Those Elusive Winton Papers!

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Hi Michael, I’ve been following your websites since 2009 upon reading your review of Michael Moore’s movie on capitalism at

I’ve read all four of your books and am more than convinced that trading using trend following strategies along with acquiring the correct psychology & discipline (patience) is key to making any consistent money in the financial markets – which I intend to do from my home country here in Papua New Guinea. Although I am not too keen on staying for the long term as it will probably be more viable in a general business sense to move trading to a country in the region like Australia, Singapore or Hong Kong.

I am currently trying to put together my own trend systems based on reading books recommended by Jez Liberty and free data – although I have a bit more to save before I will be able to purchase your course materials, complete system development with more comprehensive data and begin trading. Hopefully I can get things rolling with you and the team before the end of the year or early next. I think the interaction with yourself and others along with the course materials and my own reading could really enhance my learning and am looking forward to it.

Anyway as a science major in high school and university (before I dropped out) I’m intrigued by most trend followers who have backgrounds in the hard sciences or engineering especially a guy like David Harding.

I know you have a hard copy of The Winton Papers and don’t have permission to distribute, but I was wondering just out of curiosity’s sake if you would be able to send me the references/bibliography of books (especially on statistics) cited by Mr. Harding in the preparation of the papers.

I have obtained via Royal Society Publishing one of the papers David wrote when at AHL in which the Speculari quote is taken from but you seem to be referring to a different set of documents in this link here. Those documents are the ones I am referring to in my request for references.

Statistics books that Harding read after he left Cambridge University (which to my mind he credits almost more than his training as a physicist) like Understanding robust and exploratory data analysis, and Nonparametric Statistical Inference that help with quality/relevant data analysis are what I’m after.

Anyways hope that is not too much of a request – let me know what’s possible.

Enjoying the podcast by the way.


P.S. You have clients in 70+ Countries. Do you have any in Papua New Guinea?

Hello Richard, thanks for the nice note on the podcast! Glad you like it. In terms of Harding’s bound work you mention, I have not been given permission to release it. The vast majority of it is his original work. You now how it is–stay on good side of nice guys with ‘muscle’.

Papua New Guinea? See: You would be the first!