On today’s episode, guest host Ranjan Bhaduri continues his conversation with John Fidler , Senior VP and Director of Alternative Investments at Commonwealth Bank and Trust, Christopher Vogt , Director of Equity Strategies at Margaret Cargill Philanthropies, and Jonathan Miles , Managing Director of Ascent Private Capital Management of U.S. Bank. Listen in as our guests talk about management fees and how they have changed over the past decade, the importance of constantly checking your assumptio...
May 02, 2019•31 min
I often see the press write that too much money is chasing the same trends, and this being the reason that Trend Following strategies have been performing a little under par in the last few years. So who better to ask if this really is true, than my friend Kathryn Kaminski, who of course co-wrote the bible on Trend Following with Alex Greyserman… as well as a book with me, that you can find on my website. We also discussed how they conducted their research for their book, w...
Apr 30, 2019•34 min
This week, we invite special guest Wayne Himelsein onto the show from Logica Capital Advisers, in Los Angeles. Wayne explains his journey into starting a Hedge Fund, some of the lessons he has learned over the years, and some of the rules that keep him from repeating past mistakes. He describes why he loves Trend Following, why embracing ‘uncertainty’ can have a positive effect on Trading, and how he typically constructs a portfolio. We also discuss why Wayne prefers ...
Apr 29, 2019•2 hr 52 min
On today’s episode, guest host Ranjan Bhaduri speaks with John Fidler , Senior VP and Director of Alternative Investments at Commonwealth Bank and Trust, Christopher Vogt , Director of Equity Strategies at Margaret Cargill Philanthropies, and Jonathon Miles , Managing Director of Ascent Private Capital Management of U.S. Bank. With these experts on managed futures, we will discuss how managed futures is being incorporated into institutional portfolios, illiquid versus liquid investments, and wha...
Apr 24, 2019•31 min
Are CTAs giving the wrong message by charging low performance fees? Is there a perfect amount of AUM to aim for? Can Systematic Trading keep you happy? How accurately can we predict future returns? We discuss whether Trend Following is easy enough to do at home, or if you should do it through a reputable fund instead. What sort of things can be found in a ‘Research Graveyard’? Should you use Stop Losses, and if so, how and where should you place them? We...
Apr 22, 2019•2 hr 32 min
For those of us who have been on the manager side for a while, you’ll know that investors love to analyse decades of performance data before deciding which manager they are going to invest with, and that makes a lot of sense. But we also come across investors who subsequently redeem based on just a year or two after they invested, which is usually just down to bad luck and unfortunate timing. This does not seem logical, but it does relate to the short conversation I want to share wit...
Apr 15, 2019•22 min
Does Systematic Trading completely eliminate all emotions from the process? Is it wise to use Stop-Losses? Should CTAs target low-volatility & average returns, or high returns with higher possible volatility? Can a finely-crafted Trading System be considered in the same way as a fine piece of art? Are all Trend Following systems essentially the same? We also discuss if intricate rules are better than ‘broader brush-strokes’, if it really is ‘difficult times’ for...
Apr 15, 2019•1 hr 27 min
Kathryn Kaminski is one of my favorite people to discuss Trend Following with, because she has a great way of simplifying and explaining some of the key concepts of the strategy. Today, we talk about the phrase Crisis Alpha, and how it may be better to think about these strategies as Divergent strategies, because in reality we don’t need a crisis in order for Trend Following to do well. Years like 2014 and 2017 are great examples of this. Q1 of 2019 is perhaps a more recent example t...
Apr 10, 2019•22 min
Is it wise to adjust position-size according to recent volatility? Can back-testing a Trend Following strategy end up as just being a form of curve-fitting? We discuss the merits of Long-Term evidence over Recency Bias, the importance of Sharpe Ratios, the significance of price gaps, and whether leverage is a necessity for all CTAs. You will hear our thoughts on the idea of risking 1% per trade and how diversification affects this, the pros and cons of a crowded Trend Following market, and we to...
Apr 07, 2019•2 hr 34 min
Often, a Trend following strategy is described as being a ‘Black Box’, as if something bad was going on. So it was refreshing to hear Scott Foster talk about Trend Following as being in fact, a ‘White Box’, or a ‘Transparent Box’, in comparison to other algorithmic strategies, which are often embraced by investors to a much larger degree… so I’m delighted to share this blog post with you, from a conversation I had with Scott Foster, where he also touched on the essential question: Why...
Apr 04, 2019•14 min
In this episode, we’re joined by special guest, Jesse Felder, from The Felder Report & the SuperInvestor Podcast. Jesse describes his journey into the markets, if he uses Trend Following strategies in his portfolio, why he thinks we’re in a Bear Market, and in the middle of a major ‘topping process’, what he thinks about Passive Investing, his go-to timing tools, and if Value Investing can be applied to non-equity markets such as Gold. We also ask Jesse: does he use the VIX index...
Mar 30, 2019•1 hr 17 min
Today guest host Chris Solarz continues his conversation with Chris Cole , the Founder and CIO of Artemis Capital Management, Matthew Sargaison , co-CEO at AHL at Man Investments, and Dan Stone , co-founder of Ionic Capital. Our guests today go over the changing markets and why despite trend following’s recent underperformance, their clients still look to it as protection for their portfolio. They will also continue their discussion on the intersection of populism, politics, and quantitative eas...
Mar 27, 2019•29 min
On today’s show, we give our thoughts on ‘Evidence-Based Investing’, David Harding’s latest comments on Trend Following, how much is too much ‘Open Risk’, as well as answering: what are some of the ‘Trend Commandments’? Also, we discuss whether it’s safe or not to buy after a big upside price break or sell after a big gap down, whether Volatility should be ‘targeted’ in your portfolio, and if a system can be designed handle ‘parabolic moves’ better. ----- 50 YEARS OF TREND FOLLOWING BOOK A...
Mar 24, 2019•1 hr 22 min
On today’s episode guest host Chris Solarz speaks with Chris Cole , founder and CIO of Artemis Capital Management, Matthew Sargaison , co-CEO at AHL at Man Investments, and Dan Stone , co-founder of Ionic Capital. With these three world class volatility experts on the show, we’ll be going deep into the current state of volatility, the ramifications of United States quantitative easing, as well as the economic effects on the market of various social movements around the world. ----- 50 YEARS OF T...
Mar 20, 2019•31 min
Discussion points this week include, Volatility vs Risk, the differences between Trading and Investing, Zero Hedge’s comment about CTAs & Trend Followers being useless, and the NY Times article on high market skepticism while prices continue to go up. Also, should CTAs be used as a tool just for ‘Crisis Alpha’, or something more? Can Trend Following be used as a timing tool? What is the best sample size and look-back period when testing a system? ----- 50 YEARS OF TREND FOLLOWING...
Mar 16, 2019•1 hr 8 min
Is it more profitable to be longer-term? When is Trend Following the wrong strategy to use? Should you ‘ease’ into a trade, or go all in, and how should you adjust position size? Other talking points include where to trade Single Stock Futures, how to include Options into a Trend Following strategy, as well as recent quotes from Stanley Druckenmiller about being greedy in the markets, and the quotes from Howard Marks on the psychology of the markets. ----- 50 YEARS OF TREND FOLL...
Mar 10, 2019•1 hr 23 min
Would you believe somebody if they told you they had been very successful in the investment world, by looking at the just markets once a week? Everything, and everyone, seems to be getting increasingly more short-term in their nature, so it seems counter-intuitive that you can run an actively managed trading strategy by only checking for new signals once a week. Nevertheless, this is exactly what Scot Billington and his partners have done. When I spoke to Scot a while back, he shared some great ...
Mar 05, 2019•13 min
Discussion points this week include: Where to start if you want to become a Trend Following Trader, whether or not to trade markets differently, Bloomberg’s article on the supposed Failing of Trend Following, how strategies can cope and adapt during drawdowns, how to know when you are truly diversified or not, and a lot more. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn , YouTube or via the TTU w...
Mar 03, 2019•2 hr 38 min
Today Niels continues his conversation with Jake Barton , the Senior Portfolio Manager at Promus Capital, Trent Webster , Senior Investment Officer of Strategic Investments at Florida State Board of Administration, and Steven Wilson , Senior Portfolio Manager at Teacher Retirement System of Texas. Listen in to learn when our guests use investment theory versus data, new standards for management fees, and what our guests look for in maintaining a reliable team for their investors. ----- 50 YEARS ...
Mar 01, 2019•44 min
Meb Faber joins the show to discuss his journey into Trend Following, where Trend Following funds have gone wrong in terms of attracting assets & growing AUM, why he started his company Cambria Investments and the difficulties that this involved, the perceived safety of US Treasuries, Mutual Funds vs ETFs, and a lot more. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn , YouTube or via the TTU w...
Feb 24, 2019•2 hr 34 min
On today’s episode Niels Kaastrup-Larsen speaks with Jake Barton , the Senior Portfolio Manager at Promus Capital, Trent Webster , Senior Investment Officer of Strategic Investments at Florida State Board of Administration, and Steven Wilson , Senior Portfolio Manager at Teacher Retirement System of Texas. As managers of the investment of pensions and alternative portfolios, our guests today get in depth on how they use trend following to improve their client’s capital, from interpersonal strate...
Feb 20, 2019•50 min
What is the value of the 200-day Moving Average, the benefit of tried and tested strategies vs new and trendy strategies? Are drawdowns a necessary component of a robust strategy, and what is the optimum startup capital? These, and a lot more we discuss this week. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn , YouTube or via the TTU website . IT’s TRUE ? – most CIO’s read 50+ books each yea...
Feb 17, 2019•2 hr 34 min
The concept of Trend Following has been around for a long time, but it wasn’t until a few years back, that the Bible on Trend Following was written by Kathryn Kaminski and Alex Greyserman. Today, I am delighted to share some of the interesting lessons, insights, and key things that Kathryn Kaminski took away from the long road to publishing this book. Listen to the full episode here. Part 1 & Part 2 . ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITE...
Feb 13, 2019•11 min
Welcome to The Systematic Investor series. It’s a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a “call” each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It’s a raw and honest exploration and we hope you will join and be part of…not least by sending us questions that we can ...
Feb 10, 2019•2 hr 33 min
A while back, I had a very enjoyable time speaking to Scott Foster from Dominion Capital Management, who is not your typical Trader. He draws from a wide range of influences such as Aristotle, Magic, and Austrian Economics. I am delighted to share some of these deep insights with you in this short blog post, and I hope you enjoy these unique views and observations from Scott. Listen to the full episode here. Part 1 & Part 2 . ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES...
Feb 04, 2019•11 min
Welcome to The Systematic Investor series. It’s a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a “call” each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It’s a raw and honest exploration and we hope you will join and be part of…not least by sending us questions that we can ...
Feb 04, 2019•1 hr 13 min
A few years back, I had a great discussion with die-hard Trend Follower, Scot Billington. I would like to share some key moments with you, including how to perceive past track records, and also some of the differences between the long side and the short side. Listen to the full episode here . ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn , YouTube or via the TTU website . IT’s TRU...
Jan 30, 2019•17 min
Welcome to The Systematic Investor series. It’s a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a “call” each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It’s a raw and honest exploration and we hope you will join and be part of…not least by sending us questions that we can ...
Jan 28, 2019•1 hr 7 min
Today Niels Kaastrup-Larsen continues his conversation with Andrew Lo , the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management, and Sol Waksman , the Founder and President of BarclayHedge, Ltd. Listen in to learn the effects of politics in the financial markets and how trend following fits in, the state of cryptocurrency in the current market, and the advice our guests have for investors and their future. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VI...
Jan 23, 2019•42 min
Welcome to The Systematic Investor series. It’s a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a “call” each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It’s a raw and honest exploration and we hope you will join and be part of…not least by sending us questions that we can ...
Jan 20, 2019•1 hr 2 min
