Confusion and Critics

It seems “some” believe I don’t accentuate drawdowns of trend followers enough. I am very clear on pages 95-100 of my book Trend Following. Trading is risky. You can win and you can lose…and drawdowns are part of the game.

The issue of “testing” by trend followers was also recently broached as a trend following critic declared:

“[Trend following systems] are often untested…If tested, their variability is too high to rule out randomness, and…If tested relative to uncertainty, they assume past seemingly non-random movements of prices are predictive of what’s going to happen in the future.”

I find these comments odd. Does this critic really believe trend follower David Harding, as one example, does no testing of his trend following methods? Does this critic believe 25 plus years of performance from various trend followers is actually random luck?