Ep. 1345: Jerry Parker and Moritz Seibert with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 30 June 2025

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guests today are Jerry Parker and Moritz Seibert.

Jerry Parker, the founder of Chesapeake Capital Corporation, a global investment manager headquartered in Richmond, Virginia, in 1988. He was an original TurtleTrader, the most successful TurtleTrader.

Moritz Seibert, Founder & CEO at Takahē Capital, a systematic investment manager targeting absolute returns through resilient trading strategies. He is also the co-host at Top Traders Unplugged.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

Risk and drawdown expectations in trend following
Systematic v. discretionary
Leverage in CTA performance
Performance fees, clawbacks, and client alignment
CTA, managed futures, and their marketing implications

Jump in!

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I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

You can watch a free video here: https://www.trendfollowing.com/video/

Can’t get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!

Transcript

Click on a timestamp to play from that location

0:00.0	This week on the podcast, an interview me with two trend following traders, Jerry Parker of
0:06.6	the Turtle Trader fame and Moritz Siebert, both very wise trend following voices. And generally,
0:15.5	we all agree on almost everything, except there are a few interesting points of contention. I hope you
0:24.4	enjoy this trend following deep dive.
0:45.9	So this So listen, guys, I don't really have a plan, but I think for the audience I should at least set this up.
0:49.4	I'm just sitting here running my normal life, whatever that is.
0:55.0	And I get a text message from a guy, Jerry Parker, a guy who happens to be on the screen now.
0:59.8	And Jerry says he wants to have a fight about something and it could be interesting.
1:02.3	He wants to take on Mia Moritz.
1:06.1	I don't necessarily understand the fight yet, but here we are.
1:09.4	Jerry, we were just talking before we got on air.
1:12.6	What is the feeling of where you are right now in America?
1:15.7	Give the audience a feeling from the Jerry Parker perspective.
1:26.9	What happened in 2016 is Trump won, but you were not going to admit that you ever supported him or voted for him over those four years. It was embarrassment.
1:28.0	Then when he got elected this last time, the big C change was that he won the popular vote
1:33.2	and Senate and House. So that was totally unexpected. And so then everything changed.
1:39.4	The Democrats gave up. The country changed a bit. People on the fence about wokeism, the U.S. being a good place
1:46.3	and the borders and stuff. It was just all now one-sided. And everyone knew now what the truth was
1:51.4	Biden should not have had open borders and wokeism is out of control. And America's okay. It's an okay
1:56.7	place to be. And Americans are okay. We don't have to hate our country. Everybody who still has those
2:01.7	feelings, I think, feel like there's in such the minority. So I think that's the big change in
2:06.4	America is that now people are sort of not afraid to be pro-Trump's policies, you know, measured way.
	...

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