TTU124: Trend Following with a Twist ft. Harold de Boer, Managing Director at Transtrend
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 20 January 2023
⏱️ 74 minutes
🧾️ Download transcript
Summary
Today, we are joined by Harold de Boer, Head of R&D and Managing Director at Transtrend, for a conversation on their unique approach to trend following. We discuss the investment philosophy at Transtrend and what makes them stand out against other investors, why markets trend and what history can teach us about trend following, how the war in Ukraine impacts markets and how Transtrend stays diversified. We also discuss why Transtrend has not deviated from trend and the importance of differentiating yourself, why de Boer believes computers have been become a disadvantage and why de Boer does not think trading more markets is always better. Lastly, we discuss Transtrend’s approach to pricing their work and why they think ESG’s have become a “strange thing”, what de Boer is most excited for in 2023 and much more.
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Episode Timestamps:
02:27 - Introduction to Transtrend
03:47 - The investment philosophy
17:55 - Being unconventional
21:27 - Pure trend following vs. Trend following plus
29:25 - What is the investment objective?
32:53 - Developing and evaluating systems
37:34 - Human + computer = better than computer?
40:34 - Weaknesses of CTA replication strategies
47:17 - Is trading more markets better?
51:54 - Managing risk and liquidity...
Transcript
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| 0:00.0 | Computers have become a disadvantage over the year. |
| 0:11.0 | Because we have now so much computer time available. |
| 0:15.0 | In my little phone there is more computer time than in the big computer we had in our office in the early 90s. |
| 0:21.4 | And if you have no clear idea and you test it anyway, you can do over and over testing, within |
| 0:29.8 | five minutes you can do long calculation and you very quickly, very quickly end up into |
| 0:35.9 | some kind of historical optimization thing instead of having a good idea. |
| 0:41.8 | Imagine spending an hour with the world's greatest traders. |
| 0:45.6 | Imagine learning from their experiences, their successes and their failures. |
| 0:50.2 | Imagine no more. |
| 0:52.1 | Welcome to Top Traders Unplugged. The place where you can learn from the best hedge fund managers in the world, so you can take your manager due diligence or investment career to the next level. |
| 1:02.9 | Before we begin today's conversation, remember to keep two things in mind. All the discussion we'll have about investment performance is about the past, and past performance does not guarantee or even infer anything about future performance. |
| 1:15.6 | Also understand that there's a significant risk of financial loss with all investment strategies, |
| 1:20.2 | and you need to request and understand the specific risks from the investment manager about their product |
| 1:25.3 | before you make investment decisions. |
| 1:27.7 | Here's your host, veteran hedge fund manager, Niels Kostrup Larson. |
| 1:36.6 | Hey everyone, and welcome to another edition of Top Traders on Pluck, where today Alan Dunn and I |
| 1:40.9 | are joined by Harold DeBur, managing director at Trans Trent, |
| 1:49.3 | as part of our mini-series focusing on the one investment strategy that beat everything else in 2022, |
| 1:51.9 | namely trend following and managed futures more broadly. |
| 1:54.8 | First of Hal, it's great to have you back on the podcast. |
| 1:56.9 | Thanks so much for joining us today. |
| 1:59.6 | We really have been looking forward to our conversation. |
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