From a reader:
In the past I worked as an institutional money manager. The first final I went to the consultant essentially stopped me mid presentation and told me they were looking for a gunslinger. They wanted to be sure that when the market was hot I would take as much risk as possible. They “felt” the market was going “to turn around” and wanted a “gunslinger” to take advantage of it. I won’t say the name of his firm, but it is one of the largest institutional consulting firms in the business. They allocate billions of dollars for others. I still am not sure what a gunslinger is, but I told him what he wanted to hear and won the final. The consultant had a ton of experience and talked about his prudence and Ivy League education on his firm’s web site. If people had experience dealing with consultants they would be shocked at how poorly they do their jobs. Trend Following is just too concise for them. They can’t wow clients with it so it will always be a niche style.