This episode examines trend-following investment strategies, analyzing their historical performance and characteristics. One source provides a multi-century analysis of trend-following, demonstrating consistent profitability across various market environments and asset classes, including periods of crisis. Another source compares multiple trend-following models, concluding that a single, well-designed model outperforms diversification across many different models. A final source explores the statistical significance of trend-following strategies, cautioning against the overinterpretation of historical backtests due to multiple testing issues and proposing adjustments to better evaluate such strategies.