On this week’s episode, we discuss the resurgence of ‘boutique’ funds, the new Austrian bond which promises a yield of 1.2% over 98 years, why having new markets to Trade can be good thing, and the differences between Volatility Targeting, versus adjusting overall risk exposure according to market conditions.  Questions answered this week include, should you really trade a strategy that suits you?  What is the ideal sample size when backtesting data, and should you pay attention to valuation when entering a Trending market?
(**Due to a technical issue with Jerry’s audio this week, his sound quality is not as good as usual.  Our apologies for this.)
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44 The Systematic Investor Series – July 15th, 2019

Step into the fascinating realm of finance and investing with Niels Kaastrup-Larsen and an amazing line-up of co-hosts as your guide. Each week, we engage in captivating conversations with renowned investors, esteemed economists, skilled traders, and visionary thought leaders. Discover the wisdom derived from their journeys, embracing their triumphs and learning from their setbacks. At TTU, we strive to ignite your independent thinking, encouraging you to chart your own path to financial success. Tune in to stay informed and inspired on the ever-evolving landscape of finance and investing. Stay up-to-date with our latest episodes and blogposts at https://toptradersunplugged.com

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In this episode, we are joined by Richard Brennan to discuss why now is the time to step up your trend following allocation. Rich challenges Andrew Beer’s conclusion that a 3% allocation to trend following is the sweet spot and explains why he believes the trend following industry should simplify its narrative and quit the fancy “jargon”. We also discuss what defines a trend follower and why we may be losing the incentive to keep improving as trend followers, new research on the impact of crises and much more. ----- EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool ----- 
 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 “The Many Flavors of Trend Following” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Rich on Twitter. Episode TimeStamps: 02:08 - What has been on our radar recently? 08:33 - Industry performance update 16:02 - What is the optimal allocation to trend following? 24:02 - Do trend followers have fiduciary responsibility? 27:09 - Why is Andrew Beer having trouble with his trend following allocation? 31:30 - Are we moving too far away from the classic trend following? 37:21 - What does it take to call yourself a trend follower? 42:01 - Discussing Corey Hoffstein's approach 46:44 - What about the fees? 50:34 - Are we losing the incentive to improve? 58:45 - The impact of crises 01:07:11 - Sign up for our new newsletter 01:08:26 - What is up for next week? Copyright © 2023 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics

SI291: Trend Following...What should it mean to Investors? ft. Richard Brennan

Today, we are delighted to be joined by Anthony Todd, Co-Founder & CEO of Aspect Capital, for an insightful discussion on the role of systematic trading and trend following in today’s economy. We also discuss what has driven Aspect Capital’s shift towards developing multiple strategies and how they guide their clients to make better investment decisions, whether the trend following industry should be concerned about replication strategies and how allocations are funded today. Lastly, we discuss how Aspect Capital uses AI in their work and how systematic trading has changed as a whole with the rise of AI, what Todd is most excited and concerned about in 2024 and much more.  ----- EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool ----- 
 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 “The Many Flavors of Trend Following” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Alan on Twitter. Follow Todd on LinkedIn. Find out more about DUNN Capital Episode Timestamps: 02:24 - Introduction to Anthony Todd and Aspect Capital 05:43 - A global macro perspective 09:45 - How has the industry evolved? 13:51 - Are investors under-allocated to trend? 17:11 - Trend following - a return enhancer? 20:37 - The correlation between stocks and bonds 25:27 - The path to offering multible strategies 29:47 - Balancing choices and guiding clients and investors 33:26 - Are CTAs threatened by replication strategies? 39:11 - How...

TTU146: The value of Unpredictable Alpha ft. Anthony Todd

Today, we are joined by Andrew Beer to discuss why the current surge in Cocoa prices really is a big deal for our industry, but how CTAs have been selling it this year, against many main stream media reports. We also dig into how the strong performance in Q1 2024 is helping Trend Following making its way into more Model Portfolios and the existential crisis that we are seeing in the Model Portfolio world. We explain how the narrative around trend following is changing and why replication strategies are becoming less radical. And we wrap up our conversation touching on what the optimal allocation to trend following should be based on the latest publication from Man Institute, the challenges of dealing with unrealistic expectations in the trend following space and much more. ----- EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool ----- 
 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 “The Many Flavors of Trend Following” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Andrew on Twitter. Episode TimeStamps:  01:16 - What has been on our radar recently? 05:38 - Industry performance update 06:49 - What is the big deal with Cocoa? 11:49 - What causes the rising Cocoa prices? 13:56 - A fantastic start to the year for trend following 16:58 - Industry performance update continued 18:12 - Q1, Peter: What percentage of your liquid net worth do you have invested in DBMF? 22:05 - What does Q1 2024 mean for CTAs? 30:51 - A period of normalcy 34:02 - A change in the trend following narrative 42:54 - Are replication strategies becoming less radical? 46:22 - Stacking returns - a good or bad idea? 52:35 - Honey, I...

SI290: Honey, I Shrunk the Trend Following ft. Andrew Beer

Christophe L’Ahelec, Managing Director of Public Markets at University Pension Plan Ontario, joins Alan Dunne in this episode to discuss their approach to managing the C$11bn defined benefit pension plan. We discuss the high level Strategic Asset Allocation of the plan and also how the changed macro environment in recent years has motivated a shift in the asset allocation towards more absolute return strategies. Such strategies play a dual role of diversification and return enhancement for UPP and we discuss how Christophe thinks about an appropriate strategy allocation within absolute return.  We also delve into the challenges of manager selection and evaluation, why it is important to remember that you are buying an “investment process” not historical returns when allocating to managers and discuss when is it appropriate to remove a manager and when not.   ----- EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool ----- 
 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 “The Many Flavors of Trend Following” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Alan on Twitter. Follow Christophe on LinkedIn. Episode TimeStamps:  02:50 - Introduction to Christophe L'Ahelec 07:06 - A new initiative 10:01 - What kind of strategy drives their asset allocation? 12:40 - What goes into which bucket? 14:45 - What makes absolute return exposure more attractive at the moment? 16:31 - Constructing an absolute return portfolio 18:38 - How they approach trend following 21:58 - Why do they use leverage? 23:32 - What do they expect from their...

ALO22: Finding an Absolute Return Solution for a C$11BN Pension Plan ft. Christophe L'Ahelec

Mark Rzepczynski joins us to remember one of the most important people within modern-day finance, author and psychologist, Daniel Kahneman, and the impact he had on our industry. We also discuss how increasing interest rates change the way investors behave and why trend following and CTAs have performed so well the past 5 years, perhaps without been given the credit the strategy deserves. We also dive into the cocoa market to discuss why it may still have a long way to go, despite racking up another 60% rise in March 2024 alone. We then move on to explain why the financial conditions index is important to understand for trend followers and why Mark believes stocks may continue to rise. Lastly, we discuss what makes trend following unique, why having trend following in your portfolio can help you achieve better performance and more diversification and much more. ----- EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool ----- 
 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 “The Many Flavors of Trend Following” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Mark on Twitter. Episode TimeStamps: 01:03 - Remembering Daniel Kahneman 03:54 - Things are changing 09:54 - Industry performance update 13:32 - What the Credit Suisse Managed Futures Index is missing 16:23 - Let's talk about Cocoa 21:55 - Trends can last longer than people expect 24:44 - Is the Cocoa market a bubble? 28:31 - Less markets = better performance? 30:43 - Static vs. Dynamic position sizing in the Cocoa market 39:13 - Understanding the financial conditions index 45:09 - A euphoric environment 49:47 - What makes trend following...

44 The Systematic Investor Series – July 15th, 2019

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