6.26.2025 Gary Black discusses the rationale for why he and David Kalis, both managing partners, founded The Future Fund LLC in 2021 in this video interview with J. Philip Clark, who serves on the firm's Advisory Board.
5-6-2025 Executive Summary
The investment landscape may be ready for a seismic shift. For decades, long/short hedge funds offered investors sophisticated strategies with the potential for alpha generation in both rising and falling markets. However, these benefits often come at a steep cost: high fees, limited transparency, illiquidity, and onerous lock-up periods.
In response, a new vehicle emerged - the long/short ETF - that combines a strategy previously available only to institutional investors with the accessibility and efficiency of the ETF wrapper. This paper explores the reasons we believe long/short ETFs will quickly become the preferred vehicle for sophisticated investors.
3-20-2025 Gary transitioned from a successful investment analyst career to senior management, taking on institutional leadership roles at firms like Goldman Sachs and Janus. He later founded Black Capital and successfully built it into a multi-million-dollar firm before selling it to Calamos Investments.
3-20-2025 While ETFs can include short positions, risk management is crucial, especially avoiding highly shorted stocks. The Future Fund embraces transparency, sharing investment changes daily through social media.
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