If you're here, you know about trend following or you want to learn about trend following.

If you want to hear my opinion or anyone's opinion about what will happen tomorrow,

about what the Fed will do, about what Trump will do, about what will happen to the bond market,

the stock market, commodities markets.

I don't know. You don't know. And no one knows.

So with a disclaimer out of the way, let me reach back into the archives and give you two

pieces of food for thought, two academics who happen to like trend following. No delay today.

Jump right in, and I'll see you again next week. I have a sneaky suspicion that a lot of you are going to really like this particular conversation.

My guest today is Campbell Harvey, Canadian economists known for his work on asset allocation

with changing risk and risk premiums and emerging markets finance.

He's a professor at Duke University as well as a research associate with the National Bureau

of Economic Research in Massachusetts.

For those of you that love the conversation of the bell curve and skew and risk and

volatility, Campbell is extremely proficient at really good explanations.

I hope you enjoy this conversation with Campbell Hart.

So listen, let me break this apart with you. You've got this interesting paper that I've come to be aware of called evaluating

trading strategies. And I want to kind of unpack how that started. And before we get into the

trading aspect of that, I wonder if you could use the example that goes into football first

and just kind of like let the audience slowly come into this thinking.

Right.

So there are plenty of sports examples here too and maybe football is one of them where

like a team could have many wins in a row or a quarterback, many passes in a row.

...