TTU Trend Barometer
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Trend Following: Is it for you?
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Episode TimeStamps:

02:13 – Introduction to Nickel Digital and how they found their way to crypto
08:10 – A trip down memory crypto lane
12:25 – Why is the basis still so wide on crypto?
15:07 – The state of alpha in the crypto space
18:23 – What kind of portfolio does Nickel Digital run?
19:56 – How they take advantage of automation to carry out a 24/7 365 trading strategy
22:24 – How they manage the managers
25:22 – How they approach netting cost
27:40 – Their process for paying managers
30:59 – Their manager onboarding process
38:41 – Why traders make more money at Nickel Digital than anywhere else
40:52 – What is the average sharpe ratio in the crypto space?
43:19 – The tech backbone – how Nickel Digital is connected to exchanges
46:08 – FTX collapse – The most stressful period for their business
49:46 – How they manage price and risk in 24 hours/day markets
54:06 – How crypto differ from regular markets
57:09 – The pitfalls of trading crypto
01:02:35 – What is their long term vision for Nickel Digital?

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IT's TRUE 👀 – most CIO's read 50+ books each year – get your 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.

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Episode TimeStamps:

02:17 – Introduction to Bill Gebhardt
06:35 – No pain, no gain
08:40 – Why are they called 10Dynamics?
10:08 – What is their philosophy behind how markets work?
12:24 – Are the signals that they run based on trend following?
13:47 – How they handle the operational complexity of their system
18:15 – How they assess the validity of their data
20:39 – Exploring the technical details behind the execution of their system
22:39 – How they approach trading times
25:07 – Combining short and long term trading
26:52 – How they avoid overfitting and underfitting
30:58 – How Gebhardt implements his experience from the energy space
33:54 – How many markets do they trade?
35:50 – Accessing the domestic futures markets
36:56 – Why are single name equities so special to 10Dynamics?
41:08 – How they approach VIX futures
43:39 – Their perspective on replication strategies

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Learn more about J8 Capital.

IT's TRUE 👀 – most CIO's read 50+ books each year – get your copy of the Ultimate Guide to the Best Investment Books ever written here.

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Episode TimeStamps:

16:16 – Introduction to Tillmann Sachs, Vishal Sharma and J8 Capital Management
04:06 – Why did they start J8 Capital?
05:09 – What got them interested in a systematic approach?
09:12 – The story behind the J8 Global Absolute Return Strategy
13:53 – Multiple different systems or one big system?
16:25 – Why don't they incorporate equities in their strategy?
21:36 – Managing risk in arbitrage strategies
24:44 – Their perspective on going long term VIX
26:34 – How you valuate risk when putting multiple systems together
29:59 – Is the best benchmark for them a multistrat hedge fund?
33:04 – How does Sharma's short term systematic system work?
37:58 – What is Redwood's correlation to the short term traders index?
38:17 – How Sharma is trading the markets
41:17 – How is Sharma's strategy performing?
44:28 – How Sharma runs and maintains a 24 hours a day process
46:36 – The future direction of J8 Capital

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IT's TRUE 👀 – most CIO's read 50+ books each year – get your 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.

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Episode TimeStamps:

02:21 – Introduction to Jerome Callut
03:52 – Why they use non-trend following models
08:42 – What would happen if they added a trend following component to their model?
09:57 – The 3 categories of their trading system
11:11 – Category 1, Behavioural: Anticipating the flows and trades of other traders
15:35 – An example of how they handle flow
18:35 – Did Callut anticipate the unwind of the Japanese Yen carry trade?
21:51 – Exploiting the skid marks in the markets
23:53 – Category 2: Relative value and spread trading
29:37 – Collecting the roll down yield
31:12 – Is Callut also engaging in a short VIX positioning?
36:59 – Proactive and reactive management
38:33 – What could happen after Volmageddon?
40:42 – How they implement reactive management
41:37 – Category 3: Macro trades
46:37 – What role does automation play at DCM Systematic?
48:36 – How they implement AI and machine learning
53:38 – A work in progress
54:46 – Working with a moving target

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IT's TRUE 👀 – most CIO's read 50+ books each year – get your 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.

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Episode TimeStamps:

02:30 – Introduction
03:59 – Eckhardt's relationship to Richard Dennis
06:34 – Can trading be taught?
08:50 – The story behind the trading rules
12:32 – What characterises Eckhardt Trading?
13:44 – How did their perception of risk change over the years?
22:01 – Why they focus on short term trading
27:25 – How they use volatility in their trading
32:49 – Do they utilize other methods than trend following?
34:05 – Why do they avoid trade summary statistics?
40:26 – How they control overfitting and underfitting
45:37 – How they use “the gauntlet” to test systems
49:12 – How many markets do they trade and why?
53:57 – Why they don't trade single stocks
56:28 – Their view on replication strategies
01:05:23 – Evaluating the success of systems
01:08:02 – What are the most important things to avoid when designing trend following systems?
01:08:47 – The future of trend following
01:11:11 – Criticise ideas, not people

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IT's TRUE 👀 – most CIO's read 50+ books each year – get your 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.

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.

Episode TimeStamps:

02:07 – Introduction to Cole Wilcox and Longboard Asset Management
08:27 – Diving deep into their strategy
10:45 – What drives the alpha of the strategy?
15:41 – Understanding your investor base
18:07 – Understanding their correlation
19:31 – Thoughts on including international stocks
24:15 – Do they fully fund their portfolio?
27:52 – How they approach dividends
29:14 – Do they loan out stocks?
30:34 – Did they ever trade single stock futures in the Bond Chicago Exchange?
32:36 – How many names do they have in their portfolio on the long side
33:12 – Dilution vs. concentration
37:15 – The impact of volatility drag
39:43 – Improving the experience of investing
42:01 – A compliment or full portfolio strategy?
45:57 – What are the most important lessons they have learned?

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IT's TRUE 👀 – most CIO's read 50+ books each year – get your 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.

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.

Episode TimeStamps:

02:18 – Introduction to Michael Neubauer and Joseph Waldstein
05:52 – How did they learn about trend following?
14:18 – The perfect match?
15:12 – What drove their decision to discretionary overlays?
16:52 – What is causing dispersion in the trend following space?
19:32 – The dangers of overoptimization
23:00 – What are their definition of risk?
27:20 – Are more markets better?
33:21 – Their research process*
37:18 – What is their smallest and least liquid market they trade?
39:01 – How they use synthetic markets in their trading
41:20 – Their considerations about cash equities
43:30 – Why are they trading the VIX index?
46:36 – What is the outlook for trend following?

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IT's TRUE 👀 – most CIO's read 50+ books each year – get your 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.

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.

Episode TimeStamps:

02:16 – Introduction to Tony Kaiser
04:07 – An interesting journey
16:50 – A difficult space for alpha
20:55 – Why did Kaiser move into the short term space?
28:17 – How has trading frequency and systems evolved?
33:15 – Do Kaiser's original models still work today?
45:28 – A shock to the system
49:43 – Where does the low correlation come from?
57:00 – Thanks for listening

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IT's TRUE 👀 – most CIO's read 50+ books each year – get your 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.

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.

Episode TimeStamps:

02:09 – Introduction to Ricardo and Pedro
06:18 – What is their edge?
07:57 – What commodities are they trading?
08:46 – Why they don't trade cocoa
11:09 – Acquiring information through networking
13:40 – Why and how do they trade commodity equities
17:15 – What do they consider long-term?
19:38 – Why isn't copper sky rocketing?
22:01 – Their approach to options
22:50 – How they incorporate trend following in their trading
25:24 – Global macro perspectives
27:28 – No hard landing?
28:35 – Is the coal market dying?
31:14 – The outlook of EUAs
35:03 – Do they formulate a price target in their models?
37:08 – A disconnect in the green transition
38:58 – Natural gas market integrating with LNG
40:55 – Their view on the grain markets
43:34 – A quick touch on other markets
44:20 – Thanks for listening

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IT's TRUE 👀 – most CIO's read 50+ books each year – get your 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.

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.

Episode TimeStamps:

02:09 – Introduction to Richard Liddle and Gareth Abbot
05:19 – How did they get into investing?
09:43 – Why trend following?
13:55 – Solving the market puzzle
15:36 – How they designed their strategy?
18:46 – The reason for their market selection
24:18 – Why exactly 21 markets?
31:13 – How did they design their system?
39:47 – Why they don't trade hundreds of markets
42:08 – What timeframes and models do they work with?
50:13 – Controlling the heat
55:31 – What is “heat” in a portfolio?
57:26 – How do they manage the heat?
01:00:06 – How they use dynamic position sizing
01:05:00 – Thanks for listening

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IT's TRUE 👀 – most CIO's read 50+ books each year – get your 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.

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.

Episode TimeStamps:

02:22 – Introduction to Scott Kerson
08:27 – When did AHL Evolution start and what is it?
13:54 – What is an alternative market to Kerson and what differentiates it from other markets?
20:25 – Why an exclusive focus on commodities?
22:45 – What markets are Kerson trading and why?
24:04 – Where are the hidden gems?
26:31 – Why Kerson restrict the markets he is trading
30:37 – Maintaining a neo-classical trend approach
31:26 – A need for long-term?
33:09 – What is the capacity of the markets?
34:28 – What is the total AUM of alternative market CTAs today?
35:30 – Their core research philosophy
37:53 – The key barriers to entry
39:52 – How have they gone through 2023?
41:07 – Is there any market that stand out from the others?
43:16 – The outlook of the alternative markets CTA space
45:36 – Thanks for listening

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IT's TRUE 👀 – most CIO's read 50+ books each year – get your 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.

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.

Episode TimeStamps:

02:09 – Introduction to Anant Jatia
06:39 – Anant's experience from working at AQR
08:46 – How did Anant's firm evolve over time?
10:44 – How difficult is High-Frequency Trading?
14:33 – What is their current trading strategy?
17:07 – An example of one of their trades
21:17 – Staying away from the physical side
23:33 – Tracking the market and executing trades
27:18 – Managing the cost of trades
29:58 – How did they get through the Covid19 period?
34:37 – How many markets are they trading?
36:49 – The process of trading copper
38:43 – How do you obtain transportation costs?
40:47 – Achieving the optimal trading efficiency
43:37 – A multi-legged trading strategy
47:34 – Anant's perspective on the Natural Gas markets
50:50 – Putting it all together
54:39 – Building for negative tail events
57:26 – What kind of exposure do they have?
59:17 – Key takeaways
59:58 – Thanks for listening