TTU54: What it Takes to Be an Entrepreneur ft. Tim Pickering of Auspice Capital Advisors – 2of2

Top Traders Unplugged

Niels Kaastrup-Larsen

News, Investing, Business News, Business

4.8 • 715 Ratings

🗓️ 29 December 2014

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In the second part of our talk with Tim Pickering, we dive into the details of his firm and the challenges that he has to overcome as a business owner and entrepreneur. Tim has some valuable life lessons for managers who are just getting started. He also dives into the different ways investors should carry out their due diligence and why he wanted to become a manager in the first place.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

In This Episode, You’ll Learn:

The details of Auspice’s programs and what makes them different from other managers.
What discretionary traders are good at and how Tim captures lessons from them in a systematic model.
How he implements the system in practice.
How Tim measures risk.
How he copes with being in a drawdown.
What he has learned from the drawdowns that Auspice has been through.
What keeps him up at night.
What questions he brainstorms with his research team currently.
How to detect if a model is deteriorating.
How meaningful are back tests?
About the CTA value-added index that Auspice developed.
The difference in investing through a fund, an EFT, or other options.
What investors should be asking when they go through their due diligence with Auspice Capital.
Why he became an entrepreneur.
The books Tim would recommend for traders and managers.
What skill he would pass on to his children if he could choose only one.

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Resources & Links Mentioned in this Episode:

Barclay CTA Index
Books by Jack Schwager.
Simon Sinek’s Start with Why.
How to Win Friends and Influence People by Dale Carnegie.
The Prize by Daniel Yergin.

Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.

IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.

And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.

Learn more about the Trend Barometer here.

Send your questions to info@toptradersunplugged.com

And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.

Follow Tim Pickering on Linkedin.

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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

Disclaimer

Transcript

Click on a timestamp to play from that location

0:00.0	You know, one of the things you have to decide when you're going to go off and leave an institution or whatever and start your own business, because we trade in a systematic way, that's a, you know, it's a quiet thing.
0:16.2	And it's somewhat of a lonely pursuit. You have to be very comfortable in going down this path,
0:23.6	and it's not for everybody.
0:25.6	Because when you go down any entrepreneurial path,
0:29.6	you're going to get told no, so you have to have fortitude,
0:31.6	and it is a fairly lonely path being an entrepreneur in general.
0:36.6	And you need to look inside yourself and say, is that the thing you want?
0:42.7	Trading for a living is not for everyone.
0:45.7	In fact, starting your own business can be a very lonely venture.
0:49.6	And when investors look at a manager, perhaps this is one of the questions they need to ask.
0:56.2	Are you happy doing what you do?
0:59.0	Having a clear purpose with your trading and your business and knowing why you do what you do?
1:04.9	Well, that's what we're talking about in today's episode of Top Taders Unplugged.
1:11.3	Welcome back to Top Taders Unplugged. Welcome back to Top Taders Unplugged, where the best traders in the world come to share their
1:16.0	experiences, their successes, and their failures. Let's rejoin the conversation with your host,
1:21.6	veteran hedge fund manager, Niels Kastra Flaarson.
1:34.8	Okay. Kastrop Larson. When to adjust or take those risks off.
1:39.4	And speaking about these things,
1:41.5	obviously without giving any of the secret source away,
1:44.8	can you talk a little bit about, you know, what you've learned and how you've dealt with that in terms of,
1:51.4	you know, adjusting positions or even sort of exits? How does your program really differentiate
1:57.7	at the end of the day? I mean, I know we can all use very fine terms and say
	...

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