... Gruber, and Renzler (198 7), who concluded that CTAs offer neither an attractive alternative to bonds and stocks nor a profitable addition to a portfolio of bond and stocks Brorsen and Irwin (198 5) and ... like hedge funds and CTAs add value “indirectly” through the use of a wide range of trading strategies, techniques, and instruments In this chapter, we focus on the risk and returns performance of ... and Irwin (198 5) and Murphy (198 6), however, concluded that commodity funds produce favorable and appropriate investment returns Schneeweis, Spurgin, and Potter (199 6) found that a portfolio...