... values for variance and skewness, respectively The constraints in equation 16. 3 can be expanded to include moments of order higher than three 300 PROGRAM EVALUATION, SELECTION, AND RETURNS MARKET ... on persistence in CTA performance (see, e.g., Schneeweiss 1996), investors evaluate investments, at least partially, based on past performance This chapter reviews the performance of a series ... instead of investing in the given asset/CTA and vice versa 301 Choosing the Right CTA We investigated the efficiency of the CTA sample Figures 16. 1 and 16. 2 summarize the main results of the analysis...