[LOS ANGELES] THE pitch was enticing. At a time when the Standard & Poor's 500 Index had suffered a decline of 41 per cent in the previous three years, Morgan Stanley was offering its clients the possibility of some relief. In a prospectus, the New York securities firm invited its customers to put their money into a little-known area of alternative investing called managed futures. "If you've never diversified your portfolio beyond stocks and bonds, you should know about the powerful argument for managed futures," the bank wrote. "Managed futures may potentially profit at times when traditional markets are experiencing losses." Morgan Stanley presented a chart telling investors that over 23 years,...
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