Selling Hope

A Swiss fund of funds manager said to me the other day, “Cosmetic and financial services have much in common. They both sell hope.”

I told her I was going to steal her line!

In all seriousness, she has a point for many traders and many trading strategies. However, I am not so sure it applies to trend following since most trend followers talk of their warts and negatives as much as they talk of the real and tangible positives to the philosophy.