TTU64: The Trader-less Hedge Fund ft. Dave Sanderson of KFL Capital Management
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 23 January 2015
⏱️ 30 minutes
🧾️ Download transcript
Summary
In this year-end-review, we take a look at how 2014 might be seen many years into the future. Is this when “trader-less” systematic trading caught on? We take you into the workings of a 1-year-old trading technology company, how they succeeded, and where they are going in the future.
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In This Episode, You’ll Learn:
- It was their first year of trading under the public eye.
- How consistent the statistics were the entire year.
- How the backtest matched up with live data in 2014.
- What led to their profits and where they lost money.
- Why it’s hard to draw conclusions that tie trades back to world events.
- How they made a lot of money in the first half of the year when other trend followers were having a difficult time.
- About their one-year birthday party.
- The improvements they made during the year.
- How 2015 will see a “refined” interest in trend following CTAs.
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Resources & Links Mentioned in this Episode:
Listen to 2 hour-long episodes with Dave on this podcast here and here.
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Transcript
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| 0:00.0 | The driverless car, the traderless fund, I guess, is the analogy. |
| 0:08.0 | It is coming and whether it's a million miles on the Google car or whether it's, you know, the Jeopardy contest, it's now three years, February 14th, since Watson beat Ken Jennings and Brad Ruter in that contest. |
| 0:23.6 | Things are happening and you never quite know when you're in the midst of it that it's happening or when the turning point comes. |
| 0:31.6 | But let's keep an eye out because perhaps 2014 as we look back in the great span of time, |
| 0:37.7 | was when all this started to happen, |
| 0:40.8 | at least in respect of the hedge fund industry. |
| 0:49.8 | Hi, this is Dave Sanderson, founder and CEO of KFL Capital Management. You're listening to my |
| 0:55.7 | year in review on Top Traders Unplugged. Imagine spending an hour with the world's greatest |
| 1:01.5 | traders. Imagine learning from their experiences, their successes, and their failures. Imagine no more. |
| 1:08.8 | Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund managers |
| 1:13.8 | in the world so you can take your manager due diligence or investment career to the next level. |
| 1:19.7 | Here's your host, veteran hedge fund manager, Niels Kastrop Larson. Welcome back, Dave, for this review of 2014, where we look at the big events from the point of view of your trading strategy. |
| 1:39.2 | Now, I want to explore the ups and the downs as well as the big takeaway from what can only be described |
| 1:45.0 | as a great year for systematic trading strategies in general. |
| 1:49.0 | But as we know, just because you're systematic in your trading, |
| 1:53.0 | it doesn't mean that necessarily your strategy will deal with the market events in the same way. |
| 1:59.0 | And clearly in your case, it probably won't because you do things |
| 2:02.6 | very differently to many of my previous guests so let's just jump right into it tell me about |
| 2:09.8 | 2014 from your perspective how did the year evolve both from the strategies point of view but also from your firm's point of view, but also from your firm's |
| 2:18.7 | point of view? |
| 2:20.2 | Well, as you know, Neil's, this was our first year of trading under the public eye, so it's not |
| 2:28.4 | as if I can compare this year with many other years, but it certainly was a year where it was a great test for the strategy. |
... |
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