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Vineer Bhansali Trend Following White Paper

Posted on by Michael Covel

Feedback in:

Mike, Can you send me the white paper that was referenced in the Vineer Bhansali podcast? I apologize if this is posted somewhere obvious and I missed it. Normally I’d probably have found it on my own, but having a 3 week old newborn is temporarily draining my productivity! It’d be much appreciated if you could point me in the direction of the research that was discussed. What a refreshing podcast to hear a more mainstream financial institution embrace real trend following.

Thanks,
[Name]

Thanks. Go here for his white paper. And good luck with your new little one!

Also in:

Michael, great show. Do you have additional information about the research/historical performance work done by Vineer Bhansali or is it just the information from the PIMCO pages?

Do you know if this fund actually follows the 100% systematic “simple” trend-follower approach back tested in the article or is this just a bait and switch for a discretionary fund? Do you know the actual rules for the “simple” trend-follower approach back-tested in this paper?

Many Thanks,
[Name]

Best bet is to reach out to them for all questions about their papers.

How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

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Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Ep. 287: Toby Crabel Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Toby Crabel
Toby Crabel

My guest today is Toby Crabel, a tennis player who is now a commodities trader. In 2005, the Financial Times called Crabel “the most well-known trader on the counter-trend side”.

The topic is commodity trading.

In this episode of Trend Following Radio we discuss:

  • Crabel’s history as a pro tennis player
  • Longevity and consistency in tennis and trading
  • Where Crabel stands with the total number of systems he employs
  • The source of Crabel’s profits and the philosophy behind it
  • Price action
  • Winning and losing volatility
  • Why Crabel needs price movement and volume
  • The idea of price shocks and the importance of being aware of them
  • The process of moving from high drawdowns to a much lower drawdown
  • The importance of diversity
  • Early lightbulb moments that informed Crabel’s trading style
  • Crabel’s experience with Victor Niederhoffer
  • How the philosophy of Objectivism has informed Crabel’s life
  • The liquidity of futures markets
  • The importance of persistence

Go listen. You may also enjoy this post on Toby Crabel.

Buy & Sell

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Trend Following: Pura Vida!

Posted on by Michael Covel

Feedback in:

Hi Michael, I´m a Tim Sykes Challenge student [and] I saw you in one of his DVDs. Since then I have followed your podcast (and great interviews by the way). I’m [an] audio guy [and] I only found your audio book [for] “The Little Book of in Trading”. [W]hen [will] the others books…be available in audio?

I´ve been a broker for 17 years in Costa Rica in [Name] (biggest Insurance company in Central America) and my clients currently are pension funds: private and public. The markets in this country are changing. Our pension funds administrate 15B in local currency and they are doing baby steps to invest in the US markets. Could you recommend me the top funds that do Trend Following that specialize in pension funds or insurance companies?

Greetings from Costa Rica, or how we say, “PURA VIDA”.

Review my podcast. Many names. All of my books? More names. No secrets!

How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Anthony Todd: “Great Podcast!”

Posted on by Michael Covel

Feedback in:

Hi Michael, Great podcast with Anthony Todd. Just a comment: Please tell him I’m insane and I’ll try to succeed without 500,000,000 bucks capital!

Ciao,
[Name]

Thanks for the feedback. He was indeed a great guest.

Find out more about what does a commodity trader do?

How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Ep. 286: Alex Greyserman Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Alex Greyserman
Alex Greyserman

My guest today is Alex Greyserman, Chief Scientist at managed futures firm ISAM. He is also a professor at Columbia University. He is a member of the ISAM Systematic Investment Committee. He has 25 years of experience in the Managed Futures industry, having starting initially as Research Director at Mint Investment Management Co.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • Idea of young college graduates writing articles about the death of trend following while firms like Greyserman’s continue to have tremendous success
  • Alternatives to thinking only ‘long stocks’
  • Greyserman’s first meeting with Larry Hite and how they have come to have such a career together
  • Why trend following is about more than getting on the right side of the S&P trade
  • The difference between cross-sectional momentum and time series momentum
  • The phrase “crisis alpha” and why trend following does well in times of crisis
  • The cost of not having trend following in your portfolio
  • Benchmarking and diversification
  • Why the worst thing you can do is “trend follow a trend follower”
  • The science of trend following
  • Speculation
  • Trend following your life–not just the markets
  • Dispersion among trend following traders
  • Effect of a higher rate environment

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alex greyserman

If Our Roles Were Reversed

Posted on by Michael Covel

If our roles were reversed? I believe that giving your money is giving me your trust. You are making a sacrifice, and could choose other opportunities. My goal is always to make sure that what I am giving you is more valuable than what you are giving me and my firm. That straightforward business principle is the foundation of my long-term relationship with all of my customers.

How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Ep. 285: Anthony Todd Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Anthony Todd
Anthony Todd

My guest today is Anthony Todd, 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.

The topic is Trend Following.

In this episode of Trend Following Radio we 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
  • Todd’s advice to young entrepreneurs.

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