Occasionally, someone trying to promote something or start a debate will argue that trend following rules must always change due to changing market conditions. This is nonsense. It is a specious argument. Trend following has always adapted to change. The root of the strategy is based on responding to change. I recall a conversation with Bill Dunn recently. While not asking about his techniques in this particular conversation he proffered that his basic system rules have not changed since 1974. That’s because Dunn, like many others, developed a system in 1974 that by design has responded to changing market conditions. That’s trend following.