And let's jump to a question here from Paul.

And I think Paul we answered your first question or your second question last month, which

was about, or last week, I should say, which is about whether we all trade the front month.

And I think the answer to that was yes.

But then you followed up with another question, and that goes to a comment that we made in an earlier episode about,

in this case it was Moritz, who works for a firm that is not considered as a CTA.

And therefore, the AUM that he manages doesn't show up in the CTA combined AUM, so to speak.

And of course, what you're asking is, to what extent do we think there's a lot of investors

out there, be that pension funds or insurance companies or whoever might have a lot of money

on the management, who utilizes trend following yet the

AUM does not show up in the trend following official $350 billion under management or so.

So Moritz, Jerry, do you have any sense of how big the true space is, so to speak, if you broaden out the definition a bit to include

end investors using trend following in some way, shape, or form?

Well, first of all, I think I need to make a correction about the front month markets.

That'll be real quick.

There's one category of markets where i'm not necessarily

trading the front month only and those are the short-term interest rates of course yeah

and things like that sure that may be you know three years out or something like that yeah true

very true good point so that's just one and that's general not not just you mart of course that is

something general in the cta community that you, for when you comes to your dollar, your eyeball, short sterling, et cetera, et cetera, you don't really trade the front month.

It's too volatile.

Exactly. Things like that.

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