BO37: Does Trend Following still work? Comments from David Harding, Cliff Asness & Stanley Druckenmiller

Top Traders Unplugged

Niels Kaastrup-Larsen

Business, Business News, Investing, News

4.8 • 670 Ratings

🗓️ 17 March 2020

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

“Experts” claim that the character of the markets has changed in recent years. We discuss comments from David Harding, Stanley Druckenmiller & Cliff Asness, relating to Trend Following.

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Transcript

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0:00.0	Well, you know, certainly most of the people follow me.
0:05.8	They're interested in trend following as MI.
0:08.1	So the most popular liked tweet this week had to do with the Cliff Ashenist interview,
0:16.2	fascinating interview.
0:17.6	He's really fun to listen to, really smart, very unique. And he has blocked
0:25.4	me on Twitter, so maybe I'm making a pitch that he unblocked me. But short of that, I do admire
0:32.1	him and like him. And people seem to really be concerned, you know, like all of us trend followers, we want it to work.
0:40.8	And is it still working?
0:42.3	And I get a lot of positive responses whenever I tweet something from someone or for myself that makes people think, yes, trend following still works.
0:51.0	It's still fine.
0:52.2	And so he was asked a question about
0:56.5	Winton and they're emphasizing trend following. And he said, basically, he felt like it was just
1:03.8	a response to competitor pressure from people who trade trend following and charge less than he
1:09.9	does. And he says, blame it on me. I'll be
1:12.9	happy to take the blame. And so people are very happy to hear that, that Winton might not be
1:21.2	de-emphasizing trend following because they don't think it's going to work in the future. It's more
1:25.7	of a business situation, especially everyone feels the need to figure out a way to keep the incentive fee going and
1:34.6	the way the market the industry has been moving is that if you want to charge an incentive fee you
1:39.8	have to have less trend following yeah what did you make of the article i have to i haven't i have to admit less trend following.
1:46.3	Yeah, what did you make of the article?
1:48.6	I have to admit I haven't read it in details.
1:50.4	I've only seen the headlines more.
	...

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