Excess Returns

Whipsaws, Drawdowns, and Disbelief | Eric Crittenden on the Best Diversifier No One Buys


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In this episode of Excess Returns, Matt Zeigler and Jason Buck sit down with Eric Crittenden, CIO of Standpoint Funds, for a wide-ranging and candid discussion about trend following, risk transfer markets, and what it takes to build a resilient investment strategy for uncertain futures. Eric shares decades of hard-won insights on investor behavior, portfolio construction, performance pain points, and why blending passive equities with systematic macro might just be the future of asset allocation.

🔍 Topics Covered:

  • The uncomfortable realities of trend following performance

  • Why many investors misunderstand managed futures

  • Eric’s view on the current drawdown and client behavior

  • Setting expectations with empirical data and simulations

  • The case for blending passive equities with trend following

  • Capital formation vs. risk transfer markets explained

  • What market participants get wrong about futures

  • The surprising resilience of cap-weighted equity indexes

  • The flaws in relying on bonds as diversifiers

  • How regime shifts and correlation changes affect trend models

  • Philosophical take on risk, regulation, and structural market design

...more
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