Today, we discuss the Federal Reserve’s current inflation targets, whether it is ok for systematic managers to turn off their systems during periods of high volatility & uncertainty, the looming questions around Ray Dalio & Bridgewater’s underwhelming performance in 2020, volatility control vs risk control, and why liquidity should be an important deciding factor for investors when choosing a money manager. Questions we answer this week include: How do you size your positions once maximu...
Sep 18, 2020•58 min
On today’s show, we discuss Tesla’s threat to the current giants of European car manufacturing, how paper trading can dramatically differ to live trading, the drawbacks of Systematic Investing through a broker’s platform rather than manually operating the system, the benefits of including commodities & currencies in a Trend Following system, and the case against long/flat-only Trend Following on stocks. Questions we answer this week include: Do you recommend any platforms that you allow you ...
Sep 13, 2020•53 min
We are extremely honoured to welcome Steve Keen, the legendary Australian economist, to our podcast today. Steve is one of the leading critics of mainstream economics, and in our conversation provided a valuable alternative perspective to some of the critical issues facing us today. As you might expect, we did spend time discussing the COVID crisis and the potential policy options for addressing its economic effects, but we also touched on a range of other topics, from climate change to digital ...
Sep 09, 2020•1 hr 4 min
Today, we’re delighted to welcome Roberto Osorio, Vice President, Trading Systems at DUNN Capital, onto the show. Niels pitches Roberto some of our most fiercely debated topics so far, such as the optimal amount of markets to trade, diversification in all of its forms, the pros & cons of Volatility Targeting, how to accurately recognise model decay, Black Swan strategies and why they maintain popularity regardless of performance, the best look-back period for Trend Following strategies, and ...
Sep 07, 2020•1 hr
Rob Carver returns to the show this week to discuss Jerome Powell’s comments at Jackson Hole, the potential Bond market bubble that very few are talking about, the sweet-spot for Trend Following fund AUMs, Dave Portnoy’s influence on Robinhood traders, Tom Basso’s recent interview with Meb Faber, and the continual need to improve your successful trading strategies. Questions we answer this week include: Do you know of any Trend Following funds who use the Black-Litterman model of asset allocatio...
Aug 31, 2020•1 hr 26 min
We are very pleased to welcome Lyn Alden to the studio today, the founder of Lyn Alden investment strategy. Lyn is from an engineering background, and hence, as you might expect, brings a logical and rigorous approach to thinking about economics and financial markets. In our fascinating conversation Lyn was able to draw on her considerable knowledge and understanding of history to inform us in thinking about today’s problems. Our discussion spanned high level thinking about multi decade trends, ...
Aug 26, 2020•1 hr 2 min
This week, we discuss Tesla’s meteoric stock price rise and its likely inclusion into the S&P 500, similarities between today’s parabolic moves in the stock market and the famous tech bubble, why the current outlook for markets necessitates a place for investing in Trend Following strategies, Germany’s move to tax investors on their gold ETF holdings, Volatility-focused trading strategies, and the differences in making adjustments to short term systems vs long term systems. Questions answere...
Aug 23, 2020•54 min
In today’s episode we are joined by Jim Bianco, the president and macro strategist at Bianco Research, L.L.C. Since 1990 Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking. In nearly 20 years at Bianco Research, Jim’s wide ranging commentaries have addressed monetary policy, the...
Aug 21, 2020•1 hr 6 min
In today’s episode we are joined by Campbell Harvey, Professor of Finance at Duke University and Research Associate at the National Bureau of Economic Research in Cambridge, Massachusetts. Cam served as Editor of The Journal of Finance from 2006 to 2012 and as the 2016 President of the American Finance Association. He holds a Ph.D. in Finance from the University of Chicago. Although Cam is well-known as being the inventor of the Yield-Curve Indicator, with an eight for eight track record in fore...
Aug 19, 2020•1 hr 9 min
In this episode, we discuss the danger of financial products such as the Daily 3x Inverse Natural Gas ETN, the potential end of the 2020 bull market in stocks, Howard Mark’s recent quotes on managing risk & market cycles, how a Trend Following mentality can have a positive affect on your world-view, patience for your system vs patience for an individual position, and why needing to ‘agree’ with your trades can be a dangerous idea. Questions we answer this week include: How do you avoid losin...
Aug 17, 2020•1 hr
In this special anniversary edition of the Systematic Investor podcast, Jerry Parker joins us on the show to discuss why removing as many filters as possible may be beneficial to your trading system, why we could actually be living in the most ‘certain’ times in history, the importance of laser-like focus and unemotional trading during the best & worst periods, Jerry’s incredible story of despair to eventual victory as a Trading Turtle under Richard Dennis, the fallacy of aiming for the ‘per...
Aug 09, 2020•1 hr 6 min
In today’s episode, we are joined by Michael Green. Michael has over 20 years as a portfolio manager, mainly in the global macro space. Recently he has become well known because of his work on the shift to passive investing, and inevitably this was one of the topics we wanted to ask Mike about. Our conversation wasn’t limited to that however, and we also discussed comparisons between the present day and previous historical crisis (going back to the Roman Empire!), as well as many other interesti...
Aug 04, 2020•1 hr 1 min
In today’s show, we discuss why a great defence is necessary for great portfolios, Trend Following on ETFs, why liquidity is often an under-appreciated factor when choosing markets, why you need to include shorts, tips for testing system code, why futures are better for short positions than stocks, and why investing in alternative strategies can allow you to be more aggressive when chasing stock market returns. We also answer some of your questions, including: What is your chosen measure of liqu...
Aug 03, 2020•54 min
Our guest today is Danielle DiMartino Booth, CEO and chief strategist for Quill intelligence. One of the major themes of our podcast series so far has been the reactions of central banks to the global pandemic, and it’s likely effects on inflation and asset prices. As a former Fed insider, with nine years of experience as an advisor to the president of the Dallas Fed, Danielle is uniquely positioned to give us her take on the action taken by central banks so far, and what their next move is like...
Jul 28, 2020•1 hr 1 min
Today, we’re delighted to welcome Mark Rzepczynski onto the show to discuss his time working with John W. Henry and what J. W. Henry’s ‘secret weapon’ was, the most effective way to gain downside protection, how to overcome behavioural biases in investing, how diversification can reduce profitability during huge trends, how to effectively make the case for Trend Following to potential investors, where returns dispersion among CTAs is stemming from, and one of our favourite topics: how many marke...
Jul 26, 2020•1 hr 24 min
Today we are very lucky to welcome Larry McDonald as our guest. Larry is the founder of the Bear Traps report , and has extensive experience in consulting and investment banking. His bestselling book “A colossal failure of common sense”, described his time as a Vice President at Lehman brothers where Larry had a ringside view of the last financial crisis. Needless to say this gives him an interesting perspective on the current state of the global markets. Our very enjoyable conversation covered ...
Jul 24, 2020•1 hr 1 min
Todays’ guest is Erik Townsend, host of the Macro voices podcast . Erik has an unusual background, as he had a very successful career as a technology entrepreneur before turning his hand to commodity trading. His background gives him a different perspective to many in the financial world, as we discovered in our conversation. Our discussion explored the possible consequences of the action taken by central banks in the last and current crisis; including rampant inflation, social unrest, and the o...
Jul 22, 2020•1 hr 4 min
Today, Robert Carver joins us to discuss JP Morgan’s comments on markets being fabricated by central bank liquidity, Tesla’s incredible swings in market cap, thoughts on Warren Buffett’s recent ‘value’ purchase, the point at which diversification in a portfolio becomes dilution, and the benefits of diversifying among different Trend Following managers. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn...
Jul 21, 2020•39 min
Our guest for today’s episode is Preston Pysh, founder of BuffetsBooks.com and co-host at The Investors Podcast network. As a graduate of both West Point and John Hopkins, Preston is certainly the only person we have interviewed who has both an MBA but can also fly a helicopter. Mostly in the interview we were talking about economics rather than military strategy, but the topic of a US/China war did come up briefly. Preston has spent a lot of time thinking about value investing, and some of the ...
Jul 17, 2020•1 hr 4 min
Our guest in todays episode is Julian Brigden, co-founder of MI2 partners. Julian has decades experience in investment banking on both sides of the Atlantic, and is a true original thinker. We had a highly enjoyable conversation with Julian, who has a unique knack of explaining his frequently controversial views in a thoroughly entertaining fashion. He has a wide knowledge of topics as varied as silver and shale oil, and his historical references ranged from the 2008 crash all the way back to th...
Jul 14, 2020•1 hr 6 min
On today’s episode, we discuss the clear link between stock market prices & the Federal Reserve balance sheet, the widening gap between the best & worst CTA performances, the influx of retail money into the stock market, how RobinHood makes its profits despite offering free trading, bond prices and what they may be telling us about the future, how CTAs might now be swinging back to the long side, and how lofty expectations are driving many stock prices unexpectedly higher. ----- 50 YEARS...
Jul 13, 2020•47 min
How investors are easily swayed by misleading titles... costing them dearly. ----- 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 year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio...
Jul 10, 2020•8 min
Are US Treasuries as safe as many investor think? ----- 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 year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Learn more about ...
Jul 09, 2020•12 min
Meb Faber explains how to combine Trend Following with Buy & Hold. ----- 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 year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” her...
Jul 08, 2020•7 min
Meb Faber on why investors are underinvested in Trend Following. ----- 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 year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Le...
Jul 08, 2020•6 min
How to allocate a portfolio, accounting for market correlations? ----- 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 year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Le...
Jul 06, 2020•5 min
This week, we give our thoughts on the inaccuracies of CTA replicator models, static risk versus dynamic risk, ways to approach variable position sizing, the power of a system being ‘good enough’, Jim Simon’s quotes on overriding your systems, and the recent accusation that CTAs are driving the stock market upward. Questions answered this week include: What elements of my trading system should I look to expand, if it’s going well? Can I diversify using stock sectors only? What are your thoughts ...
Jul 06, 2020•50 min
Combining fundamental macro with price data. Does it work? ----- 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 year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Learn mo...
Jul 03, 2020•11 min
How to educate financial advisors about Trend Following strategies. ----- 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 year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here ....
Jul 02, 2020•9 min
The differences between changes leading to improvement & changes leading to inconsistency. ----- 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 year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following...
Jul 01, 2020•5 min
