He has a question now.

He has dealt in the past with institutional investors currently more on the advisor side.

And he wanted to ask us, you know, or he says it would be interesting to hear our views on how to get the message across two advisors regarding systematic and the expectations,

for example, let's say that trend has a tendency to underperform in very strong bull markets,

for example. A lot of the podcasts I hear, he says, clearly identify this potential underperformance, but tend to keep it in the

language of the quant.

Not entirely sure what you mean, Andrew, by the quant.

But I'm just going to throw it out to Morris and you, Jerry, and see whether you have

some feedback as to, in particular, when dealing with advisors,

you know, what are the best ways to sort of highlight the pros and, of course, the cons

for, you know, with regards to the systematic trading space or trend following space.

Poo.

So regarding the underperformance in the bull market, never forget that a diversified trend

following system doesn't just trade the equities.

You know, trades, effects, balance commodities in addition to the equities, you know, trades effects, bonds, commodities in addition to the

equities, maybe even other markets. So the comparison to just the S&P 500 or whatever equity

index you're looking at just doesn't really cut it. So that's the first thing I'd say, right? And then secondly, it just depends on trends.

You know, if you have a more volatile, job in market environment, you're not going to perform that

well. So you always have to regard it and look through that lens and ask yourself the question,

is the trend following system doing what it's supposed to do given the market environment?

And as long as you can answer that question with, yes, it is exactly what it's supposed to do,

then you're fine yeah maybe i'll

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