SI42: Are Stanley Druckenmiller and David Harding right about Trend Following? ft. Salem Abraham

Top Traders Unplugged

Niels Kaastrup-Larsen

Business, Business News, Investing, News

4.8 • 670 Ratings

🗓️ 1 July 2019

⏱️ 93 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today we’re joined on the show by Salem Abraham, a legendary Trend Follower, and President of Abraham Trading Company based in Canadian, Texas. We discuss if Bitcoin has any real value, how Jerry Parker influenced Salem early in his career (and how he was able to help Jerry), why we don’t need to understand the reasons for a price going up, how looking at your returns too often can affect your performance, if Stanley Druckenmiller and David Harding are right about the effectiveness of Trend Following in today’s markets, and how being exposed to a variety of markets can reduce risk in a portfolio. Questions answered include: what is Salem’s preferred timeframe to trade in? Why is there such an increase in Return Dispersion among Trend Following funds today, compared to a while ago? What are Salem’s thoughts on High-Frequency Trading, Electronic Trading, and Arbitrage? Will Trend Following ever become too over-crowded?

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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:

00:00 – Intro

02:45 – Weekly review of Performance including Salem’s thoughts

15:35 – Salem describes his background and discussion ensues

47:00 – Top tweets

01:09:30 – Question: What do you think about the markets being made up of more computers (vs humans)?

01:30:15 – Benchmark performance update

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Transcript

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0:00.0	You're about to join Jerry Parker, Moritz Seberg, and Nealz Kastrup Larson on their raw and honest journey into the world of systematic investing and learn about the most dependable and consistent yet often overlooked investment strategy.
0:14.9	Welcome to the Systematic Investor podcast series.
0:19.6	Jerry Parker, Moritz Siebert, and I, Niels Kastro Blasner, back with this week's edition
0:23.6	of the Systematic Investor Series, which is our weekly ongoing raw exploration of the world
0:28.9	of rules-based investing, and of course, where we also take some of your questions.
0:33.1	But today we're going to deviate a little bit from our usual format because we are delighted to be joined by a very special guest, namely Salem Abraham, a true trend following legend and of course also a good friend of ours.
0:45.5	So let me start by welcoming you to the show, Salem, as well as saying good morning to you, Jerry and good afternoon to you, Moritz.
0:52.3	Thank you very much. I'm glad to be here, Neelsiels Jerry and Moritz is fun to join you good morning it is great to have you
1:00.3	with us today and we certainly look very much forward to diving into to sort of
1:06.0	your world and and all of the things you've learned for many decades of being a
1:10.5	quote unquote diehard trend
1:11.9	follower.
1:12.4	But before we do so, Salem, normally we just do a little bit of a review of the past week
1:18.0	and maybe because it's month and quarter end, half year end, 2019, maybe we'll just
1:23.5	comment a little bit on that as well.
1:26.8	So if you have a cup of coffee ready, then you have a chance to take an extra sip or two
1:32.7	while we just go through the highlights.
1:35.2	I hope that's okay with you.
1:37.7	Sure.
1:38.7	Good stuff.
1:39.7	Now, US stocks had their strongest June, I'm told, since 1955, recorded their highest ever monthly
1:47.1	clothes, leaving investors in the S&P 500 up 17 percent so far this year, marking the best
	...

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