Bloomberg Brief: Speaking of participants, a lot of commodity hedge funds got hit pretty hard by the sell-off earlier this month. Any theories what that might be about?
Jennifer Fan, Arrowhawk Capital Partners: A lot of funds' decisions to focus on directional trading, particularly in light of the late move, is at least in part based on their capacity. Many of these funds are large, due to the fee incentive to grow as big as possible as fast as possible, and for that you need to run mostly directional bets that provide the units of volatility for the size of the markets. For us, if we're doing things like Skype-ing farmers and trading ocean freight to get an informational edge the best way to generate alpha is through some of the examples I mentioned earlier. for this type of investing there are constraints, so we tend to be very conservative about capacity.
BB: Hang on. Skype-ing farmers?
JF: I Skype with farmers. Farmers love Skype.