” confidence “Ihavecomplete An interview with An interview Alpine Skiing World BodeMiller Cupsuperstar Superfund, I’m making profits. making I’m Superfund, to this:Thanks say I’ll money. But about okn prety o 1 yas I have I investment.my in confidence complete years. 12 for perfectly working been have systems trading Superfund The money. own it’syour same, the all But worried. not I’m but up-to-date percent don’tstayreally100 wouldn’tregularly.sayI but Sometimes, I internet? D o you regularly check the price on the the on price the check regularly you o

Interview: BodeMiller | FUTURE – ∫13 14∫ prefers his motorhome to any luxury hotel. luxury any to motorhome his prefers RV:his and successes,5Bode his he all Despite      World Championshis                World Cups Bode FUTURE |Interview: BodeMiller New of heart the in plumbing, without indoor or cabinelectricity log a in parents hippie their 1977. has claimedvictoriesineverydiscipline. Cup competition in the 1997/98 season, Bode the on public’s attention in 1996, winning him a place the to him brought style downhill unorthodox Stor Success A Biography                     Silver -Super-G 2003 Gold -Combined2003 Gold -iantSlalom2003 Gold -Super-G 2005 Gold -Downhill2005 Second -Slalom2002 Second -GiantSlalom2003 Second -Overall2003 -Combined2003 Winner -Combined2004 Winner -GiantSlalom2004 Winner Second -Downhill2005 -Super-Winner G 2005 -Overall2005 Winner Second -Combined2006 Third -Overall2006 -Super-Winner G 2007 Second -Downhill2008 -Combined2008 Winner -Overall2008 Winner Miller entered the world on msies k region. ski Hampshire’s H U e and his three siblings were raised by .S. Ski Team. Since his first World first his Since Team. Ski .S. is fast and and fast His October 12 y th

GEPA , no question about that. about question no the in overallWorld winning Cup,at shot another take to want I in But d’Isere.Val year we also have the world championships this onlysame, the basically are goals My season? coming the for goals personal your are What things.minor few a changed always. onlyWe’ve like just team my in I’ve been doing everything with the people training.Actually, to back got I then and – off time some took bit, a relaxed I Oh, doing? been you have what Cup, World the in victory overall second your Since long term. to the for invest customers its tells also Superfund And best. personal your achieving to and to body your improving long-term a commitment means sports at Winning day.the of end the at better be to strive to competition,and the eyeon an keep to want, you what of Yeah.vision a Tohave similar? are philosophies the So, to and others, mistakes.our from learn the constantly than better be to – win to hunger us: The drives really what there’s then course, of And overlooked? I’ve that something there Is doing? they my case, in up on the ski slopes. or market, is the in there out it’s crucial competition the an Studying like athlete. just think to good has Superfund parallels. really some are there But athlete. an with company big a compare to abstract bit a sounds It competition? athletic class world- and Superfund, of that like strategy, business between draw you can parallels What whether – ht are What very start, and my and start, very Superfund from the from Superfund personal investment personal is solidly in the plus.” the in solidly is was excited about excited was “I it to be.to it want I where not still is handicap golf my no, So full. really been just has schedule mymatter.it,butthat about for bad feel I either tennis or – golf much play to time have didn’t I not. Unfortunately (laughs) summer? the over handicap your improve to H my of proud be to performance. want I end, the at And that. into everything putting I’m and Cup,World the in overall win to is project. season this long-term priority My a of more as slalom see I That’sBut true. always. this as back be season. He’ll there’s course of And Raich,Benni injury. of because Lund Svindal, who dropped out last season Aksel- There’s that. say could you Yeah, usual suspects? usual The competitors? toughest your are Who ow is your golf game going? Were you able able you Were going? game golf your is ow With his uncompromising his 3With downhill race style,admits:race downhillBode what it once was. once it what been hasn’t it years, two past the over but fame, to claim your be to used discipline This again. slalom for intensively training been you’ve hear I “My goal is the same as every as same the is goal “My year: myself.”To hurt not and I’m not about to throw it all away.all it throw to about not I’m and change.to I’ve waya got thatlove,life I of going not I’m sure. something ForThat’s Cup? World next the at again your in up show to you expect we Can lot. U.S.a the in road the on me keeps my travelthen,schedule and since Hampshire New in mainly I’vebeen spring.the in back – ago time some was It country? our A the in deep Tyrol, in home a have also You that.see to pleased was Austrians I games. three all The in well very expected. performed I than better say,played theyto have I course.And Of the watch to get you Did good. the U.S.the coveragein veryTV herewas least at but – person in not Unfortunately Oh yeah, I followed the Euro championship. fan. soccer big a You’restill Austria? the follow to D ustrian ustrian id you have time in the early summer summer early the in time have you id GEPA A lps. When was your last time in in time last your was When lps. E uro 2008 championship in in championship 2008 uro ustrian team play? team Austrian RV communities. local and children needy help to Turtle Bode Foundation, the be to will donated proceeds The 1,000. for auctioned was Miller years. half a and two Superfund the past the programfor sponsorship of part been has who athlete, world-class this congratulate to came guests 100 USA in the chose to celebrate with Superfund 2008 the of winner overall as his victory for But most resorts. ski world’s famous the in morning celebrated has victories into the wee hours of the Bode past, fun.” have good, be fast, “Go is: book, his of title the and … then it’s Bode B CUP WORLD champion who really who champion f there’sski If a knows how to party … party to how knows ODE Alpine Skiing World Cup, he New York office. Some

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became lighter,became culminationtheir reaching of palette Gogh’sVan colors the 1886, in time.his of art the on became influence formative and a such mark his made Gogh a Van that colors, of as use rich his was with painter, it end, the in butillustrator, and draftsman a be to wanted originally Gogh Vantechnique. drawing expressive his by influenced was of paintings Gogh’s brushwork Van characteristic the which to extent the attentionto drawsparticular After his move from Holland to Paris to Holland from move his After RELOADED Austria’svan greatest ogh exhibition in 50 in exhibition Gogh around three billion euros. billion three around has been insured for insured been has

between his paintings and drawings.and paintings his between relationship close the on and of Gogh, Van work and life the on light new sheds him. preceeded which styles painting salon the of tones brown the from break radical a marked colors rich his of purity France.of south the Vanto painting was in Gogh work his of years two final the in With this exhibition, the Albertina Albertina the exhibition, this With years i pitns The paintings. his of intensity the in so more even was reflected felt himself he which intensity the and Provence, of sun extent hot blazing the under greater a

tightest securitymeasures, wassupportedbySuperfundAustria. Hat.” The high cost of transporting this portrait to the of famous most The Special Self-Portrait with Straw Hat © Van Gogh Museum Amsterdam (Vincent Van Gogh Foundation) Gogh Van (Vincent Amsterdam Museum Gogh Van © Hat Straw with Self-Portrait Deliver V an rri wt Straw with “Self-Portrait The works: Gogh’s y Albertina, using the

Fishing Boats on the Beach at Saintes-Maries-de-la-Mer © Van Gogh Museum Amsterdam (Vincent Van Gogh Foundation) The eveningendedwithagaladinnerinthehistorichallsofAlbertina. legendary the by works 150 the of some at glimpse first a for the through tour special a on conducted then were who guests, Superfund joined Schröder aperitif, welcome Christian Baha) and otae opn ond n at y Superfund by part in owned company software by event preview exclusive Superfund an to invited were customers Superfund new the of opening official the before Even A Klaus Albrecht Schröder (Albertina) welcome the guests in the Audience Room. the Audience in guests the welcome (Albertina) Schröder Klaus Albrecht Left to right: Roland Meier (TeleTrader),Meier right:Roland to 6Left and (Superfund) Spitzer Helmut nique SUPERFUND Unique ustria) and Austria) sra TlTae Software TeleTrader Austria, Albertina director Klaus Starting off the evening in style with an aperitif. an with style in evening the off Starting 6 Roland The select group of guests included bank CEOs bank included guests of group 6 select The of TeleTrader) in greeting the TeleTrader)greeting of in (CEO Meier Van Gogh Reloaded|FUTURE lu Sizr cuty aae of manager (country Spitzer Helmut and major institutional investors.institutional major and a ivsmn dt and data investment (an AG Albrecht Schröder. V an ogh exhibition, selected exhibition, Gogh EVENT udr and Founder utch artist. Dutch Following a Albertina Owner

∫19 20∫ FUTURE | Superfund Superstars Superfund Superstars | FUTURE ∫21

Dinko Jukic, Christian Baha, Mirna Jukic uperfund uperstars ports and culture have the ability to transcend barriers and appeal to S the masses. As such, the Superfund sponsorship program is a reflection of the brand’s core ethic: Whatever the forum – stage or stadium – winning requires a great deal of hard work, and the ability to handle setbacks. In this article, FUTURE introduces you to some of the talented partners on the Superfund sponsorship program. Sybille Bammer Mirna & Dinko Jukic TOP-RANKED TENNIS PLAYER AUSTRIA’S CHAMPION SWIM PAIR

Sybille Bammer began playing tennis Beijing Olympic bronze medal when she was eleven years old and went Sarah Smith winner, Mirna Jukic, is Austria’s most on to realize her childhood dream in BALLET STAR Udo Lattek Herbert Prohaska successful woman swimmer of all time. Pattaya, Thailand, winning her first WTA TOP GERMAN SOCCER COACH AUSTRIAN SOCCER STAR In her career so far, the 22 year old tournament in 2007. While Bammer’s Adam Malysz Sarah Smith first learned to dance at Croatian-born athlete has won the successful WTA career was put on hold SKI JUMPING WORLD CHAMPION the Joffrey Ballet School in New York. In his career as a soccer coach, Udo Herbert Prohaska was named European Championship four times and in 2001 until after the birth of her Following her graduation from the Lattek won everything there was to win. Austria’s “soccer player of the century” holds 13 Austrian records. Alongside her daughter Tina, she quickly managed to Patience brings rewards. Adam University of Indiana in ballet He brought FC Bayern Munich eight after a successful career at top clubs successful sports career, Jukic is pursuing ace her way back into the professional Malysz was a consistently successful ski performance and nutritional science, she National Championship titles and has Vienna Austria, Inter Milan and AS a degree in business studies so that she tennis world, chalking up nine victories jumper for a long time, but in the end, it made her debut as a guest dancer with another three European Championships Roma. While playing for Rome, he has a professional career to look forward on the ITF circuit. Bammer gained was his unshakeable determination that the Boca Ballet Theater in “Progression”, to his credit, including one as coach for helped win the Italian “Series A” to when her swimming days are over. attention in the Grand Slam competitions made him a champion. His first great “Flower Festival,” and as the Sugar Plum FC Barcelona. Today, Lattek, now 73, is championship. In 1998, Prohaska went Mirna first started swimming under in 2007, reaching the fourth rounds in victory was the Vierschanzentournee, Fairy in “The Nutcracker.” In 2004 she a popular television commentator and a on to lead the Austrian team as its Superfund colours in 2002, when she both the U.S. Open and the French the “four hills tournament” near Munich, joined the American Ballet Theater in frequent guest on sports programs. He manager at the World Cup championship was named Austrian Sportswoman of the Open. In 2008 she took her game a step in 2001. Today, the 30 year old Polish New York, where her performances have began his soccer career as a player for in France. In recent years, Prohaska has Year. Since 2008, another member of further, managing to reach the quarter- athlete can lay claim to no less than 38 been sponsored by Superfund USA since various German teams including SSV been a popular commentator on Austrian the Jukic family has joined the Superfund finals of the U.S. Open – her greatest World Cup victories, four world 2005. The partnership has been a Marieneide, Bayer Leverkusen and television. He now also “plays” for the sports sponsoring family: Mirna’s brother triumph so far. Sybille Bammer has been championship titles, and two Olympic resounding success. Osnabrück, where he remained until Superfund team, whose logo is Dinko, who has already broken four cooperating with Superfund since 2004. medals. With his personal best of 225 m, 1965, scoring 34 goals in 70 games. prominently displayed on his jacket Austrian records in his promising young Adam Malysz is one of the world’s top- “Alongside Superfund, during most games broadcast on TV. swimming career. “I’m invested in Superfund ranked ski jumpers. we are able use this fine because it’s been the art to promote culture. “The key is to field a “I’m invested in Superfund “I’m invested in Superfund most successful doubles “A champion always I am forever grateful to balanced team – and to because I’ve been winning because I also like to game of my career.” knows how to win.” Superfund for their efforts.” get them to work as one.” with this team for years.” win outside the pool.” GEPA GEPA Sarah Smith in Sylvia. Foto: Rosalie O‘Connor. DSF One Mile Report: Vienna | FUTURE ∫23 One Mile viennaReport here is so much to enjoy in Vienna: T A theatrical performance in the famous Burgtheater at the Imperial Palace. Dinner in the gourmet restaurant of the Coburg Palace. A traditional Viennese Einspänner coffee VIENNA in the nineteenth-century grandeur of Café Landtmann. Helmut Spitzer Country Manager So many choices. Whether you want Superfund Austria the opulence of Vienna’s imperial past, the refinement of its coffee houses, or the coziness of a warm tavern. You can find it all within one mile of the Superfund 18 LOCATIONS AROUND THE GLOBE investment center right in the heart of the You can find Superfund investment centers around the world. The network of Superfund offices has expanded to include Amsterdam, historic Austrian capital. It is my pleasure Chicago, Dubai, Frankfurt, Grenada, Hong Kong, Liechtenstein, Luxembourg, Monaco, Montevideo, New York, Paris, São Paulo, to introduce you to some of the most Singapore, Stockholm, Sydney, Tokyo, Vienna, Warsaw and Zurich. In this issue, we focus on Vienna, whose slogan for promoting beautiful places Vienna has to offer! tourism is: “Wien ist anders” – Vienna is different. Different because of its imperial past, and stunning array of sights to see. Different because of its incredible wealth of art and culture. But Vienna has also achieved international acclaim for its culinary delights. Whether it be a gourmet meal in an opulent palace, or a coffee with a piece of chocolate Sachertorte in a grand old café, gourmet cuisine has always held a special place in the hearts of the Viennese. Here are a few highlights of the many delights to be discovered within just one mile of our Vienna investment center. 24∫ FUTURE | One Mile Report: Vienna ∫25

Burgtheater SPONSOR OF THE WIENER BURGTHEATER Café Central

Palais Coburg, Fotograf: Franz Zwickl Café Central

Restaurant Kornat Fabio’s Restaurant Coburg Café Central, first opened 1860, in vies with the Hawelka and the Café Right beside the Superfund office, Fabio’s lies at the heart of Old Vienna, Vienna’s historical Coburg Palace has Landtmann for first place in this city the Kornat offers a superb selection of just around the corner from the stunning been home since November 2003 to the famous for its traditional coffee houses. expertly prepared fish specialties. This baroque beauty of St. Peter's Church. Palais Coburg Hotel Residenz, with its streetside restaurant with its stylish glass This upscale Italian restaurant makes a 35 suites, nine banqueting rooms, and ‣‣ Herrengasse/Strauchg., 1010 Vienna veranda brings mediterranean flair into stunning first impression with its famous gourmet restaurant, as well as to ‣‣ Distance: approx. 0.5 miles the heart of Old Vienna, with fresh modern, stylish interior. The use of rich the Institute for Strategic Capital Market ‣‣ Price Category ingredients, carefully selected wines, dark woods creates a pleasant, refined Research (ISK). With its Restaurant and attentive service to put a smile on atmosphere, while its mediterrenean Coburg, the Coburg Wine Bistro and its

your face. For those who prefer lighter cuisine is a delight to the palate. The magnificently appointed rooms, the Burgtheater (Photo: Georg Soulek)

cuisine of the finest quality, a visit to this adjoining bar6j\VgiZc is popular throughout the Palais Coburg offers a wide range of jewel of a restaurant is not to be day, and in its well-stocked cellar, Fabio’s dining opportunities with the right When Superfund Austria first entered into its opened in the nineteenth century, the rumors missed. offers an excellent selection of fine atmosphere for any occasion. Chef partnership with Vienna’s grand Burgtheater, and scandals surrounding its star performers Italian and Spanish vintages. Christian Petz prepares his superb this was a major step into the world of cultural were favorite topics for the Viennese. Its sponsoring. Founded by the Empress Maria audiences brought together people from ‣‣ Marc-Aurel-Straße 8, 1010 Vienna creations to delight the taste buds, ‣ Distance: approx. 30 ft. ‣ Tuchlauben 6, 1010 Vienna supplemented by a wine cellar stocked Café Landtmann Theresa in the eighteenth century, the different levels of society bound by their mutual ‣ ‣ Burgtheater is one of the most important love for the stage. The Theater even developed ‣‣ Price Category ‣‣ Distance: approx. 0.16 miles with some 3,000 bottles from the ‣ Price Category world’s finest vineyards, including Café Landtmann theatrical venues in the German-speaking its own elegantly spoken version of German GZbWgVcYihigV›Z‣ vintages dating as far back as 1795. For world. Along with the State Opera House, it is dialect, called “Burgtheaterdeutsch.” For rising regarded by the Viennese as one of the great Austrian actors and actresses, it is considered JciZgZ6j\VgiZchigV›Z wine connoisseurs, rare examples of the In 1873, Franz Landtmann opened famous Coburg wine archive are available Vienna’s largest and most elegant café, cultural icons of their city. The Burgtheater a “must” to have tread the boards on-stage at YourL~]g^c\ZgHigV›Z guide to vienna for purchase. thus creating an institution that is as takes its name from the adjacent Hofburg, the the “Burg.” I“g`ZchigV›Z Imperial Palace, and for the cultured set, it has 9 strong as ever today. d c always been a source of delight and civic pride  Dr. Karl Lueger-Ring 2, 1010 Vienna V j ‣ Coburgbastei 4, 1010 Vienna h ‣ =Žga\VhhZ ig V to go “to the Burg.” Even when the Theater first  Distance: approx. 0.6 miles › ‣ Distance: approx. 0.5 miles ‣ Dr.-Karl-Lueger-Ring 4, 1010 Vienna BVg^V"I]ZgZh^Zc"HigV›Z Z ‣ ‣ ‣ Price Category ‣ Distance: approx. 0.6 miles G^c\ ‣ ‣ Jc^kZgh^i~ihhigV›Z ‣‣ Price Category ; g EgViZghigV›Z V c o IVWdghigV›Z " ? d THE OLD VIENNA STOCK EXCHANGE hZ [h "@ V^ Albertina The Vienna Stock Exchange is one of the oldest PARTNER OF THE ALBERTINA in the world. The former exchange building in

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AVcYZh\Zg^X]ihhigV›Z Superfund Austria has entered into a partnership Vienna’s prestigious Ringstrasse (photo) is now GVi]VjheVg` VIENNA with yet another of Vienna’s most prestigious privately owned. Since 2000, the Exchange has cultural institutions: the Albertina. The reputation enjoyed new headquarters in the Palais BVgmZg\VhhZ Kda`h\VgiZc of this world-class art museum extends far Caprara-Geymüller. In 1999, the Vienna Stock G^c\ beyond the borders of Austria. With over 70,000 Exchange was privatized as “Wiener Börse AG” BjhZjbhig# Mile 1 drawings and more than a million prints, the and is now owned by more than 60 banks and Albertina has one of the world’s largest, most institutions. Since 1997, trading on the G^c\ valuable art collections. Exchange has been fully electronic. BjhZjbheaVio HiVYieVg` 7jg\\VgiZc

G^c\  Albertinaplatz 1, 1010 Vienna  Schottenring 16, 1010 Vienna  Distance: approx. 0.6 miles  Distance: approx. 0.4 miles

6b=ZjbVg`i @VgaheaVio Albertina, Vienna Albertina, (Photo: Helmut Engelbrecht) 26∫ os huig eeso sne h Great the since recession housing worst the is Two, before. mentioned I shocks the with faced and less, saving ropes, the on is consumer U.S. the fact the is One longer? last will recession this think you do Why months.eight only and sharper deeper then the previous two lasted which and severe more much be to going is recession this that is view my and recession a in are we is point the So plunging.confidence consumer ratios, have you loans, student auto loans, servicing cards, credit debt mortgages, recessive high also but credit a is youhaveratios crunch, debt onlyhigh not there homes, their of value Right now are hit byconsumers the falling FUTURE |Interview: Roubini Nouriel have a recession that will last 12-18 months, at least.atmonths, 12-18 last will that recession havea losses. Wewill credit for and markets financial for outlook economy the U.S. about the and about both pessimistic very still am I Roubini: Nouriel FUTURE: severeandsharper.” goingtogetmuchmore “This et’s start with some of your current views on the on views current your of some with Let’sstart o no eal bcue f hi fiscal their of because default into go to going are that municipalities many also loans, auto loans,student leveragedand loans. it’sBut cards, credit of form the in Thirdly, I think it involves consumer credit alone. dollars to trillion 1 of system financial the lead for losses might phenomenon away walk this that estimated also I’ve away. walk with million could be mortgages “underwater” 51 and may the of out million households 21 to their up in estimated I’ve households homes. for equity of kind negative the is other the and effect wealth the is One effects. two has 35%. That to 30 fallen have that will until prices by housing point, happen expect I not and 2010, will September think I which out, bottom it will when Depression,and RECESSION is Nouriel Roubini Nouriel .S. economy? U.S. we’ve not seen in a very long time.long very a in we’veseen not that banks.something We’reseeing really larger the of some even and banks, sized real the estate bust. of This could also affect medium- because bust go could They estate.real in assets their all of 67% have assets, in USD billion four banks than less with U.S. small Typical bankrupt. go could that banks smaller of hundreds with USD. We have a systemic financial problem losses are going to be closer to two trillion the and ceiling, the not floor, the just is credit these USD all trillion one of prediction up the losses, add you when So, spike. sharply to going is bonds corporate and municipal on rate the default So profitable. not borderline is and debt of lot a has pain subprime the to due which sector corporate problems,the and right there and Nouriel Roubini has some more predictions to offer.to predictions more some has Roubini Nouriel and there right now,– we’re2008, history in in crisis housing biggest the of one predicted he 2006,of else.In anywheremember speaker faculty Yale,guest a Harvard,a or at student a as either – campus born Turkishtheknows Roubini the Nouriel expert,financial are, chances and university business important an Name N ouriel R Interview: Roubini Nouriel ou b | FUTURE ini ∫27

AP (Foto: Mark Lennihan) 28∫ problems. We’re going to see further further see to the of going least We’reproblems. the be to going is inflation that believe rates.I hiking them see don’t certainly I more. even easing Fed the see I side, policy the on strictly recover. But to going is economy the and down, slow here, to going is dynamic contraction that recession, the of bottoming the the is policy, of point, regardless some At recovery? towards move and recession the of out get to do can world the around powers economic the think you do What            Biography FUTURE |Interview: Roubini Nouriel            possible systemicfinancialcrisis ofa Financial Disaster”scenariowarning 2008: housing bustever” ofthe“upcomingugliest Monitor warning 2006: Emerging conomies” Bail-Ins? RespondingtoFinancialCrisesin 2004: economic andfinancialanalysisfirm 2004: the U.S.Treasury Department Undersecretary Affairs forInternational at 1999-2000: Council ofEconomicAdvisors AffairsInternational attheWhiteHouse 1998-99: Cycles: TheoryandEvidence” 1997: Department atYale University 1988-95: University 1988: – BocconiUniversity,Italy 1982: 1958: Publishes the“Twelve Steps to Publishes severalpiecesonRGE Co-Author ofthebook,“Bailoutsor Launches RGEMonitor, an Co-Author ofthebook,“Political Ph.D inEconomicsatHarvard BA summacumlaudeinEconomics inIstanbul,TurkeyBorn Senior Economistfor Faculty member–Economics Senior Advisortothe

REUTERS is much more that should be done. be should that more much is there but direction that in taken been has the step first the Now reduction. debt board across need loans. auto or you So loans student cards,their credit mortgages, their their U.S. pay can’t households debt. of Millions reduce to a government, have you individual, a an or of corporation, those are they whether burdens, debt unsustainable of situation a have you whenever is happen, to has that thing important most the But lenders. and borrowersdistressed our of some of out the bailing the of see process to going we’re stimulus, fiscal y iw s ht i te hr tr, all term, short the in that, is view My gold? or oil on views specific have you commodities. individual to down it break you do commodities, about talk you When world. of it’s months, rest U.S.,for 6–12 the and for ugly be to going run, short very the the years.However, 5–10 of over term in medium demand, and supply between on commodities, because of the imbalance bullish be also economy. can global You the of outlook economic medium-term emerging the the from about bullish be can you So,markets. come to going is growth the of most that more think I positive. much is outlook term longer My world? the of parts other into now embedded of kind debt on reliance the Isn’t and global economy? global and the on outlook term longer What’syour has actually that equity.household negative world the in country one the really andcomparison. U.S. is no The there’s cards but things, credit other and get mortgages to starting now are households high. Those also are rates saving Asia throughout and 30%, to close it’s China while U.S., the in 0% to close is sector housing the of rates saving The U .S. culture, and is it the same in in same the it is and culture, .S. that gives you gives that following strategies following often tend to work. to tend often t can be something be can It superior returns.” superior think trend think “I U.S. Do from. I think this is a major problem.major a is this come think from.I to going is oil of supply extra the Iraq.where exploration.and about worry Youto have Iran Venezuela, Nigeria, and like productionCountries new in make to enough going are sure not I’m states, which petrol unstable of coming bunch a is from unfortunately supply while rate, faster a at roughly grow to going is their car use is going to go up. asSo demand gas for demand increase to going are they urbanize they as and urbanizing, are that world the this of Indias and Chinas and the growth, by driven be to going is growth potential potential to goes back economy oil global the on once bullish because I’m run medium the In be can increase price smaller. the – refining exploration,for years drilling, 5–10 pipelining, takes which oil And than say faster, much. be as can food for fall response supply the because not food might so food, prices need people recession a prices oil with that seen alreadyWe’ve reasons. speculative for commodities for demand the of unraveling some have to going you’re fundamentals, to due prices of reduction the of top On recession. or slow-down a global during demand falling global of because mostly 20–30%, of fall cyclical a have to going are commodities spreads are going to widen even farther.even widen to going are spreads credit believe I and risk, downside have equities have downside risk, I believe commodities global and U.S. risky believe of I asset. type every about worried have I’m may fixed governments potential. In upside the next 6–12 months even and bonds, income, indexed Inflation money? your put would you situation? economic current H ow should investors take advantage of the the of advantage take investors should ow might be less. Even in in Even less. be might falls price staple, a is it because and is elastic food different. for Demand are run the and medium run short in supply, demand and course, of the commodities different Within falling. I s there anywhere anywhere there s investment investment to work.to tend is strategies those there that evidence things, some those and momentum and following trend with don’twork. But sometimes highly models break down because historical correlations though traditional returns, volatile superior you gives that It something be that work. can It model uses. one to the on tend much very often depends they think I strategies? following trend on view your is What markets. the in behavior herd and principles following trend on based is strategy trading Superfund The course. do,of investors that’s important. That’s what sophisticated opportunity of shorting the some haveinvestments, you If cash. more increase and investments riskier those of allocation the reduce to have you “short” cannot you If stage.this at Yes, that’scrucial reallyand exposure. short and long has that product a in invest to able are or market the of side short the M months.6–12 next the in dollar U.S. the as from away move States they Gulf the of some maybe even the currencies, fromthe Asian of some into awaydollar diversify would I Yes, the than currencies other in You’dinvest n – The – Countdown No ost retail investors don’t have exposure to to exposure have don’t investors retail ost USD. Na Useful movements of asset prices in a certain certain a in persistent prices asset to of economic movements leads often the contraction, economic in meaningful like environment, changes asset classes, other in sometimes commodities, in sometimes currencies, noise. in short-term Sometimes the about much too worry not and trends, medium-term the “noisy.”youSo have followto captureand very, very things makes which directions both in volatility of amount huge also a there’sbeen trends, some while be that may there is recently, seen I’ve What underperforming. are equities when pronounced more are trends some that are seen we’ve What how possible, move independently from each other.each from independently move as possible, far as which, classes, asset and markets different many combine to needs investment portfolio. a in capital protecting for key factor the is diversification that like agree Roubini, experts, financial International tional be part of a well-diversified portfolio. well-diversified a of part be “Things that are not correlated to equities should equities to correlated not are that “Things to ave you seen that as well? as that seen you Have Clock Debt imal por optimal an up set website www.brillig.com/debt_clock/.website the on anytime found be can debt total of amount current U.S.the of displaylive debt.a is Clock Debt NationalThe future.”one,the be fornew to “safe a by replaced be will The clock the leading when a ‘1’2009 to until changed been has West44 On October 8 October On 3 Nouriel that has to be done on done be to has that a wholesale basis.” wholesale a most important thing important most An th ebt reduction is the is reduction “Debt Street in New York ran out of digits – the – ‘$’-sign digits of New Yorkout in ranStreet well-diversified portfolio.well-diversified Absolutely. a of part be should equities to correlated not are that really. Things crucial, That’s strategy usedbyallSuperfundproducts. and falling markets. This is the same investment rising both from profit can portfolio the means also and classes asset or markets individual in This allows the investor to hedge against slumps equities. to correlated not is that class asset an futures, managed through markets in trends long-term and medium- to access offering is which strategy, Superfund That’sthe precisely trends, exploiting movements.those for those room capture is there to definitely but able noise, is of if one So, direction. certain lot a in a proceeding with direction, Interview: Roubini Nouriel th 2008, the famous National Debt Clock at Clock Debt National 2008,famous the Absolutely.” tfolio tip | FUTURE ∫29 30∫ FUTURE | Superfund News Superfund News | FUTURE ∫31

SUPERFUND JOINS EU PANEL ON uperfund News FINANCIAL EDUCATION ith Superfund companies around the globe there is a great W deal of news to report. With many activities extending beyond the world of investment, Superfund companies are particularly active in terms of commitment to sports and culture. FUTURE is proud to bring you some of the highlights of recent months from around the world. In August, Markus Weigl (Director of product development at Superfund) was invited to join the European Commission’s Expert Group for Financial Education. “Educational activities are a key factor in long-term investment Markus Weigl, Superfund REASSURING WORDS success as well as in building investor trust. FROM DR. BUSCH The goal of Superfund companies is to overcome investor fears in order to make alternative investments, such as system-traded funds, an integral component of investment portfolios for the general public. With a seat on this EU panel for financial education, we can work together with other European fund managers to close the knowledge gap within the EU investment sector.”

MOVING INTO THE MAJOR LEAGUE New Field for France Financial expert Dr. Friedhelm Busch Following on from the successful partnership with Pasching-based FC In May, Superfund France took to a different kind of playing field, by Superfund, the Superfund sponsorship program is now moving into the sponsoring its own polo team for the “Tournoi de la Ville de Paris” (the During times like this, investors turn to market Austrian football major league. For the next three years, the managed Paris polo tournament). The players pitched in courageously against the experts for advice, and one of the most well- futures fund provider has pledged support to the up-and-coming SV professional teams to ensure a thoroughly enjoyable experience for both known and trusted of these on German Kapfenberg team. Now appropriately renamed “KSV Superfund”, the the Superfund VIP guests and employees. All-in-all, the tournament was television is Dr. Friedhelm Busch. He recently eastern alpine team continues to fight its way up the national league a huge success in terms of strengthening existing client relationships and went on tour with Superfund Germany, ADAM MALYSZ GOES TO WALL STREET tables with the Superfund logo on its shirts. expanding the Superfund Paris network. working his way through Hamburg, Berlin, Frankfurt, Stuttgart and Munich, and managed This summer, Poland’s ski jump champion KSV Superfund to calm frightened investors with his optimism Adam Malysz was the Superfund guest of and wit. In his decades as a financial journalist, honor at the Wall Street Conference – not in Dr. Busch has weathered more than one New York City but in the Polish ski resort of storm in the market. At the end of each talk, Zakopane. Malysz, Olympic medalist and four- investors took advantage of the opportunity to time world ski jump champion, happily signed question Dr. Busch and hear his investment autographs and posed for pictures with tips. And for those who missed it, the entire conference attendees. The event, organized nd tour is available on DVD, exclusively from the from left) with Superfund by the Polish Association of Individual Investors, Adam Malysz (2 Superfund polo team in full swing Superfund Germany office. Country Manager Bryslawski (left) was a resounding success.

GEPA 32∫ FUTURE | Superfund News ∫33

Superfund Office opens in Chicago Disclaimer Mania

In spring of 2008, Superfund USA WARNING cracked open the champagne to This column does celebrate the opening of the new not reflect the views investment center in Chicago. of Superfund, its Superfund Chicago officially opened its employees, pets or doors in April, inviting customers to an any living thing. exclusive wine tasting. The event was clearly a success during which time customers and the press were offered Superfund USA sales managers with Country Larry Reno a sneak preview of the new offices. Manager Paul Wigdor (right) official. Warnings and legal disclaimers are such a part of It’severyday life that we’ve now reached “Disclaimer Mania.” Don’t get me wrong. I appreciate those warnings that really help, like, “Sharks have been spotted. Do NOT go in the water!”. What I don’t appreciate are warnings and legal disclaimers that a) insinuate that we are not capable of thinking for ourselves, b) allow us to shirk personal responsibility, and c) aren’t applied equally. Nowhere is this more prevalent than in our industry. My favorite financial disclaimer? “Past performance is not indicative of future results.”

In other words, just because it was sunny yesterday, doesn’t mean it will be sunny tomorrow. Thank you. I appreciate the warning. We’ve also gotten to the point where if something doesn’t carry a warning, or even a proper warning, we no longer have to be responsible. Let’s go back to Ballet in TokYo the shark scene: A man cries, “I didn’t hear the screams, and I wouldn’t know a shark fin from a dolphin fin. Just because everyone was running out of the water screaming, how did I know not to dive in? There should American Ballet Theatre performing in Tokyo have been a sign to warn me!” – “But sir, there was a sign.” – “I didn’t see it. It should have been bigger. I’d like 5 million USD please.”

In my opinion, the current glut of warnings and disclaimers are creating “victims,” not responsible people. Finally, some financial sectors are Markowitz in center stage treated differently than others. In the U.S., managed futures funds have a proven 50-year history but are required to prominently display more Nobel Prize laureate Harry Markowitz, now 80, is still on top form – and in warnings and disclaimers than a dog has fleas. Meanwhile, America center stage. In February of this year, Professor Markowitz led a Superfund faces a subprime mortgage crisis, home owners are defaulting in record video conference to discuss his famous portfolio theory which has numbers, and consumers have incurred the highest credit card debt in revolutionized the world of investment. Udo Lattek, one of the most U.S. history. Yet, lenders and credit card issuers bury their risks in small successful football coaches of all time, joined the conference in Frankfurt, print and continue to lure customers with more enticements than a Hong kong glitters with Gold enlivening the conference with anecdotes from the world of sports. sideshow barker at a cheap carnival. Superfund clients in Tokyo were treated to an exclusive all-star gala performance by the Partners and friends of Superfund Hong Kong Professor Markowitz with Christian Baha But it’s not just the financial world that suffers from “disclaimer mania.” world-famous American Ballet Theatre on were invited to an exclusive special event, The other day, I was snacking on a pack of Brazil nuts when I noticed the 18th July. And once the curtain came down with guests including Martin Glatz, the Austrian following sign: “Warning: This package may contain traces of nuts.” I was on the dance extravaganza, our guests had Trade Representative to Hong Kong, and the eating a package of nuts that was warning me that I was eating a package the opportunity to meet the stars of the stage Austrian Consul General in Hong Kong, of nuts! – to chat with them, snap some pictures Michael Kratzer. Chi Kin Fung of the Chinese together, and collect autographs. The ABT, Gold & Silver Exchange Society gave a Personally, I think the whole world’s gone … well … nuts. whose dancers also include such stars as fascinating talk about gold and its future Vladimir Malakov, opens its New York season outlook.

st on October 21 . Guests with Superfund Hong Kong Country (The views of Larry Reno are his own and do not represent the views of Manager Johann Santer (right) any Superfund company or their management. We’re not kidding.) 34∫ FUTURE | Superfund News The Final Word | FUTURE ∫35

Working group on finance with Superfund Founder and Owner Christian Baha (far left), Markus Weigl, also of Superfund (2 Superfund gives me nd f. left) the opportunity to outperform the market. High-Brow discussions in the mountains of Alpbach Albert Harmsen, Superfund investor from the Netherlands This year’s Alpbach Forum included a Jean-Pierre Casey, a compliance expert The Final Word lively economic forum from August 26th from Barclays private banking, spoke out to 28th, with alternative investments as a in Alpbach: “Alternative investments can keynote topic. This summit meeting of deal with market volatility better than FUTURE: Thank you for taking the time to set up in 1973. In 1986, we went on to management system and the fact that financial experts included international other forms of investment.” He went on Since 1945, the European Forum Alpbach has talk to FUTURE magazine. Whereabouts in open our second office in Maarsen which there is no human emotion involved. political figures, fund managers and to explain that access for retail investors been held each year in the Tyrolean village of the Netherlands do you live? is a town nearby. Then in 1998, we sold major business leaders – to asset classes such as Alpbach, deep in the Austrian Alps. Experts, the company to Deloitte & Touche at Mr Harmsen, you have been invested in among them Superfund managed futures is politicians, and leading business figures from Albert Harmsen: I live in Vleuten which is which point I retired. Superfund funds for over a year now. Would Founder and Owner “Investors therefore a must. Othmar around the world come together to discuss a small town just outside Utrecht. you say you are satisfied with the results? Christian Baha. “The should not put Karas, an Austrian current affairs in an open and unbiased Where did you hear about Superfund funds? time is ripe for everything into a member of the European environment. How did you end up in Vleuten or have you Yes I am. The risk management system meaningful regulation of single asset class Parliament, poignantly lived here all your life? I was watching a TV programme called protects my investment and gives me alternative investments. – and thus risk summed it up: “The devil “Business Class” where a Superfund “inner peace”: I can go on holiday and not Managed futures funds losing everything.” take the hindmost.” to ensure stability in the financial markets.” Well, I actually studied to become an employee was talking about the track have to worry about my investment every make a substantial Christian Baha went one stage further: accountant in Utrecht. Then in 1973, I record of the funds. Now some people day. The service is excellent and the contribution to risk Hannes Bauer, “Traditional forms of investment should moved to Vleuten and bought the former may be immediately sceptical when they website gives me a comprehensive diversification in investment portfolios,” Member of the Austrian Parliament, likewise be regulated. Investors should Rabobank building. This quickly became hear that it’s possible to make a net profit overview of my investment. said Baha. “Retail investors in Austria and expressed his strong support for a not put 100 percent of their money into a both my home and my office. Even the of 20% a year on one investment, but I throughout Europe should finally get the common law to regulate alternative single-asset class – and thus potentially original vault is still here. had already heard about CTA’s in America In your opinion, what is the benefit of having chance to share in these benefits. ” investments: “We need adequate guidelines risk losing everything.” from a colleague. Superfund products in your portfolio? Do you still have your office here or has this now exclusively become your home? What was the main reason for you to invest Superfund gives me the possibility to in Superfund products? outperform the market. I hardly ever buy I retired and got out of the company in single shares. Instead, I tend to trade a lot 1998 so it is just my wife and I living here Besides the good return on investment, I of indices myself through trackers, and together now. very much believe that a systematic when I combine this with Superfund, I approach is the way to go with futures actually outperform the market. So when What kind of company did you own? trading. Especially when you want to trade I look, for instance, at the performance of so many markets at the same time. It is the Dow Jones compared to my portfolio It was an accountancy agency called HKC impossible to do this as one person. I’m of trackers and Superfund, I’m doing a Wilhelm Molterer, former Vice Chancellor and Finance Minister of Austria Christian Baha, Founder Paul Kirchhof, former advisor to Group (Harmsen & Van Kesteren) which I also very enthusiastic about your risk much better job. and Owner of Superfund German Chancellor Angela Merkel Fotos: Fotos: Europäisches Forum Alpbach Superfund Austria office in Vienna 4 www.superfund.com

LEGAL DISCLAIMER authorized by the Securities and Futures Commission. Only persons who ACN 127 947 891 acting as an authorised representative of Columbus The Superfund group of investment companies is a consortium of affiliated qualify as professional investors under the Securities and Futures Ordinance Investment Services Limited ACN 106 064 644 AFSL 246943. entities that collectively provide the management, trading advisory, sales are eligible to apply for shares of such funds. In Singapore, certain Superfund and marketing services for the managed futures funds that utilize the same funds have been recognised by the Monetary Authority of Singapore as This information has been prepared without taking into account anyone’s Superfund brand systematic trend following strategy (collectively referred to restricted schemes. Accordingly, only institutional investors, accredited objectives, financial situation or needs so before acting on it consider its as the “Superfund Group”). investors and other relevant persons (within the meaning of the Securities appropriateness to your circumstances. Past performance is not a reliable and Futures Act of Singapore) may be offered, and are eligible to apply for, indicator of future performance. Performance: shares of such funds. Any offer made to an accredited investor or other Any performance results shown in this publication are net of all fees. All relevant person in Singapore must be accompanied by an Information In Australia investments can only be made by purchasing units in the Super details concerning performance figures of Superfund Q-AG (closed fund) Memorandum. For the list of restricted schemes, please contact your Alpha Fund 1 ARSN 127 228 719 (Fund). This document does not constitute serve exclusively as a historical presentation of the ability of the trading Superfund representative. Otherwise, funds managed by members of the an offer to sell or the solicitation of an offer to buy units in the Fund. Units managers of the Superfund Group. No subscriptions or follow-up Superfund Group not recognised by the Monetary Authority of Singapore may only be purchased by completing an application form attached to the subscriptions are possible or will be accepted in these funds. Past are available only to those who qualify as institutional investors as defined product disclosure statement for the Fund dated 3 November 2008 (PDS). performance of any mentioned funds is not indicative of future returns of any under the laws of Singapore. All information contained in this document is subject in its entirety to Superfund products. information contained in the PDS. If you are considering investing in the In Japan, only qualified institutional investors (as defined under the laws of units in the Fund you should consider the Fund’s investment objectives, General: Japan) are eligible to apply for shares of funds managed by members of the risks, charges and expenses carefully before investing. This and other This publication serves solely as general information about certain Superfund Group without solicitation in Japan pursuant to an exemption important information about the Fund can be found in the PDS. You should investment providers and investments and may not be construed as and subject to resale restrictions. If any solicitation is conducted within carefully read all of the PDS before making an investment decision. investment advice. The information contained herein does not constitute a Japan, a filing with the Financial Services Authority (FSA) is required before solicitation or offer to invest in any financial products. The financial products solicitation and other requirements for a private placement to qualified All information contained herein has been compiled from external and mentioned in this publication are only admitted for public sale or may only individual investors must be satisfied. Absent the same, no persons other internal sources deemed reliable and is accurate to the best of publisher’s be advertised publicly in certain jurisdictions, where they are subject to strict than qualified institutional investors are eligible to apply for shares of funds knowledge. However, there is no guarantee as to the complete accuracy of regulations. As of the date of publication, certain Superfund products are managed by members of the Superfund Group which are not registered all printed information and figures, including depictions. Estimations are authorized or permitted to be sold publicly to persons in the United States, with the Director of Kanto Local Finance Bureau of the Ministry of Finance. based on opinions at the time of analysis. Changes of these estimations are Austria, France Germany, Poland, Luxembourg, Liechtenstein, Sweden, the not required to be published. Any liability for possible mistakes is hereby Netherlands and Japan, subject to various conditions and limitations. Such Certain funds managed by members of the Superfund Group are currently expressly excluded. products are not authorized for sale to the general public in any other not licensed for public offer and distribution in Switzerland and are therefore, jurisdiction. Subscriptions from persons or entities in other jurisdictions will subject to certain specific exemptions, not available for purchase by Important notice: not be accepted unless such persons or entities fall under a specific persons domiciled or resident in Switzerland. Financial products managed by members of the Superfund Group are exemption, or unless such subscriptions are otherwise permitted in speculative investments. There is a substantial risk of loss in trading futures accordance with applicable laws in those jurisdictions. No investment Superfund Financial (Middle East) Ltd. is regulated by the Dubai Financial and options. Drawdowns ranging approximately from 20% to 30% regarding products are offered or sold in any jurisdiction, or in any manner, in which an Services Authority (DFSA). strategy A (Superfund Q-AG), from 30% to 40% regarding strategy B and investment would be contrary to the applicable securities laws or any other from 40% to 50% regarding strategy C can occur regularly, and drawdowns local laws or regulations. Applications from persons who do not meet This document is strictly not intended for circulation to U.S. investors. In the surpassing these figures are possible. The possibility of a complete loss of applicable eligibility or suitability requirements will be refused. Unites States, Quadriga Superfund LP is registered with the Securities and the principal invested cannot be excluded. Exchange Commission and is available to certain U.S. investors that meet Funds managed by members of the Superfund Group are not available for suitability requirements. No other products managed by members of the THE AUTHOR AND DISTRIBUTORS OF THIS MATERIAL EXPRESSLY subscription or purchase by persons resident in Hong Kong or Singapore Superfund Group are available to U.S. investors. DISCLAIM ANY AND ALL LIABILITY FOR ANY INACCURACIES except under prescribed exemptions under the laws of those jurisdictions. CONTAINED IN THIS DOCUMENT, AND SHALL NOT BE HELD In Hong Kong, funds managed by members of the Superfund Group are not In Australia this document is published by SuperAlphaFund Financial Pty Ltd LIABLE FOR THE SAME.”