Today, we welcome Katy Kaminski to the Systematic Investor Series, as we dive deep into trend following systems and how to overcome the unintended biases that can creep into CTA systems, why Katy believes everybody has to “go back to the drawing board”, why it is unrealistic to expect things to go back to “normal”, and why Katy believes we are not in a crisis but rather a correction. We also discuss how a crisis is in the eye of the beholder and shed light on the current global macro narrative. We round things off uncovering why Katy believes bonds are mispriced, why "simple" trend following strategies persist to thrive and much more.
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Episode TimeStamps:
01:16 - What has caught our attention recently?
03:43 - Industry performance update
06:06 - The challenge of bias in trend following systems
13:54 - Taking the bonds out?
16:22 - Advice on trading universal parameters
19:35 - Going back to normal - a fantasy?
23:35 - Trend following - a long divergence strategy
26:31 - Are we actually in a crisis?
32:05 - Are crises becoming shorter and shorter?
36:38 - How does Katy define a crisis?
37:40 - A different understanding of trend following?
40:32 - Are there different types of crises?
45:55 - A global macro perspective
51:38 - Are bonds mispriced?
55:37 - From predictable to unpredictable inflation
59:11 - Thanks for listening
Copyright © 2023 – CMC AG – All Rights Reserved
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PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
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SI238: Why Not to Trend Follow ft. Rob Carver
GM38: Debt, Stagnation and Policy Responses ft. Barry Eichengreen
TTU141: The Alternative Trendfollower ft. Douglas Greenig, CEO of Florin Court
SI237: Trend Following During March Madness ft. Richard Brennan
IL15: Preparing for a De-Globalized World ft. Rana Foroohar
TTU140: Why Trend Following is Smart Diversification ft. Bruno Gmür, Founder of Quantica
SI236: New Opportunities in Volatility Trading ft. Cem Karsan
IL14: Is India Broken? - The Dangerous Equilibrium of Indian Society ft. Ashoka Mody
TTU139: The Benefits of Alternative Markets ft. Simon Judes, Co-CIO at Winton
SI235: Trend Following's Reaction to SVB Collapse ft. Mark Rzepczynski
GM37: SPR - The Federal Reserve of Oil ft. Rory Johnston
TTU138: Need for Speed in Trendfollowing ft. Matt Dorsten, Portfolio Manager at PIMCO
SI234: Trend Followers are minnows, not whales ft. Rob Carver
GM36: Galactic Macro, UFOs & Balloon Encounters ft. David Dorr
TTU137: A new approach to Entering Trends ft. David Gorton, CIO at DG Partners
SI233: The Market Impact of CTAs & Trend Followers ft. Alan Dunne
TTU136: Trend Following... C'est la vie ft. Philip Seager, Head of Absolute Return at Capital Fund Management
GM35: The Drivers of the Commodity Markets ft. Nicky Ferguson
TTU135: Moving Beyond Pure Price Trends ft. Yao Hua Ooi, Principal at AQR Capital Management
SI232: Trend Following the Trend Followers ft. Nick Baltas
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