OI19: The Trader Who Never Spoke...Until Now ft. David Druz
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 712 Ratings
🗓️ 29 October 2025
⏱️ 97 minutes
🧾️ Download transcript
Summary
Dave Druz has never told his story... not like this, not anywhere. For over 40 years, he traded quietly, systematically, and on his own terms. No marketing, no headlines, no need to explain. Until now. In this unique conversation with Moritz Seibert, Dave - Ed Seykota’s first apprentice - shares how he built his approach, why he never identified as a trend follower, and what matters when your edge comes from standing opposite commercial hedgers. He explains why portfolio construction outranks entries, why volatility is the price of real risk, and why staying small was a choice, not a limitation. From medicine to markets, from apprenticeship to independence, this isn’t just how he traded - it’s why he stayed silent, and why he’s speaking now.
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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
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Episode TimeStamps:
02:11 - Introduction to Dave Druz
13:50 - Druz' time in the Commodities Corporation
19:14 - How did Druz discover trend following?
23:57 - The core philosophy behind Druz' trend following strategy
28:08 - Who wins and loses in the markets?
37:37 - Determining hedging flows in commodity markets
41:03 - Managing money in trend following
43:40 - How does Druz size a position and get out of it?
45:16 - Coping with a high level of volatility
50:23 - Mitigate drawdown or take the ride?
55:20 - Put your affection on portfolio selection
58:19 - Mastering systems
59:50 - Druz' approach to market selection
01:08:33 - Sizing signals optimally
01:12:43 - A new way of running an investing business
01:19:24 - Creating a personalized portfolio with an edge
01:28:36 - Why Tactical is no longer a business
Copyright © 2025 – CMC AG – All Rights Reserved
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PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Futures trading is a zero-sum game. |
| 0:09.8 | That has got to be understood by anyone who is trying to, you know, be successful in the |
| 0:18.0 | markets. |
| 0:19.0 | If you're going to win, there has to be somebody |
| 0:22.0 | that's going to lose. And if you don't have a good concept of who is losing money for you to make it, |
| 0:33.9 | I think you're a bit at a disadvantage in these markets. |
| 0:40.0 | Imagine spending an hour with the world's greatest traders. |
| 0:43.9 | Imagine learning from their experiences, their successes, their failures. |
| 0:48.4 | Imagine no more. |
| 0:50.3 | Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund managers in the world, |
| 0:56.5 | so you can take your manager, due diligence, or investment career to the next level. |
| 1:01.1 | Before we begin today's conversation, remember to keep two things in mind. |
| 1:05.1 | All the discussion we'll have about investment performance is about the past, |
| 1:08.8 | and past performance does not guarantee or even infer |
| 1:11.7 | anything about future performance. Also understand that there's a significant risk of financial |
| 1:16.3 | loss with all investment strategies, and you need to request and understand the specific |
| 1:21.0 | risks from the investment manager about their product before you make investment decisions. |
| 1:25.9 | Here's your host, veteran hedge fund manager, Niels Kostrup Larson. |
| 1:30.3 | Welcome to another episode in the Open Interest series on Top Traders Unplocked, hosted by Moritz Siebert. |
| 1:41.3 | In life, as well as in trading, maintaining a spirit of curiosity and open-mindedness is key, |
| 1:48.2 | and this is precisely what the Open Interest series is all about. |
| 1:52.6 | Join Moritz as he engages in candid conversations with seasoned professionals |
... |
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