Neuberger Berman Has No Clue About Trend Following

Excerpted from here (PDF):

Historically, performance and lack of correlation to credit and equity markets have made CTAs popular. There are several types of CTA strategies, including trend-following, mean reversion and pattern recognition. The vast majority of managed futures assets under management (greater than 85%, by our estimates) are trend followers; we are currently bearish on this class of CTAs.

So many voices… are clueless.

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