TTU128: Trend Following for Life ft. Marty Bergin, President of DUNN Capital Management
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 3 February 2023
⏱️ 69 minutes
🧾️ Download transcript
Summary
Today, we are joined by Marty Bergin, President of DUNN Capital Management, for a conversation on how and why they have continued to focus on Trend Following as their core investment strategy. We discuss the challenges of improving upon trend following and if it's possible to deliver it with a high Sharpe Ratio, what differentiates DUNN Capital from other trend followers and how they use research to stay well prepared. We also dig into their approach to trading futures and determining trends and where they see the weaknesses of trend following strategies, why they choose to look at the overall portfolio when managing the risk and why they think portfolio replication can be problematic. We also discuss how they manage risk and why they prefer to reside in the medium to long term when it comes to trend following, how they approach capacity and fees and why they choose to trade using a human touch rather than automated execution, what returns are achievable from trend following and much more.
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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:
02:31 - Introduction to DUNN Capital Management
05:02 - Why Trend Following?
07:35 - What differentiates DUNN Capital Management?
12:06 - Hitting the right balance
14:34 - Reflecting on the performance in 2022
18:43 - The speed of systems
22:28 - Their research process
25:36 - Trading...
Transcript
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| 0:00.0 | People are constantly believing that the markets have changed. |
| 0:10.8 | And I do not believe that the market has changed. |
| 0:13.9 | I mean, the markets may be controlled, you know, where there's outside influences, |
| 0:21.6 | but that tends to just stretch the markets out. |
| 0:27.6 | It's like a rubber band, it just stretches out, |
| 0:30.6 | and then they snap and you're right back into |
| 0:34.6 | what you would expect to see the markets do. |
| 0:43.7 | So the trending environments, they may take longer to come to fruition, |
| 0:46.2 | but when they come, they come back with vengeance. |
| 0:51.8 | Imagine spending an hour with the world's greatest traders. |
| 0:55.2 | Imagine learning from their experiences, their successes, their successes, and their failures. Imagine no more. Welcome to Top Traders Unplugged, the place where you can learn |
| 1:02.5 | from the best hedge fund managers in the world so you can take your manager due diligence |
| 1:07.0 | or investment career to the next level. Before we begin today's conversation, remember to keep two things in mind. |
| 1:13.6 | All the discussion we'll have about investment performance is about the past, and past performance |
| 1:17.6 | does not guarantee or even infer anything about future performance. |
| 1:21.6 | Also understand that there's a significant risk of financial loss with all investment strategies, |
| 1:26.6 | and you need to |
| 1:27.5 | request and understand the specific risks from the investment manager about their product before |
| 1:32.5 | you make investment decisions. |
| 1:34.5 | Here's your host, veteran hedge fund manager, Nealz Kostrup Larson. |
| 1:43.5 | Hey everyone and welcome to another edition of Top Traders on Plug where today Alan Don and I are joined by Marty Bergen, the owner and president of Dun Capital Management, which also makes him my boss for full disclosure as part of our miniseries focusing on the one investment strategy that beat everything else in 2022, namely trend following |
| 2:02.3 | and manage futures more broadly. First off, Marty, it's great to have you back on the podcast. |
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