Ep. 292: Christopher Cruden Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 14 November 2014

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Christopher Cruden, Cruden has been in the trend following space for over 25 years. In 1988 he became a Director of Adam, Harding and Lueck Asset Management Ltd (AHL) in London, a famed trend following shop. He is currently the head of Insch Capital Management.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

Why price is an unimpeachable fact
Early "lightbulb" moments that brought Cruden to the style of trading he practices today
The notion of going currency only
Why Cruden's program is akin to a raincoat in bad weather
Riding increased volatility and increased directional trending
Getting clients to understand that you cannot force a system to make money
Benchmark selection and time period selection
Why the S&P 500 is a trading system; performance drivers
The duration of trades
Why if you can't measure it, you can't manage it
How Cruden's strategy would change if Europe reverted back to before the introduction of the Euro
How markets teach humility
Why Cruden only trades once a day

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.
0:26.6	I am your host, Michael Covel, not filtered, raw, honest.
0:36.7	That's my passion. Today in the show I have Christopher Cruden. Christopher has been in the trend following space for over 25 years.
0:40.7	One of his starts, one of his places where he was introduced to trend following trading
0:45.6	was at the famed shop AHL.
0:50.0	Today Christopher runs Inch Capital Management.
0:53.5	A great conversation with Christopher.
0:56.5	I hope you enjoy.
1:00.8	Hey, listen, here's where I want to jump right in.
1:06.5	Before we dig into your background, your current firm and all that kind of fun stuff, I want to go back in time to something, a little nugget that I put in my first book, trend following, and I want to read this verbatim.
1:19.1	And it's quoted to you.
1:21.2	And it says, quote, I would prefer to finish with a certain currency forecast based upon my own fundamental reading of the market,
1:28.5	and one that underpins my personal investment philosophy.
1:32.0	The only problem is, I can't tell you when this will happen, or which event will be first.
1:36.8	On that basis alone, it seems best to stay with our systematic approach, end quote.
1:42.5	Okay, are we done our interview?
1:45.3	Yes, that's about it.
1:46.4	I'm afraid.
1:47.4	I can't sing.
1:48.5	You can't watch me dance.
1:49.6	So that's about it.
	...

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