Ep. 285: Anthony Todd Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
Michael Covel
4.6 • 732 Ratings
🗓️ 20 October 2014
⏱️ 36 minutes
🧾️ Download transcript
Summary
My guest today is Anthony Todd, the CEO of Aspect Capital, one of the most successful managed futures trend following firms. Todd co-founded Aspect in September 1997. Before that, he was with AHL.
The topic is Trend Following.
In this episode of Trend Following Radio we discuss:
- Why prices aren't random
- Finding an inefficiency that the academic financial community refuses to acknowledge
- The idea of "predictable" patterns in the market
- The desire to know static positions
- How crowd behavior drives trends
- Addressing misconceptions
- Using fundamentals in a systematic way
- Defining Todd's medium-term style of trend following
- Why "it's less about the genius of the trade and more about the repeatability of the approach"
- How long you can be in a particular market before you give up on it
- Client understanding of trend following drawdowns
- The phraseology of "crisis alpha"
- The culture that Todd has built at Aspect
- Todd's advice to young entrepreneurs.
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 is Trend Following Radio, where great thinking comes alive. |
| 0:10.9 | Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings. |
| 0:21.1 | I am your host, Michael Covel. |
| 0:24.0 | Not filtered, raw, honest. |
| 0:27.4 | That's my passion. |
| 0:33.1 | I'm pleased to have Anthony Todd on my podcast today. |
| 0:37.4 | Anthony is Chief Executive Officer of Aspect Capital. I'm pleased to have Anthony Todd on my podcast today. |
| 0:40.9 | Anthony is Chief Executive Officer of Aspect Capital, |
| 0:48.0 | one of the most successful managed futures trend-following firms in the world. |
| 0:51.9 | Anthony co-founded Aspect in September 1997. |
| 0:54.6 | Before that, he was with AHL, |
| 0:58.0 | another famed managed futures trend following firm. |
| 1:01.5 | I'm lucky to have some of the most successful and brightest trend following traders and managers on my show. |
| 1:07.2 | I hope you enjoy this conversation. |
| 1:17.0 | Thank you. I hope you enjoy this conversation. Digging through your philosophical statement, your investment philosophy, just your opening |
| 1:21.9 | piece that you have online that everyone can read. |
| 1:24.5 | And I want to break it apart two ways first, but I would love for you, the one part was |
| 1:28.9 | as Aspect's belief is that market prices are not random. I would love for you to explain that and let the |
| 1:37.5 | audience know, when did you know deep in your gut? I know it was a long time ago, but when did you |
| 1:42.5 | know that deep in your gut? Wow, my entire career is now going to be built on something that goes entirely against |
| 1:48.5 | academic orthodoxy, financial orthodoxy. I mean, you knew a long time ago that you were going |
| 1:53.6 | a different direction. I was at Oxford and Red Physics with Michael Adam and Marty Lewis, |
... |
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