Today on the podcast, Michael Covel speaks with Anthony Todd. Todd is the CEO of Aspect Capital, one of the most successful managed futures trend following firms. Todd co-founded Aspect in September 1997. Before that, he was with AHL. Covel and Todd discuss why prices aren’t random; finding an inefficiency that the academic financial community refuses to acknowledge; the idea of “predictable” patterns in the market; the desire to know static positions; how crowd behavior drives trends; addressing misconceptions; using fundamentals in a systematic way; defining Todd’s medium-term style of trend following; why “it’s less about the genius of the trade and more about the repeatability of the approach”; how long you can be in a particular market before you give up on it; client understanding of trend following drawdowns; the phraseology of “crisis alpha”; the culture that Todd has built at Aspect; and Todd’s advice to young entrepreneurs. For more information on Anthony Todd, visit aspectcapital.com.