Episodes

  • Top Traders Round Table – Adam | Harding | Lueck #13

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

     “Always be paranoid about [your strategies], and always be paranoid about every part of it." (Tweet)Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this special episode, my guests are the founders of AHL: Michael Adam who later co-founded Aspect Capital, David Harding also known as founder and CEO of Winton Capital and Marty Lueck also one of the co-founders of Aspect Capital.We sat down in the famous Abbey Road Studios in London to talk about how they developed their investing strategies, some of the most surprising decisions they ever made, and what kind of legacy they would like to leave behind.Subscribe on: In This Episode, You'll Learn: What Mike, David & Marty had to un-learn in order to improve their strategies Why David believes education can crush creativity How some “new” optimization methods hurts investors What David and Marty least like about their current strategies What they plan on doing when they no longer run their firms How David approaches succession planning The most important investment principles the guests would leave for their children Why only a small amount of investors still keep managed futures as a core allocation The most important decisions they ever made Which decisions had the most surprising results If the media will ever understand what managed futures actually are The legacy that AHL left in the world of investingThis episode was sponsored by CME Group:Connect with our guests: Learn more about Michael Adam and Mike Marlin and The MelomaniacsLearn more about David Harding and Winton GroupLearn more about Marty Lueck and Aspect Capital“The reason the systematic trading business is successful is not just because of the founder, it’s the ability of the founder to organize a business that has a way of doing things that is indeed systematic." - (Tweet)

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  • Top Traders Round Table – Adam | Harding | Lueck #12

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

     “That’s the challenge you face in systematic trading: it’s not to be really, really good, it’s not to be useful." (Tweet)Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this special episode, my guests are the founders of AHL: Michael Adam who later co-founded Aspect Capital, David Harding also known as founder and CEO of Winton Capital and Marty Lueck also one of the co-founders of Aspect Capital.We sat down in the famous Abbey Road Studios in London to talk about what AHL's founders did after they created the company, what they've learned along the way about business and life, and how they view the current market climates.Subscribe on: In This Episode, You'll Learn: The future of a science-driven trading approach What David’s vision was when he started Winton Capital The beginnings of Aspect Capital Why Winton moved away from traditional trend following The challenges that equities and managed futures present for investors Why David chose to lower volatility of his strategy Michael’s experience with deep value investing When it’s time to ask “do you want to be happy or rich?” What caused Michael to leave the industry How they have evolve using different data sources and new markets The danger of “hindsight bias” What disadvantages machine learning have presented Why Marty views asset allocation as part of a trend following model How they see our current financial climateThis episode was sponsored by CME Group:Connect with our guests: Learn more about Michael Adam and Mike Marlin and The MelomaniacsLearn more about David Harding and Winton GroupLearn more about Marty Lueck and Aspect Capital“Markets are neural networks, they are hundreds of thousands of people motivated to make money." - (Tweet)

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  • Top Traders Round Table – Adam | Harding | Lueck #11

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "I do remember us having conversations about building something that would outlast us, but I don’t think we thought too hard about whether it would or not." (Tweet)Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this special episode, my guests are the founders of AHL: Michael Adam who later co-founded Aspect Capital, David Harding also known as founder and CEO of Winton Capital and Marty Lueck also one of the co-founders of Aspect Capital.We sat down in the famous Abbey Road Studios in London to talk about AHL's beginnings, the revolutionary discoveries that AHL made, how MAN Group became the owner of AHL, as well as all the great things that Michael, David and Marty went on to create.Subscribe on: In This Episode, You'll Learn:How AHL got it’s startWhy Michael’s father was instrumental in the beginning of AHLWhat struck David when testing their early algorithmsWhy their “empiricist” outlook gave them an early advantageHow technology’s limits pushed their ideasThe breakthroughs of AHL’s early research and how it still applies todayWhy being a consultant gave AHL deep insight into trading the marketsThe crucial role the early clients had in AHL’s developmentThe power of finding the right people to work withWhy Michael preferred working with “unformed” employeesHow the original deal between MAN and MINT influenced AHLWhat the larger financial community initially thought about AHLHow AHL brought in investors in those early daysThis episode was sponsored by CME Group:Connect with our guests: Learn more about Michael Adam and Mike Marlin and The MelomaniacsLearn more about David Harding and Winton GroupLearn more about Marty Lueck and Aspect Capital"At the beginnings of what we did, we didn’t make money as investment managers at all, we made money as consultants." - (Tweet)

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  • Top Traders Round Table – Abrams | Karahasanoglu | Lo #10

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "You need to share the vision and have a vision as where the portfolio is going." (Tweet)Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Ryan Abrams, Portfolio Manager at Wisconsin Alumni Research Association, Ela Karahasanoglu, VP at Workplace Safety and Insurance Board, and Carrie Lo, Director of Hedge Strategies at CalSTRS. Subscribe on: In This Episode, You'll Learn:When do you stop adding more managers?Ela’s magic range of managersCarrie’s approach to choosing managersHow management fees should be structuredWhat advice Carrie would give to other pensions planning to start allocating to risk mitigation strategiesWhy Ela recommends a thorough preparation and vision for risk mitigation strategiesRyan’s thoughts on trends during dislocation periodsWhat challenges the guests had to overcome as part of their implementation processWhy CalPERS are leaving hedge funds when CalSTRS are adding them, even when some of the board members are the sameThis episode was sponsored by CME Group:Connect with our guests:Learn more about Ryan Abrams and Wisconsin Alumni Research AssociationLearn more about Ela Karahasanoglu and Workplace Safety and Insurance BoardLearn more about Carrie Lo and CalSTRS"Having a consistent strategy and data to back that up is important." - (Tweet)

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  • Top Traders Round Table – Abrams | Karahasanoglu | Lo #09

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "Pointing to the dispersion of returns among managers, it’s really difficult to desegregate skill from luck." (Tweet)Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Ryan Abrams, Portfolio Manager at Wisconsin Alumni Research Association, Ela Karahasanoglu, VP at Workplace Safety and Insurance Board, and Carrie Lo, Director of Hedge Strategies at CalSTRS.Subscribe on: In This Episode, You'll Learn: How Carrie diligently prepared her new Risk Mitigation Strategies (RMS) How much CalSTRS will initially allocate to the RMS part for their $200bn+ portolio How Ryan uses risk mitigation strategies in his organization How Ela is slowly restructuring her alternative portfolio The risks of risk parity strategies Is trend-following really an opportunity cost question? How Carrie has worked with the CalSTRS board on implementing this strategy Why Ela has focused more on tail-risk strategies Carrie’s manager selection processThis episode was sponsored by CME Group:Connect with our guests:Learn more about Ryan Abrams and Wisconsin Alumni Research AssociationLearn more about Ela Karahasanoglu and Workplace Safety and Insurance BoardLearn more about Carrie Lo and CalSTRS"A potential Achilles heel, at least of a risk parity portfolio, is your exclusively long assets." - (Tweet)

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  • Top Traders Round Table – Dennis | Proctor | Parker #08

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    “During the Turtles program, it was very easy to do what you were supposed to do.” - Brian Proctor (Tweet)Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Richard Dennis, creator of the Turtle program, Brian Proctor, managing director of EMC Capital Advices, and Jerry Parker, founder and president of Chesapeake Capital.Subscribe on: In This Episode, You'll Learn: The good and bad of targeting volatility How Jerry and Brian used the rules they learned through the Turtle experience Why the Turtle program was just “another piece of risk” Rich took on his book Jerry’s experience during and after the program Brian’s two biggest takeaways from the Turtle program If proper trading can be a real business? What Rich would do differently in 2017 The state of trend following today If being a good trader is enough to run a successful business? About other passions of the Turtles outside of trend following and trading Rich’s secret “career” in baseball If Rich has found any counter-trend strategies that work Jerry’s views on changing and adapting too much What academia thought of trend following 40 years agoThis episode was sponsored by CME Group:Connect with our guests: Learn more about Richard Dennis and the Turtle programLearn more about Brian Proctor and EMC Capital AdvicesLearn more about Jerry Parker and Chesapeake Capital“The trend is your friend, but the rules are your guardian angel.” - Richard Dennis - (Tweet)

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  • Top Traders Round Table – Dennis | Proctor | Parker #07

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    “Nobody told me it was a good idea, but nobody wanted to tell me it was stupid, so we did it.” - Richard Dennis (Tweet)Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Richard Dennis, creator of the Turtle program, Brian Proctor, managing director of EMC Capital Advices, and Jerry Parker, founder and president of Chesapeake Capital.Subscribe on: In This Episode, You'll Learn: Rich’s first introduction to trend following Jerry’s early days in the Turtle program How Brian ended up as a Turtle The TRUTH about where the Turtle name came from The surprising way Rich came up with the idea for the Turtle group...NOT what you expect! Why Jerry did not answer the first call from Rich when applying for the program The preferred qualities of the Turtle recruits Why it was hard to predict which of the Turtles would succeed Why persistence is important in trend following The relevance of the Turtle group in the past and today If diversification among markets is always the best practice? The right balance of financial futures markets and commodity futures markets Why more investors haven’t embraced trend following...yet?This episode was sponsored by CME Group:Connect with our guests: Learn more about Richard Dennis and the Turtle programLearn more about Brian Proctor and EMC Capital AdvicesLearn more about Jerry Parker and Chesapeake Capital“We got sufficient training, more than enough; our training could not have been better.” - Jerry Parker - (Tweet)

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  • Top Traders Round Table – Solarz | Duncan | Wood #06

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    “I think people lose sight of the fact that hedge funds have done a very good job over the last 15 years.” - Adam Duncan (Tweet)We are back with another great episode of Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Chris Solarz, Managing Director, Global Macro Hedge Fund Strategies at Cliffwater, Adam Duncan, Managing Director at Cambridge Associates as well as Freeman Wood, who is a Partner and Head of North America, at Mercer.Subscribe on: In This Episode, You'll Learn: If there are there enough assets to go around What made 2015 such a weak year for hedge funds Why 2016 was such a strong year for hedge funds The future of hedge fund investing What Chris thinks hedge fund managers have done poorly How Adam looks at fees as a coin toss Why Freeman thinks that fees must add value to both parties The guest’s biggest takeaways from 2016 How the rise of the voter is providing opportunities to hedge fund managers The coming possibility of an equity correction, and it’s effects The question everyone should be asking right now Why a client needs a goal and a timeline for their assetsThe views expressed in this program are solely those of the host and speakers in their individual capacity and they do not necessarily reflect the views of the program’s sponsors or the entities with which any of the participants are affiliated. The contents of this program are for informational and educational purposes only. They do not constitute and should not be considered legal, tax, investment advice or a solicitation of the sale or purchase of any futures, options or swaps contracts.This episode was sponsored by CME Group:Connect with our guests: Learn more about Chris Solarz and CliffwaterLearn more about Adam Duncan and Cambridge AssociatesLearn more about Freeman Wood and Mercer“I think some of the high performance culture is contributing to a lack or unwillingness to take risk.” - Adam Duncan - (Tweet)

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  • Top Traders Round Table – Solarz | Duncan | Wood #05

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    “I think the key to any business is having a repeatable process.” - Chris Solarz (Tweet)Welcome to another edition of Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Chris Solarz, Managing Director, Global Macro Hedge Fund Strategies at Cliffwater, Adam Duncan, Managing Director at Cambridge Associates as well as Freeman Wood, who is a Partner and Head of North America, at Mercer.Subscribe on: In This Episode, You'll Learn: How our guests got to where they are today What challenges Adam sees institutional investors facing The extra information Chris gives his clients How the role of the consultant has changed Two issues that frustrate consultants, and how our guests solve them Freeman’s view of the role of the financial decision makers How to bridge the gap between the managers and the investors What your theoretical models can’t account for Why past hedge fund managers were able to pursue a more “pure” strategy The practical implications of having a larger fund The pros and cons of smaller and larger managers How Chris developed his key business strategies What red flags new startups can avoidThe views expressed in this program are solely those of the host and speakers in their individual capacity and they do not necessarily reflect the views of the program’s sponsors or the entities with which any of the participants are affiliated. The contents of this program are for informational and educational purposes only. They do not constitute and should not be considered legal, tax, investment advice or a solicitation of the sale or purchase of any futures, options or swaps contracts.This episode was sponsored by CME Group:Connect with our guests: Learn more about Chris Solarz and CliffwaterLearn more about Adam Duncan and Cambridge AssociatesLearn more about Freeman Wood and Mercer“I think understanding managers and what’s important to them is as important as understanding your clients as well.” - Freeman Wood - (Tweet)

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  • Top Traders Round Table – Bergin | Jaffarian | Boss #04

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "The idea that a person has to be a qualified investor to get access to this type of investment is just ludicrous to me." (Tweet)Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Marty Bergin, the owner and President of DUNN Capital Management, Grant Jaffarian, Portfolio Manager of the Advanced Trend program at Crabel Capital Management, and Mike Boss, who is a Director within the Capital Introductions Team at Societe General.Subscribe on: In This Episode, You'll Learn: How to use your management and incentive fees to compete Grants’s competitive strategy for his flat-fee product Why a robust risk management system is extremely important Who is winning the battle between the low-cost products and the traditional trend following offerings If the increased number of investors using trend following is impacting returns? How rising interest rates will affect long- and short-term trend followers The guest’s biggest takeaways from 2016 If machine learning is already being used by trend following firms?This episode was sponsored by CME Group:Connect with our guests: Learn more about Marty Bergin, owner and President of DUNN Capital ManagementLearn more about Grant Jaffarian, Portfolio Manager of the Advanced Trend program at Crabel Capital ManagementLearn more about Mike Boss, a Director within the Capital Introductions Team at Societe General"Trend following is an absolute return strategy, but it’s never been known as a strong risk-adjustment strategy." - (Tweet)

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  • Top Traders Round Table – Bergin | Jaffarian | Boss #03

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "The problem is you have a lot of trend followers who have been around a long time and haven’t adapted their programs." (Tweet)Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Marty Bergin, the owner and President of DUNN Capital Management, Grant Jaffarian, Portfolio Manager of the Advanced Trend program at Crabel Capital Management, and Mike Boss, who is a Director within the Capital Introductions Team at Societe General.Subscribe on: In This Episode, You'll Learn: Key Insights from arguably the best Trend Follower & the best Short-Term CTA How the challenges they overcame to get to where they are today How trend followers can evolve their strategies to stay ahead The reason why some trend followers haven’t changed in decades Key insights to how Marty has allowed DUNN to stay ahead How Mike & Societe Generale sees the industry changing and it’s new opportunities Why the UCITS Directive started benefiting smaller specialized managers The challenges with short-term trading Why Crabel is strict with its capacity The research that increased Crabel’s bottom line How to ensure that CTA flagship offerings retain value over low-cost alternativesThis episode was sponsored by CME Group:Connect with our guests:Learn more about Marty Bergin and DUNN Capital ManagementLearn more about Grant Jaffarian and Crabel Capital ManagementLearn more about Mike Boss and Societe General"If you’re using an algo off the shelf, there’s other algos designed to take advantage of that algo." - (Tweet)

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  • Top Traders Round Table – Bedi | Jaffarian | Hatzopoulos #02

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "Most people don’t realize how broad the CTA space is." (Tweet)We’re back with Top Traders Round Table, a discussion with industry leaders on the subject of Managed Futures. This is Part 2 of our conversation with guests Amy Elefante Bedi, Director of Hedged Strategies at Washington University Investment Management Company in St. Louis, Ernest Jaffarian, the CEO of Efficient Capital Management as well Phil Hatzopoulos , who is the Global Head of Buyside Sales at the CME Group.Subscribe on: In This Episode, You'll Learn:What the response has been to lower performance of hedge funds in recent yearsHow managers have dealt with the challenging performance environmentWhat institutional investors are looking to get out of the Managed Futures spaceHow Smart Beta is being usedIf its true that you get what you pay forThe movement towards BIG dataThe concern of investors about the fixed income sectorWhat would happen if interest rates starts going upWhat the biggest opportunities are for the Managed Futures industry in 2017How regulations could destroy the industryThe biggest challenge that institutions face before they embrace CTAsHow to overcome the fear of investing in the Managed Futures spaceThis episode was sponsored by CME Group:Connect with our guests:Learn more about Amy Elefante Bedi and Washington University's Investment Management CompanyLearn more about Ernest Jaffarian and Efficient Capital ManagementLearn more about Phillip Hatzopoulos and CME Group"Liquidity in the market doesn't concern me because the overall size of the industry is still significantly smaller than its historical peak." (Tweet)

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  • Top Traders Round Table – Bedi | Jaffarian | Hatzopoulos #01

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "Smaller managers realize that they need to partner to succeed." (Tweet)Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Amy Elefante Bedi, Director of Hedged Strategies at Washington University Investment Management Company in St. Louis, Ernest Jaffarian, the CEO of Efficient Capital Management as well Phil Hatzopoulos , who is the Global Head of Buyside Sales at the CME Group.Subscribe on: In This Episode, You'll Learn: Key Insights from industry leaders in Managed Futures How they got where they are today What Ernest did to change his career to Managed Futures The hesitations that endowments have had when investing in the CTA industry What is the state of the fund-to-fund model today The importance of diversifying your portfolio How to find and access talent in the Managed Futures space Questions to ask a manager when deciding on your allocations The issue of fees and the debate surrounding it The performance of CTAs in the last decadeThis episode was sponsored by CME Group:Connect with our guests:Learn more about Amy Elefante Bedi and Washington University's Investment Management CompanyLearn more about Ernest Jaffarian and Efficient Capital ManagementLearn more about Phillip Hatzopoulos and CME Group"The happy relationship between institutional investors and managers is found on the incentive fee side." (Tweet)

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  • The Simplicity of Trend Following | Katy Kaminski, Alex Greyserman & Roberto Osorio | #96

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "We evolve over time to survive - we are constantly trying to find better ways to do what we do." - Katy Kaminski (Tweet)Thanks for tuning in to the second part of our roundtable conversation with three of the leading voices in the trend following industry today. In this episode, we discuss how the industry has evolved, what the future looks like, and how to educate investors on the merits of trend following.Thanks for listening and please welcome back Katy Kaminski, Alex Greyserman & Roberto Osorio.Subscribe on: In This Episode, You'll Learn: How has trend following evolved in the past decade The different kinds of diversification and how important they are The concept of divergent strategies"People get into analysis paralysis mode." - Alex Greyserman (Tweet) Different ways of generating signals Why entries are the least important How to figure out what are the most robust parameters to use Why you should try to debunk any new trading ideas"Trend following matches nicely with so many of the more fundamental trading approaches out there." - Katy Kaminski (Tweet) How trend following CTAs perform risk control How to educate investors on trend following firms and methods How many trend following managers should you invest inResources & Links Mentioned in this Episode: Trend Following with Managed Futures: The Search for Crisis Alpha Return Dispersion, Counterintuitive Correlation (PDF)This episode was sponsored by BarclayHedge: Connect with our guests:Follow Katy Kaminski on LinkedinFollow Alex Greyserman on LinkedinFollow Roberto Osorio on Linkedin"The details of the strategy make up the difference." - Roberto Osorio (Tweet)

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  • Redefining Trend Following | Katy Kaminski, Alex Greyserman & Roberto Osorio | #95

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "This game is a number’s game, you are losing a lot and winning bigger sometimes." - Katy Kaminski (Tweet)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.Thanks for listening and please welcome Katy Kaminski, Alex Greyserman and Roberto Osorio.Subscribe on: In This Episode, You'll Learn: The history of trend-following"Trend following is not going to go away anytime soon." - Roberto Osorio (Tweet) 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"In trend following, you are trying to capture divergence, movements across markets." - Katy Kaminski (Tweet) 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 edge is knowing what we don’t know." - Alex Greyserman (Tweet) The importance of taking the human emotion out of the decision process Katy’s voodoo finance and heuristics Are all CTA’s trend-followers?"The way you follow a trade after you get in defines whether you are a trend follower or not." - Alex Greyserman  (Tweet) 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"If liquidity is high like in trend following, I really see every moment as a decision point." - Roberto Osorio (Tweet) Why humans suffer from representative bias The factor of simplicity when making a trend following systemResources & Links Mentioned in this Episode: Trend Following with Managed Futures: The Search for Crisis Alpha Market Wizards Tulip mania David Ricardo Lake Wobegon syndromeThis episode was sponsored by BarclayHedge: Connect with our guests:Follow Katy Kaminski on LinkedinFollow Alex Greyserman on LinkedinFollow Roberto Osorio on Linkedin"The three guests represent a combined track record of more than 100 years." - Niels Kaastrup-Larsen (Tweet)

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  • Acknowledging Risk on a Daily Basis | Bill Dreiss, Dreiss Research Corporation | #94

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "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 fieldsResources & Links Mentioned in this Episode: Bill Recommends: The Misbehavior of Markets The Secrets of Professional Turf Betting The Gambler Thinking, Fast and SlowConnect with Dreiss Research Corporation:Visit the Website: www.DreissResearch.comCall Dreiss Research: +1 (407) 399-2567E-Mail Dreiss Research: dreiss@dreiss.com"People tend to pick a trading approach that fits their personality." - Bill Dreiss (Tweet)

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  • Location Independence with Systems Trading | Bill Dreiss, Dreiss Research Corporation | #93

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "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 businessResources & Links Mentioned in this Episode: Learn more about Richard Dunchian Learn more about Benoit MandelbrotConnect with Dreiss Research Corporation:Visit the Website: www.DreissResearch.comCall Dreiss Research: +1 (407) 399-2567E-Mail Dreiss Research: dreiss@dreiss.com"The system provides discipline and it eliminates the possibility of second-guessing." - Bill Dreiss (Tweet)

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  • Clear and Explainable Trend Models | Andreas Clenow, ACIES Asset Management | #92

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "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’ careerResources & 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.comCall ACIES: +41 44 868 41 11E-Mail ACIES: info [at] acies-am.comFollow Andreas Clenow on Linkedin"Most people read too many trading books and too few programming books." - Andreas Clenow (Tweet)

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  • Keeping it Simple in Trend Following | Andreas Clenow, ACIES Asset Management | #91

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "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.comCall ACIES: +41 44 868 41 11E-Mail ACIES: info [at] acies-am.comFollow Andreas Clenow on Linkedin"It’s getting very strict and very expensive to comply with increasing regulatory requirements." - Andreas Clenow (Tweet)

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  • Why Diversification is Key | Robert Carver, Author & Trader | #90

    · Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors

    "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 FarmaThis 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)

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