Top Traders Unplugged

By Niels Kaastrup-LarsenBusiness News Investing Business News

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Top Traders Unplugged episodes

May 06, 2016TTU95: Redefining Trend Following ft. Katy Kaminski, Alex Greyserman & Roberto Osorio – 1of2
Thanks for tuning back into our show, we know it has been a while since we’ve published an episode. However, you are in for a real treat: this is the first episode where we have a roundtable of guests, representing some of the most prominent firms in the trend following space. Our guests have a combined 100 years of track record, and we’ll explore it all in this episode.
We discuss the history of trend following, what it takes to practice trend following, and the human biases that effect our trading.
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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
The history of trend-following
The phenomenon of momentum
When the concept of trend following that we know today came about
Why Katy & Alex gathered data from hundreds of years ago
Katy talks about their book on Trend Following
Why markets are not getting more efficient
Why the edge in Trend Following is “knowing what you don’t know”
How long it took for Alex to start believing in trend following
Roberto’s first exposure to trend following
Why humility is necessary to practice trend following
The importance of taking the human emotion out of the decision process
Katy’s voodoo finance and heuristics
Are all CTA’s trend-followers?
Alex’s Random Entry System that uses coin flips
The three decisions that are involved in a trade
The fact and fiction of how difficult it is to do trend-following
Why humans suffer from representative bias
The factor of simplicity when making a trend following system

-----

Resources & Links Mentioned in this Episode:
Trend Following with Managed Futures: The Search for Crisis Alpha
Market Wizards
Tulip mania
David Ricardo
Lake Wobegon syndrome

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 the Trend Barometer here.
Send your questions to [email protected]
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 Katy Kaminski on Linkedin
Follow Alex Greyserman on Linkedin
Follow Roberto Osorio on Linkedin
Copyright © 2025 – 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 that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer
55 min
February 17, 2016 94 Acknowledging Risk on a Daily Basis with Bill Dreiss of Dreiss Research Corporation – 2of2
"Correlations have increased over the years in every market." - Bill Dreiss (Tweet)
In our continued conversation with Bill Dreiss, we dive into why he built his model the way that he did, and how he deals with factors like risk, drawdowns, and investor relationships. You'll discover what he has learned from the drawdowns he has gone through, how the market has changed since 2009, and what the future looks like for Dreiss Research.

Thanks for listening and please welcome back Bill Dreiss.

Subscribe on:

In This Episode, You'll Learn:

How he thinks about succession planning
What people should be aware of in his long track record as a firm
What has changed in the markets since 2009
"Once one segment of the market gets volatile, it tends to drag a lot of other segments along with it." - Bill Dreiss (Tweet)

How markets are more interrelated than they ever have been before
How he describes what he is trying to achieve for his investors
Why you shouldn’t be investing if you can’t live through a 50% drawdown
What the choppiness index is
Why it is so difficult for people to see the advantages of CTAs and trend following
"The client is its own worst enemy - they are inclined to come in at the top and leave at the bottom." - Bill Dreiss (Tweet)

How many commodities he trades
How diversified his trading program is
What differentiates Dreiss Research from other trend following CTAs
How he measures volatility
How he defines risk and manages risk
"Risk is out there, and your worst drawdown is always in the future." - Bill Dreiss (Tweet)

Why you can over-manage risk and how to weather the drawdowns
"On an ongoing basis, I’m realizing risk - I’m aware of it and I’m recognizing it." - Bill Dreiss (Tweet)

What he has learned from the drawdowns he has gone through
How to manage a relationship with clients so that they trust the firm during drawdowns
The biggest challenges in his long career
What it takes to be a good trader
"It requires a level of persistence - but it is certainly entertaining and it keeps me engaged in the world." - Bill Dreiss (Tweet)

Why the world is too full of quants and people should use their talents in other fields

Resources & Links Mentioned in this Episode:

Bill Recommends:

The Misbehavior of Markets
The Secrets of Professional Turf Betting
The Gambler
Thinking, Fast and Slow

Connect with Dreiss Research Corporation:
Visit the Website: www.DreissResearch.com

Call Dreiss Research: +1 (407) 399-2567

E-Mail Dreiss Research: [email protected]
"People tend to pick a trading approach that fits their personality." - Bill Dreiss (Tweet)
59 min
February 17, 2016TTU94: Acknowledging Risk on a Daily Basis ft. Bill Dreiss of Dreiss Research Corporation – 2of2
In our continued conversation with Bill Dreiss, we dive into why he built his model the way that he did, and how he deals with factors like risk, drawdowns, and investor relationships. You’ll discover what he has learned from the drawdowns he has gone through, how the market has changed since 2009, and what the future looks like for Dreiss Research.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
How he thinks about succession planning
What people should be aware of in his long track record as a firm
What has changed in the markets since 2009
How markets are more interrelated than they ever have been before
How he describes what he is trying to achieve for his investors
Why you shouldn’t be investing if you can’t live through a 50% drawdown
What the choppiness index is
Why it is so difficult for people to see the advantages of CTAs and trend following
How many commodities he trades
How diversified his trading program is
What differentiates Dreiss Research from other trend following CTAs
How he measures volatility
How he defines risk and manages risk
Why you can over-manage risk and how to weather the drawdowns
What he has learned from the drawdowns he has gone through
How to manage a relationship with clients so that they trust the firm during drawdowns
The biggest challenges in his long career
What it takes to be a good trader
Why the world is too full of quants and people should use their talents in other fields

-----

Resources & Links Mentioned in this Episode:
The Misbehavior of Markets
The Secrets of Professional Turf Betting
The Gambler
Thinking, Fast and Slow

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 the Trend Barometer here.
Send your questions to [email protected]
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.
Copyright © 2025 – 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 that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer
59 min
February 08, 2016 93 Location Independence with Systems Trading with Bill Dreiss of Dreiss Research Corporation – 1of2
"In my opinion, the primary reason that systems traders are able to make money in the markets is that the market provides the returns more than the particular methodology that is imposed." - Bill Dreiss (Tweet)
Bill Dreiss has been an early adopter from the very beginning. After going to MIT and Harvard, he wanted to form a business that would allow him to be location independent and allow him to surf, his life passion. Fortunately, systems trading found him.
He bought a computer before individuals owned them, started a systems trading firm before almost any of them existed, and has been in business trading his own model fro more than 25 years. You'll gain a career's worth of knowledge in this fantastic episode.
Thank you for listening and please welcome our guest, Bill Dreiss.

Subscribe on:

In This Episode, You'll Learn:

Why Bill’s firm is so unique
How he went to Harvard business school and then went to work for a Think Tank in California
How he developed his first trading system in the 1970s
How he did systematic trading by hand in the early days, without computers
The unique system that was the first system he built
"On of the things I did early on is I went through the various chart patterns and decided that the only one that had any usefulness was a trend line." - Bill Dreiss (Tweet)

The first company that he started with a few partners in early 1975
How he used to manage 180 clients before computers
The first computer he bought before individuals owned computers
"I was one of the first adopters of computers in 1976." - Bill Dreiss (Tweet)

Why he stopped managing outside money for a few years
"After I got out of school I learned to surf and that became somewhat of an addiction and has stayed with me ever since." - Bill Dreiss (Tweet)

What made him setup his current company in 1991
How he setup his first trading model with Dreiss Research Corporation
Why he was heavily influenced by Boinot Mandelbrot
Why trend following is declared dead every few years, but why it is only sleeping
Why he trades longer term and only updates his system about once a week
How he first managed to automate his system way before other people were able to do it
How the environment has changed from very few system traders to almost completely system traders
What differentiates Bill from a lot of other system traders
"My system has remained virtually unchanged for 25 years." - Bill Dreiss (Tweet)

How he deals with risk management
What drives him in his career and how he has kept it up for so long
Why he thinks in how much leisure time he can have rather than how much money he could make
"My trading system is setup on a remote server, and this is primarily for security reasons." - Bill Dreiss (Tweet)

How marketing a firm is very important
Why surfing is so important to him
Why being location independent was very important to him in setting up his business

Resources & Links Mentioned in this Episode:

Learn more about Richard Dunchian
Learn more about Benoit Mandelbrot

Connect with Dreiss Research Corporation:
Visit the Website: www.DreissResearch.com
Call Dreiss Research: +1 (407) 399-2567
E-Mail Dreiss Research: [email protected]
"The system provides discipline and it eliminates the possibility of second-guessing." - Bill Dreiss (Tweet)
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.
1 hr 1 min
February 08, 2016TTU93: Location Independence with Systematic Trading ft. Bill Dreiss of Dreiss Research Corporation – 1of2
Bill Dreiss has been an early adopter from the very beginning. After going to MIT and Harvard, he wanted to form a business that would allow him to be location independent and allow him to surf, his life passion. Fortunately, systems trading found him.
He bought a computer before individuals owned them, started a systems trading firm before almost any of them existed, and has been in business trading his own model fro more than 25 years. You’ll gain a career’s worth of knowledge in this fantastic episode.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
Why Bill’s firm is so unique
How he went to Harvard business school and then went to work for a Think Tank in California
How he developed his first trading system in the 1970s
How he did systematic trading by hand in the early days, without computers
The unique system that was the first system he built
The first company that he started with a few partners in early 1975
How he used to manage 180 clients before computers
The first computer he bought before individuals owned computers
Why he stopped managing outside money for a few years
What made him setup his current company in 1991
How he setup his first trading model with Dreiss Research Corporation
Why he was heavily influenced by Boinot Mandelbrot
Why trend following is declared dead every few years, but why it is only sleeping
Why he trades longer term and only updates his system about once a week
How he first managed to automate his system way before other people were able to do it
How the environment has changed from very few system traders to almost completely system traders
What differentiates Bill from a lot of other system traders
How he deals with risk management
What drives him in his career and how he has kept it up for so long
Why he thinks in how much leisure time he can have rather than how much money he could make
How marketing a firm is very important
Why surfing is so important to him
Why being location independent was very important to him in setting up his business

-----

Resources & Links Mentioned in this Episode:
Learn more about Richard Dunchian
Learn more about Benoit Mandelbrot

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 the Trend Barometer here.
Send your questions to [email protected]
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.
Copyright © 2025 – 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 that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer
1 hr 1 min
January 25, 2016 92 Clear and Explainable Trend Models with Andreas Clenow of ACIES Asset Management – 2of2
"Never accept the old-style, blackbox explanation - always understand what is going on." - Andreas Clenow (Tweet)
In our continued conversation with Andreas Clenow, we discuss the research and work that goes into making his trading model, how he deals with risk and drawdowns, and how he explains his models to potential investors. In this episode, we will dive into how clear and explainable a trading model should be, and what questions you should ask firms before investing in them.
Thanks for listening and please welcome back Andreas Clenow.

Subscribe on:

In This Episode, You'll Learn:

How Andreas does his research and what research he looks for in other firms
"I very rarely invest in a manager I don’t know about beforehand." - Andreas Clenow (Tweet)

Why a track record matters and how it matters
How trend following has done over the last few years
How he builds his own trading strategies
"My experience is that if you combine too many things in one product it doesn’t make for a good product to sell." - Andreas Clenow (Tweet)

What he does with position sizing and how important it is
How he allocates risk on his different models
What he does to measure the environment on trend following
What he thinks about sector allocation and diversification

"It’s also risky to look over firms that you are overly familiar with - you need to learn about multiple types of strategies and ideas." - Andreas Clenow (Tweet)

The kinds of risk management that he uses in his model
Where he uses stop losses and where he doesn’t
How he talks to investors about drawdowns
"The most important thing is that the investors understand what they are investing in - they should be as knowledgable as possible." - Andreas Clenow (Tweet)

What questions investors should be asking him about his trading model
How to detect if a manager’s strategy has stopped working
Why people shouldn’t be scared of asking lots of questions
"The strategy needs to be clear and explainable." - Andreas Clenow (Tweet)

What motivates him to work on his job
About the biggest failures of Andreas’ career

Resources & Links Mentioned in this Episode:

Market Wizards by Jack Schwager
Trend Following with Managed Futures by Kathryn Kaminski
Listen to our interview with Kathryn Kaminski here and here
Dual Momentum Investing by Gary Antonacci
Buy Andreas' books.
Check out his website FollowingTheTrend.com.

This episode was sponsored by Eurex Exchange:

Connect with ACIES Asset Management:
Visit the Website: www.ACIES-am.com
Call ACIES: +41 44 868 41 11
E-Mail ACIES: info [at] acies-am.com
Follow Andreas Clenow on Linkedin
"Most people read too many trading books and too few programming books." - Andreas Clenow (Tweet)
Full Transcript
The following is a full detailed transcript of this conversion. Click here to subscribe to our mailing list, and get full access to our library of downloadable eBook transcripts!
Andreas
…that is the key trick. How do you get that?
Niels
Sure. No, that’s fine. Let’s talk more about the usual topics that I would discuss with the managers. It somewhat relates to how you then build a strong organization. Let’s assume that you overcome some of these financial challenges that you just mentioned. In your case, I wanted to ask you something more focused on research because that’s something that you’ve done a lot of.
Investors, they will put a lot of emphasis on the research capability of a manager when making their selections. Clearly research is, to a large extent, the heart of a systematic manager. But you also have an allocator or investor hat to put on. So if we put that on for a little bit now,
1 hr 3 min
January 25, 2016TTU92: Clear & Explainable Trend Models ft. Andreas Clenow of ACIES Asset Management – 2of2
In our continued conversation with Andreas Clenow, we discuss the research and work that goes into making his trading model, how he deals with risk and drawdowns, and how he explains his models to potential investors. In this episode, we will dive into how clear and explainable a trading model should be, and what questions you should ask firms before investing in them.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
How Andreas does his research and what research he looks for in other firms
Why a track record matters and how it matters
How trend following has done over the last few years
How he builds his own trading strategies
What he does with position sizing and how important it is
How he allocates risk on his different models
What he does to measure the environment on trend following
What he thinks about sector allocation and diversification
The kinds of risk management that he uses in his model
Where he uses stop losses and where he doesn’t
How he talks to investors about drawdowns
What questions investors should be asking him about his trading model
How to detect if a manager’s strategy has stopped working
Why people shouldn’t be scared of asking lots of questions
What motivates him to work on his job
About the biggest failures of Andreas’ career

-----

Resources & Links Mentioned in this Episode:
Market Wizards by Jack Schwager
Trend Following with Managed Futures by Kathryn Kaminski
Listen to my interview with Kathryn Kaminski here and here
Dual Momentum Investing by Gary Antonacci
Buy Andreas’ books.
Check out his website FollowingTheTrend.com.

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 the Trend Barometer here.
Send your questions to [email protected]
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 Andreas Clenow on Linkedin
Copyright © 2025 – 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 that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer
1 hr 3 min
January 18, 2016 91 Keeping it Simple in Trend Following with Andreas Clenow of ACIES Asset Management
"The simpler systems are usually the better ones." - Andreas Clenow (Tweet)
Our guest today is a successful trader, businessman, and author. He is known for his books Following The Trend and Stocks on the Move, and after an impressive career at Reuters finance he moved on to ACIES Asset Management in Switzerland.
In our conversation, we discuss trend following and the need to keep it simple, the mistakes that retail traders make, and how to start a new firm in this day and age.
Thanks for listening and please welcome our guest Andreas Clenow.

Subscribe on:

In This Episode, You'll Learn:

The many skill sets that Andreas has
How he wrote the books that he is known for
Why he has a large degree of flexibility with his firm and the capital they manage
How he grew up in a small town in Sweden...with lots of cows!
About the computer company that he started
"The better you are at getting things done, the less they let you do it." - Andreas Clenow (Tweet)

How he became head of the Reuters Development Team in Geneva for equities and commodities
How he left the corporate world
"Make yourself visible, and someone will find you." - Andreas Clenow (Tweet)

How he started at ACIES
What Andreas does when he is not working
The books he has written about systematic trading strategies
The value of simplicity
What Andreas thinks about trend following

"The number of actual trend followers is now quite small." - Andreas Clenow (Tweet)

The issues with doing trend following on stocks
How he got the freedom to write a book

"Hopefully the way I explain it is new, but there are no secrets in my books." - Andreas Clenow (Tweet)

What retail traders will get from his books
Why managing your own money is a bad trade

"The main mistake that retail traders do is that they take on risks that would get people fired in the hedge fund world." - Andreas Clenow (Tweet)

What he thinks about technical analysis and how to define it
What it takes to start a firm or trading business

"If you’re managing other people’s money in addition to your own, you can think more long term." - Andreas Clenow (Tweet)

Resources & Links Mentioned in this Episode:

Listen to our episode with Jerry Parker recapping 2014.
A Definition of ATR (Average True Range).
Buy Andreas' books.
Check out his website FollowingTheTrend.com.

This episode was sponsored by Eurex Exchange:

Connect with ACIES Asset Management:
Visit the Website: www.ACIES-am.com
Call ACIES: +41 44 868 41 11
E-Mail ACIES: info [at] acies-am.com
Follow Andreas Clenow on Linkedin
"It’s getting very strict and very expensive to comply with increasing regulatory requirements." - Andreas Clenow (Tweet)
Full Transcript
The following is a full detailed transcript of this conversion. Click here to subscribe to our mailing list, and get full access to our library of downloadable eBook transcripts!
Niels
Hey everyone, and welcome to another episode of Top Traders Unplugged. Thank you so very, very much for tuning in today. For those of you who are regular listeners, you know that my goal with the podcast is to share the stories of some of the great traders in the world and to ask those questions they don’t usually get asked. To help you get more clarity, confidence and courage to take your own trading or investment career a step further.
Today you are listening to episode 91. If this is your first episode that you’ve heard, you might want to go back and listen to all the earlier conversations. Before we find out who’s on today’s show, I just want to mention that today’s episode is brought to you by Eurex.
1 hr 9 min
January 18, 2016TTU91: Keeping it Simple in Trend Following ft. Andreas Clenow of ACIES Asset Management
Our guest today is a successful trader, businessman, and author. He is known for his books Following The Trend and Stocks on the Move, and after an impressive career at Reuters finance he moved on to ACIES Asset Management in Switzerland.
In our conversation, we discuss trend following and the need to keep it simple, the mistakes that retail traders make, and how to start a new firm in this day and age.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
The many skill sets that Andreas has
How he wrote the books that he is known for
Why he has a large degree of flexibility with his firm and the capital they manage
How he grew up in a small town in Sweden…with lots of cows!
About the computer company that he started
How he left the corporate world
How he started at ACIES
What Andreas does when he is not working
The books he has written about systematic trading strategies
The value of simplicity
What Andreas thinks about trend following
The issues with doing trend following on stocks
How he got the freedom to write a book
What retail traders will get from his books
Why managing your own money is a bad trade
What he thinks about technical analysis and how to define it
What it takes to start a firm or trading business

-----

Resources & Links Mentioned in this Episode:
Listen to our episode with Jerry Parker recapping 2014.
A Definition of ATR (Average True Range).
Buy Andreas’ books.
Check out his website FollowingTheTrend.com.

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 the Trend Barometer here.
Send your questions to [email protected]
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 Andreas Clenow on Linkedin
Copyright © 2025 – 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 that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer
1 hr 9 min
December 09, 2015 90 Why Diversification is Key with Robert Carver, Author & Trader – 2of2
"Diversification is the only free lunch in finance." - Robert Carver (Tweet)
In the second part of our conversation with Robert Carver, we dive into the specifics of his trading strategy, why he doesn't trade full time, and what he thinks about the trend-following space in general.

You'll hear his thoughts on drawdowns, research teams, risk, and more. You won't want to miss his insight and clear explanations of some of finance's most complicated topics.

Thanks for listening and please welcome back Robert Carver.

Subscribe on:

In This Episode, You'll Learn:

The two components of risk, and all about unpredictable risk
What sets one manager apart from the other
His view on stop-losses
How target volatility works for a lot of CTA managers
How he would put together a research team for a fund manager
"Once the system is working, you aren’t going to need 50 people." - Robert Carver (Tweet)

The problem with hiring a lot of people with the same background
How investors should read the track records of firms
"It would be much more of a qualitative judgement for me rather than just looking at the track record." - Robert Carver (Tweet)

The concerns and misconceptions about systematized and trend-following strategies
Why he is so keen on looking at sharp ratio
The issues with skew but why he keeps an eye on it
What his own trading system looks like today
The style of trader that he ended up becoming
"The thing about trend following is that the more people follow it, it becomes self-reinforcing." - Robert Carver (Tweet)

How to find out what to expect when a drawdown happens
What investors should ask but they never do
How he got over the failures that he has had in business
"There’s not enough evidence to say that different systems work much better in different asset classes than others." - Robert Carver (Tweet)

Resources & Links Mentioned in this Episode:

Learn more about AHL
Learn about Sharp ratio
Check out The Predictors book
Learn more about Eugene Farma

This episode was sponsored by Eurex Exchange:

Connect with Robert Carver:
Buy his book on Amazon.

Follow Robert Carver on Linkedin
"Completely forget about your real data and run experiments with artificial data to see your potential drawdowns." - Robert Carver (Tweet)
1 hr 14 min