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TTU30: Don’t Tweak Your Models! ft. Aref Karim of Quality Capital Management – 2of2
11 september 2014 · 1 uur 9 min
Welcome back to the second part of our discussion with Aref Karim. In this episode, Aref discusses his firm’s strategies and the broader philosophies that drives what he does. He also talks about market volatility, the need to innovate while keeping models intact, his perspective on drawdowns, and what investors should be asking their managers. You’ll learn something about the art galleries and music that fuels his inspiration, and what he thinks it takes to become a successful hedge fund manager. Lees meer
You will be amazed by the candid truthfulness of Aref at the end of the episode as he speaks about his personal life and the current state of his business. Thanks for listening to Part 2 of the conversation, I hope you enjoy it.
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In This Episode, You’ll Learn:
What strategies his firm uses regarding commodities and currencies.
How Aref explains his investment strategy in a concise and understandable way.
Why volatility is an important source of information when making investment decisions.
How to make the best of the current market environment and innovate.
Why his firm evolves their model on a macro level and does not change the model every time the markets change.
How QCM manages risk.
Aref’s perspective on drawdowns and how to make investors comfortable with drawdowns and see them as an opportunity.
How investors should be evaluating the track records of managers given that some firms’ models have changed over time.
How growth and technology have effected the relationship managers have with potential investors and why it is still best to meet the manager in person.
When investors ask questions of potential managers, the economic alignment question often gets left out.
What it takes to be a successful fund manager: treating it like a business even if you are investing for yourself.
Aref’s personal appreciation for th…
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TTU29: How the largest investor in Hedge Funds got Started ft. Aref Karim of Quality Capital Management – 1of2
8 september 2014 · 1 uur 10 min
How do you transition from working alongside the capital management industry to starting your own hedge fund? Our next guest grew up in Bangladesh but fled to London during the Bangladesh Liberation War in 1971. He worked as an accountant and then went on to join the Abu Dhabi Investment Authority (ADIA) where he pioneered the organization’s futures investment department. Learn about his personal setbacks and successes, his innovative investment strategies, and how he founded Quality Capital Management in the UK. Lees meer
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In This Episode, You’ll Learn:
About Aref’s childhood in Bangladesh.
How his father wanted all 10 of his children to attend university and instilled in them the belief system that made them successful.
Why Aref decided to study English and Literature even though his background was in the sciences.
The story of Aref’s escape to the United Kingdom because of war and social upheaval in Bangladesh.
How he went from being an accountant in England to working for the largest sovereign wealth fund in the world, ADIA.
Aref’s perspective on the history of the hedge fund industry and the alternative investment industry.
About the beginnings of ADIA’s futures department that Aref helped to start.
The early days of the futures industry and Aref’s perspective on trend-following.
How he overcame personal setbacks when his wife unexpectedly passed away, leaving him with three young children.
About Aref’s return to the UK and his decision to start his own CTA and start trading in futures.
About the genesis of Quality Capital Management.
How Aref’s investment strategy evolved and the specifics of his current trading strategy.
How he measures the “Flow” of the market.
Why his strategy looks at changes in volatility and doesn’t care whether it is a bond or an equity.
How QCM went from using a few indicators to no indica…
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TTU28: How to Bridge the Gap Between Philosophy & Rules ft. Scott Foster of Dominion Capital Management – 2of2
4 september 2014 · 1 uur 26 min
Welcome back to the second part of our interview with Scott Foster, President and Founder of Dominion Capital Management. Lees meer
In this episode, we learn the philosophical rules that drive his firm, and how he bridges the gap between the philosophy behind his decisions and the models he creates. We discuss the increased governmental involvement in the markets and the adjustments that Scott has had to make to adapt to new signals. Finally, we learn the personal habits that help Scott succeed. Thank you for listening to Part 2 of our conversation with Scott Foster.
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In This Episode, You’ll Learn:
Why Scott does not worry about model decay due to the principals with which he runs his firm.
How to bridge the gap between philosophy and rules.
How he created the Sapphire program, his firm’s signature service, and what it took to create it.
How increased government involvement in the markets has changed his system and made him adapt to new signals in the markets.
Why and how political feedback and involvement are affecting the markets and short term trading.
How his firm is able to so expertly predict to potential customers their drawdowns and how they contain them.
That investors spend too much time dissecting the drawdowns and not enough time looking at why and how they made money.
The principals of behavior finance and the underlying philosophical principals such as self attribution bias and loss aversion.
How alone time and contemplation have led to 80% of Scott’s best trading ideas.
The hardest part of being the President of a fund and why it is not the trading.
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Resources & Links Mentioned in this Episode:
Learn more about illusory superiority, the bias that the Lake Wobegon effect is name after, or Lake Wobegon itself, a fictional town in Minnesota.
Learn more about Mean Reversion, which Scott’s firm looks at c…
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TTU27: Magician-turned Trader: “Reality Doesn’t Matter” ft. Scott Foster of Dominion Capital Management – 1of2
1 september 2014 · 1 uur 23 min
Our next guest was a philosophy major and a magician before he ever considered trading in the stock market. In Part 1 of our talk, he describes how philosophy and psychology determine his firm’s decisions and the story of how he started trading in a small town in Pennsylvania. Lees meer
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In This Episode, You’ll Learn:
On the 20th Anniversary of Scott’s firm, he looks back on how it all started.
Scott’s life as a magician and how the principals of magic influences his perspective on trading and the market.
How he became a philosophy major and how he applies philosophy to trading and everything his firm does.
How he started trading in the market, getting a group of his college friends to take out cash advances on their credit cards and investing it.
The Austrian perspective on economics that his college was well known for.
How he educated himself in futures trading and invested long before he ever met another trader.
Scott’s initial lessons learned from trading in the stock market; how he lost almost all of his capital in one day and had the first sleepless night of his life.
How he made the mistake of investing in coffee and cocoa in the late 1980s and what he learned from that experience.
How he started his first firm in 1989.
How Scott traded while living in rural Western Pennsylvania.
How a philosophy major with no connections to the financial world used his network to find a mentor.
The story of Scott becoming a principal at one of the biggest short-term CTAs in the world.
The story of Dominion Capital Management, which he started in 1994 by moving to Chicago.
Why he is based in Traverse City, Michigan.
How his firm is a bit different and why they don’t have any mathematicians or scientists on their team.
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Resources & Links Mentioned in this Episode:
Learn about the Square of Opposition that Scott explains in…
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TTU26: The Most Repeatable Trading Method Ever Invented ft. Scot Billington – 2of2
28 augustus 2014 · 1 uur 9 min
Welcome back to the second part of our interview with Scot Billington of Covenant Capital Management. Lees meer
In this episode, Scot delves into the practice of trend following and why it is a great model to follow. He also discusses tips for beginning traders and investors, and advice for those who wants to start a firm. Thank you for listening to Part 2 of our conversation with Scot Billington.
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In This Episode, You’ll Learn:
The story of Scot’s childhood obsession with mathematically based, but unknown future outcomes.
The discipline required to follow a mathematical model.
The advantages of trend-following and why the media reports that “Trend Following is Dead” every few years.
Scot’s philosophy on position sizing.
How every sector in the market is highly correlated.
Getting comfortable with taking risks: they exist and it is impossible to avoid them.
The Barbell strategy: have very little money at risk, but the money that is at risk is in the most aggressive things that it can be.
The biggest mistake that allocators make.
How Scot conducts research for Covenant Capital.
Why he is based in Nashville and how he overcomes the challenge of asking investors to buy into the long time-frame.
Finding your niche as a boutique firm.
Advice for managers wanting to start firms today.
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Resources & Links Mentioned in this Episode:
Scot mentions how the media often announces the death of trend following. Here’s an article on the subject from Futures Magazine.
Learn about the Barbell Trading Strategy.
See 10 Fallacies when Selecting CTAs.
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Foll…
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TTU25: Why a Mechanical, Long-Term Trend Approach is Best ft. Scot Billington – 1of2
25 augustus 2014 · 1 uur 23 min
Our next guest takes a mechanical, long-term trend approach to trading to a new level, and you’ll find out why he thinks it is the better option in this episode. He started Covenant Capital with his business partner in 1999 and has grown it into a profitable boutique firm. But in early 2002 after they ended the previous year down 20%, they really had to grind it out and stick to their guns which ultimately paid off in a big way. Lees meer
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In This Episode, You’ll Learn:
How Scot started his firm, doing the testing by hand.
The difference between a discretionary model and a mechanical model and why Scot chose a mechanical one.
How he met his business partner Brince Wilford and started with 3 accounts in 1999.
How narrative bias can affect a trader’s decisions.
How the firm got through a year that ended with them down 20%.
What made Scot believe in his model and stick to his guns.
The offerings that the firm currently has, including the differences in the trading models.
The pitfalls of investing in shorter term models and not allowing managers to see a full cycles with markets.
Why most allocators and investors are chasing 24-month returns on stocks and why that may not be the right approach.
About different types of CTA firms, including boutiques, battleships, emerging, and experimental.
What to look for in a CTA.
How to get investors to share the long-term horizon with his firm when certain markets do very well in the short term.
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Resources & Links Mentioned in this Episode:
An article on Covenant and Scot Billington in Futures Magazine.
Check out Discretionary vs System Trading.
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free cop…
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TTU24: What it Takes to be a Great Hedge Fund Manager ft. Anders Lindell of IPM – 2of2
21 augustus 2014 · 1 uur 14 min
Welcome back to the second part of our interview. Lees meer
In this episode we dive into the negative effect of greed on the market. Anders Lindell again shows his depth of knowledge as he elaborates on the nature of irrationality though the ages and how our markets today, really are rather stretched. This is a powerful episode, I really do hope you will enjoy it.
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In This Episode, You’ll Learn:
How the IPM model profited by choosing to position against the carry frenzy in Japanese Yen during late 2008
Risk factor analysis when selecting model attributes
What the more reliable indicator in the global economy is
How their trading model works on overall, daily basis
“Stop-Loss” Positioning in the IPM strategy
Where IPM identifies value traps and optimizes their exposure to it
The average length of trades at IPM
What drives the relationships that Anders explores to build models around
If Correlations structure matters when IPM decides on risk overlay to make market decisions
Why timing can be the largest challenge for their strategy
How Anders defines risk and how IPM controls the model and expected risk
The biggest fear Anders have in regards to unexpected market effects
What is expected in regards to drawdowns in the IPM Global Macro Strategy
How to convey the needed confidence to investors during drawdowns
Risk Management/Risk Control model rebuilding
How Anders Lindell identifies research processes which will over engineer and cause return issues
Succession planning as Anders sees it for IPM – Perception and Vision
The challenges for IPM and how overcoming them has helped to make them stronger
What Anders would suggest for investors to focus on
What it takes to be a great hedge fund manager in today’s economy
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IT’s TRUE ? – most CIO’s read…
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TTU23: Former CEO Reveals How to Thrive in a Challenging Market ft. Anders Lindell of IPM – 1of2
18 augustus 2014 · 1 uur 13 min
Our next guest turned a challenging market into an opportunity to transform his strategy and build something substantial. Lees meer
Welcome back to another episode of Top Traders Unplugged. Today we have the former CEO, now Chairman of Informed Portfolio Management on to discuss the road to formation of his firm, their Systematic Global Macro strategy, their unique approach to investor interaction and much much more.
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In This Episode, You’ll Learn:
The relevance of controlling production at paper and pulp mills while Anders was a developing man
His history during his early days at JP bank as an analyst
The impact of the shifts in the fixed income markets of the early 1990’s which inspired a new strategy
The strategic focus that was the starting point for the formation of IPM
Who Anders learned from early on and who helped him cultivate a career in the hedge fund industry
How to find and retain talent and the entrepreneurial spirit drives in house management decisions
How IPM as an organizations manages the in house operations
How Anders hopes to see their potential realized in terms of double or tripling their AUM for future markets
What Anders looks for when spotting talent for new team members
Ideas for incentivizing team members to appreciate their careers
The long term view of IPM’s track record and how to evaluate it
More on the objective of the strategy of IPM and the environment in which it’s been designed to work well
Why the opportunities and volatility in emerging market equity trades is decompressing globally
The meaning of global macro and how they structured all the information into a systematic trading approach
How the IPM model differentiates it’s self from discretionary trading models and how they run them
The role of fundamental information in identifying market strategies
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TTU22: The Most Important Question Investors Should be Asking ft. Nigol Koulajian of Quest Partners – 2of2
14 augustus 2014 · 1 uur 13 min
Did you know that a meditation practice can help you be a better investor? Lees meer
In this episode we discuss our common lessons that we ask all Top Traders, but we dive deep into why Nigol thinks differently about CTA issues. Growing up in war-torn Lebanon shifts the filters he uses to see the markets. We all have filters but in this episode you will learn what perspective he takes on the markets that may, or may not, support his market philosophy.
Welcome back to the second half of our interview with Nigol Koulajian.
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In This Episode, You’ll Learn:
How growing up in war torn Lebanon influences the way Nigol filters market decisions
The challenging nature of a market injected with federal liquidity
Nigol’s strategies for selecting position sizing
Drawdown expectations of Quest Partners
How Quest works to maintain a balance in the working environment and how busy the team stays
How Nigol manages emotional turmoil of drawdowns and how he projects this calmness upon his investors
The few things that Nigol predicts would shake their strategy
How to listen to clients and use their advice in a way that serves them, even if you don’t implement exactly what they’re saying
Why mathematician optimization can adversely effect the strength of your CTA strategy
How Nigol expects to know if a model is working or not
The importance of using math as little as possible despite the systematic approach to trading
A fascinating perspective on why the CTA industry AUM has shifted to Europe
The most important question investors should be asking: “How to price tail risk.”
What it takes to build a firm and become the next Quest
Learn all about Nigol’s daily meditation practice which he credits as his top personal attribute to becoming a great trader
The most challenging thing about being a CTA for Nigol (A: Fishing in a very small pond)
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TTU21: Building a Computer That Makes Money? ft. Nigol Koulajian of Quest Partners – 1of2
11 augustus 2014 · 1 uur 9 min
Want to build a computer that makes money? Lees meer
Quest Partners LLC has a long, robust track record with their systematic trading approach.
They utilize a different strategies from many of their peers and have diversified their product range to include equity programs both hedge and long only.
At the core of it all is their philosophy on focusing on what investors need. They provide solutions for investors rather than a purist strategy.
Leading the way is our next guest on Top Traders Unplugged, Nigol Koulajian.
In This Episode, You’ll Learn:
How growing up Armenian provides a filter for the way Nigol perceives the markets
His experience at Anderson Consulting and how he ended up working with Solomon Brothers by chance
Why Nigol spend time at Colombia Business School programming and building models
What Nigol thinks of Value at Risk
How Nigol found himself as a risk arbitrage manager despite his passion for CTA strategies
How Nigol navigated beneficial detours before finally partnering to co-found Enterprise Asset Management in 1994
About the founding and growth of Quest Partners from inceptions in 2001 to +760$ million in 2014
The dangers of an increased correlation between alternative strategies designed to protect against trouble in traditional investment and the traditional asset classes themselves
Learn about self reinforcing feedback loop and how managers of growing AUM are forced to allocate to factors that are doing well (but perhaps doing well by chance)
About the tight, automated business infrastructure of Quest Financial Partners
About the shift in volatility expansion and how to measure it
Resources & Links Mentioned in this Episode:
Investors Business Daily – The finance newspaper which inspired Nigol in the early days
3 Research Pieces from Quest that specifically examine factor drifts that could effect the returns of CTAs
Learn about Sharpe Ratio
A specific trading model that trades the S&P and 30Y Bonds if it’s down 3 days in a row, w…
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TTU20: How to Identify Trades No One Else is Looking For ft. Roman Lutz of Future Value Capital – 2of2
7 augustus 2014 · 1 uur 1 min
How would it feel to identify trades no one else you know is looking for? Lees meer
Our guest is back and this interview is all about carry trades, mean reverting environments, merger arbitrage, volatility arbitrage, tail hedges and how to become the best trader possible. It’s quite likely there is something in this interview which will help propel you forward as a hedge fund manager or in your research of managers.
Welcome back to the second part of our interview with Chief Excutive Officer of Future Value Capital, Roman Lutz.
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In This Episode, You’ll Learn:
Simple Models used by Future Value Capital to implement trend following
How they utilize carry trades
The third area of models: Tail Hedges
Learn about how to carry potentially large value variance swaps while keeping the premium for holding them down
Where the variance exchange swaps derive from whether from OTC with counterparts or constructed using exchange listed products
Learn about Credit Support Annex (CSA)
Risk management procedures at Future Value Capital
The purpose for tactical asset allocation meetings and the decisions that are made
The common performance drivers and if there is a dominant part of the portfolio that is responsible for the performance
How Roman translates the complex trading strategy of Future Value Capital to investors
How Future Value Capital implements trades and why they consider it a key strength of their program
How much AUM would be optimal running the program or if the potential is unlimited
How to create certainty around the risk Future Value Capital holds and how they define that risk
What Roman Lutz considers to be one of the riskiest thing that could happen in the financial system
What to expect in terms of returns and drawdown when investing in Future Value Capital
How to realize when a model is no longer working
Person…
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TTU19: How to Take the Emotions out of Investment Decisions ft. Roman Lutz of Future Value Capital – 1of2
4 augustus 2014 · 1 uur 3 min
Can you implement well established hedge fund strategies in a systematic way? Lees meer
Future Value Capital has been researching this for years, before they started trading. They are unique because of how they simplify and automate complex Risk Premia.
But we aren’t the best at explaining their systems. Roman Lutz, the Chief Financial Officer of Future Value Capital will explain it all in this interview.
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In This Episode, You’ll Learn:
About Merger Arbitrage and How investors can Profit
What criteria they look for in mergers, such as Market Cap, Deal Size, Liquidity etc.
What currency markets Future Value Capital enters
The app. 15 strategies they use and how many sub strategies they may have
The origin stories of where the Future Value Capital strategy derived from.
Understanding the typical way to build a derivative business
Why the average correlation of a hedge fund with equities has shifted from 0.6 to 0.9 from the 1990’s to today.
How Scottish Whiskey tasting can kickstart long term business relationships
Addressing the “Black Box” label that many systematic programs has
What environment Future Value Capital’s systems are best suited to operate within
The business structure of Future Venture Capital and the alliance with Trium Capital
About the post Madoff and additional regulatory environment investors are operating in
How Roman Lutz developed the shared business management and split the overhead cost with other emerging fund managers
The negative side effects of sharing hedge fund management business practices with other firms
A ballpark figure for the cost of being part of the Trium Manager Alliance and get the services required to be able to operate as a regulated and well run firm
How Roman and partners develop new plans in regards to where the economy is going and how to develop plans to manage funds goi…
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TTU18: Estimating & Predicting Black Swans ft. Peter Kambolin of Systematic Alpha Management – 2of2
31 juli 2014 · 1 uur 1 min
Imagine if your assets under management went from $721 million to $50 million…. Lees meer
Would you have the courage to stick with your system?
Our next guest was able to weather that storm and come out even stronger. In fact, he gives credit to the fall in assets because it was an important component to improving their processes and efficiency today.
We’re excite to share with you, the second part of my interview with CEO of Systematic Alpha Management, Peter Kambolin.
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In This Episode, You’ll Learn:
How many markets Peter trades and the number of different spreads
The three points during a day in which volatility is elevated
What triggers an exit from a trade when profit levels haven’t been reached
How Systematic Alpha Management makes decisions relating to sizing market positions
The number of daily trades Systematic Alpha implements
How much of the P/L comes from the hedge component of spread decisions
What kind of Risk Budgets that Systematic Alpha Management runs
How to drawdown profile has changed over the last few years
Estimating and predicting Black Swan events
How Peter personally balances the challenging feelings of managing a portfolio in drawdown
Exploring mean reversion and how the hedge ratios change daily
On the value of being located in the heart of New York
The biggest challenge for Peter in running Systematic Alpha Management
Peter’s opinion on why success in the CTA industry has shifted from the United States of America to Europe
Why individuality is critical in success in the CTA industry
Peter Kambilin’s biggest failure and what he learned from it
Some fun facts about Peter that you probably would never have guessed
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IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Bes…
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TTU17: Start Your Own Firm at 21 Years of Age? Russian CEO Tells All ft. Peter Kambolin of Systematic Alpha Management – 1of2
28 juli 2014 · 1 uur 5 min
Peter Kambolin is the common sense CEO behind Systematic Alpha Management, an Award Winning CTA Firm which has come through the tremendous market forces of the past 10 years. Their staying power is a testament to their success as conscious, ruled based traders. Lees meer
This episode is about his hero’s journey from immigrant origins in Moscow to founding a lasting, top financial service company headquartered in New York City.
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In This Episode, You’ll Learn:
About the effect of the 2004 internet bubble and how Systematic Alpha created a “market neutral” CTA strategy in response
What it’s like to win global CTA awards yet still have to hunt new business due to capital flows towards large investment firms
Peter’s story of moving from Moscow to New York and how he entered the finance industry
The surprising story of how Peter was inspired to start his own firm at 21 years of age
How Peter and Alexi work together to maximize each others strengths, and control for each-other’s weaknesses
About the transition from long term to short term CTA strategies
Why living in New York yet playing in Miami helps stoke Peter’s creativity
The story of the dramatic period of March-August 2011 in which they experienced a drawdown that let to a drop in AuM from 721 million to 50 million due to investor redemptions.
The effects of the coordination of global economic decisions by government on volatility and it’s effect on the overall environment for Systematic Alpha Management’s CTA programs.
Why Peter considers Systematic Alpha to be a stronger firm after the steep drop in AUM they experienced in 2011.
Where Systematic Alpha’s value proposition is and the importance of a CTA position in diversification
How to get out of losing trades when liquidity is a problem
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IT’s TR…
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TTU16: You Can’t Learn This In A Book! ft. Karsten Schroeder of Amplitude Capital – 2of2
24 juli 2014 · 45 min
Welcome back to Top Traders Unplugged. On this episode Karsten and I discuss the systems and implementation that has led Amplitude to such remarkable success. As the interview comes to a close, we learn about Karsten’s philosophy of success and entrepreneurship. Despite being based outside the global financial hubs (i.e. New York, Chicago, London) Amplitude has experienced world class results. He provides a deep philosophy on achieving success in the CTA industry. Lees meer
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In This Episode, You’ll Learn:
Allocation of capital from a stop-loss point of view when doing short term trading
Amplitude Capital’s systems for trade implementation
Why high frequency trading is a very different strategy from that of Amplitude Capital’s
Risk management strategies and the framework for embedding these principles into the Amplitude Capital operations
Exploring the meaning of market correlation in short term CTA strategies
Karsten Schroeder’s philosophy on drawdowns
How managers can do a better job of explaining drawdowns
The role of teamwork and processes in the research cycle
The internal processes for validating implementation of strategies at Amplitude Captial
Karsten Schroeder’s explanation for why Amplitude has experienced such success
Do financial leaders need to live in financial hubs? How living outside of the financial hubs has impacted Amplitude Capital
The difference between European CTA managers and US counterparts. Why has the market dominance shifted?
The philosophy of failure that empowers Karsten Schroeder’s entrepreneurial journey
What continues to inspire Karsten to keep running the business
The question investors are not asking that they should be:
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Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide…
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TTU15: Model Decay & How Best to Handle It ft. Karsten Schroeder of Amplitude Capital – 1of2
21 juli 2014 · 47 min
Through courage and vision, Karsten Schroeder co-founded Amplitude Capital as a pioneer in the CTA industry. Lees meer
Why pioneers? Because they focused on short term trading.
In this episode of Top Traders Unplugged, Karsten and I discuss Amplitude Capital’s scientific approach to Amplitude Dynamic and Amplitude Klassik. These are the two short-term rule based trading programs that Karsten and his team run to invest billions of dollars on behalf on a small group of institutional investors.
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In This Episode, You’ll Learn:
The founding story of Amplitude Capital
About the motivation source for choosing short term trading
The scientific processes guiding Amplitude’s perception of the markets
How Amplitude manages their in-house and outsourced business processes
Where the point of optimal capital under management is for Amplitude Capital
A bird’s eye view of their historical track record and their reaction to the market shift in 2009
On the effects of quantitative easing and other government interventions in market health
Model decay and how to best deal with it
The design structure of Amplitude Capital’s Programs
Market dynamics and where the Amplitude programs trade
Differing philosophies: market specific models vs. models for all markets
Comparing mean reversion models (counter trend models) vs. trend following models
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Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Rev…
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TTU14: “You’re going to make a lot of money doing this…” ft. Jerry Parker – 2of2
16 juli 2014 · 1 uur 8 min
Today we will continue our conversation with Jerry Parker the founder of Chesapeake Capital and widely known as the most successful Turtle ever. Lees meer
After wrapping up his position with Richard J. Dennis as a famous “Turtle,” he went on to start his own asset management firm, Chesapeake Capital Corporation.
In this episode we discuss the evolving CTA industry and the story of Chesapeake. It’s a powerful story from one of the most successful people in the industry. We really hope you enjoy it.
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In This Episode, You’ll Learn:
How the research and complexity of systems has a backwards effect to making money
Challenges with entering stock markets with CTA strategies
Why counting the trades and analyzing sample size is what most investors forget to ask when seeking fund managers
Where the CTA managers have failed investors
How Jerry Parker handles emotions during drawdowns
Why markets have changed so that longer term focus has proven more successful
Learn about the philosophy of “The Markets are the Heroes”
Important lessons from a long, successful career in the CTA industry
What is it that keeps investors from Turtle CTAs and choose larger financial organizations
Why we see a skewed distribution towards profitability of long side trades and short side trades
The key legacy traits left behind by the Turtles and if the experiment could be replicated now
Why Jerry Parker’s contribution to the CTA space will be that he sticks with the plan and be the last one going down with the trend following ship
Lessons for upcoming CTA managers from Jerry Parker
Debunking trading cliches like, “you never go broke taking a profit” and “exits are more important than entries”
Personal habits that have contributed to Jerry Parker’s success
How Jerry Parker would start if he were to start all over again
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Resources & Links Mention…
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TTU13: Lessons From the Most Successful Turtle of All-Time ft. Jerry Parker – 1of2
13 juli 2014 · 1 uur 7 min
Imagine you found an advertisement in the newspaper offering a position with a one sentence application process. Lees meer
Would you take it?
What if it was for a position where you would learn a proprietary trading system in which you would trade solely for owner of the firm?
What if that man was Richard Dennis?
Our next guest took that position in 1983 and it changed his life forever, for the better. He found himself with what was to become a famous title, a Turtle. He was given the opportunity to manage a million dollar account with specific rules to follow. Rules that he would learn to love and perfect.
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In This Episode, You’ll Learn:
About the Turtles and how the unique experiment grew into the Managed Futures/CTA Industry
How Wall Street Leaks inspired Jerry into understanding the industry
How Jerry encountered trend following for the first time
The One Sentence culture in Richard J. Dennis’s office
How to excel at unprecedented tests from leading traders
What it was like moving to Chicago to train as a Turtle
What the Turtle training was like and the mindset provided in the training
The most challenging thing about Trend Following when Jerry started with Richard Dennis
About the transition from Turtle Trading to starting his own organization, Chesapeake Capital in 1998
The evolution of Chesapeake’s strategy from day one after leaving Richard Dennis’s program
The early focus on diversification and adding new markets
Issues with trying to improve the original Richard Dennis
The shift in investor expectations with the growth of institutional investment organizations while operating on of the largest CTA firms in the industry
Why it’s best to take an optimal loss rather than a small loss
On the meaningfulness of track records and what else investors should be encouraged to explore when choosing an investment mana…
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TTU12: The Philosophy, Habits and Personal Traits Required to Excel in the Hedge Fund Industry ft. Mathias Bucher of AllMountainCapital – 2of2
10 juli 2014 · 47 min
Welcome back to Top Traders Unplugged. In this episode we continue our conversation with Dr. Mathias Bucher the Co-Founder of AllMountainCapital. Lees meer
In this episode we go deep in the philosophy, habits and personal traits required to excel in the hedge fund industry.
It’s a pleasure to have you here and we hope you enjoy the episode.
In This Episode, You’ll Learn:
About Stop Loss, Risk Management and overall Exit Strategies
How the current drawdown is effecting current testing and research at AllMountainCapital
How Mathias takes the stress of drawdowns and turns it into creative power
The research cycles in the program and the company as a whole at AllMountain
An example of a research idea developed and how it was implemented
Current research interests in business development and market positioning as a CTA
Why Dr. Mathias Bucher and Dr. Tilman Keese base their business in Wollerau rather than a major financial hub
The threats and challenges involved in growing a young CTA firm
Dr. Mathias Bucher’s perception on why the CTA industry excellence seems to be shifting to Europe
Learn about the concept of the Industrialization of the Global Financial System
The human traits needed to strive in the CTA industry
Resources & Links Mentioned in this Episode:
Larry Hite and ISAM
Watch another interview with Dr. Mathias Bucher on Opalesque TV
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE 👀 – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast.
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TTU11: Lessons From a Highly Educated Founder & Fund Manager ft. Mathias Bucher of AllMountainCapital – 1of2
7 juli 2014 · 46 min
Our next show provides you with the opportunity to learn from a highly educated founder and fund manager. Lees meer
He Studied Economics at the Luzon Universidad de Carlos III de Madrid. He went on to earn a PhD in Quantitative Finance in Evolutionary Finance at University of Zurich. Upon graduating he agreed to a research position with Zurich Capital Bank.
Horizon21 made an offer to have Mathias and his business partner Dr. Tilman Keese build a systematic trading program. In 2010 they left Horizon21 to go out as entrepreneurs with AllMountainCapital.
Please give a warm welcome to, Dr. Mathias Bucher.
In This Episode, You’ll Learn:
The story of founding AllMountainCapital and how much AUM they currently manage
How they outsource all non-core aspects of the business so they can focus on Research, Trading & Client services
On the changes in the CTA industry from 2007 to the presentWhy central bank actions are correlated with a drop in volatility since 2009
The nature of the AllMountain trading model and how it has coped during challenging times
About the Modules that make up the AllMountain trading program
Sectors and markets that AllMountain trade
How their different system works and why they use it the way they do
How they quantify trend strength in a market
Resources & Links Mentioned in this Episode:
Larry Hite and ISAM
Watch another interview with Dr. Mathias Bucher on Opalesque TV
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE 👀 – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast.
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TTU10: The Fairest Fee Structure in the Industry ft. Marty Bergin of DUNN Capital Management – 2of2
3 juli 2014 · 40 min
What are you going to do to differentiate yourself from everyone else in the industry? Lees meer
That’s the question Marty Bergin would ask the next guest on Top Traders Unplugged.
Welcome back for the second part of our interview with, Marty Bergin.
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In This Episode, You’ll Learn:
How trade decisions are generated and executed at DUNN Capital Management
The way Marty and DUNN manage the emotional challenges of trend following
Why many CTA firms are giving allocations to long equities and the results of that decision
How significant drawdowns help to make firms stronger
DUNN Capital Management’s approach to research
How DUNN Capital identifies and reacts to issues with external/strategic alliance situations
Portfolio development and decision-making at DUNN Capital
On the importance for personal ownership in a CTA firm
Learn about Michael Covel’s interview with Harry Markowitz
The importance (or lack of) of being located in a large financial hub
DUNN Capital’s investor focused fee structure
Why European CTA’s seem to be out growing the American firms
What does it take to become a great CTA in today’s environment
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Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Learn more about DUNN Capital
Copyright © 2026 – CMC AG – All Rights Reserved
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PLUS: Whenever you're ready... here are 3 ways I can help …
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TTU09: 40+ Years of Trading & Still Making NEW Highs ft. Marty Bergin of DUNN Capital Management – 1of2
29 juni 2014 · 40 min
Our next guest is a partner in a firm that has enjoyed 40+ years of trading success with a 35+ year continues track record of their WMA program. Lees meer
The track record of the organization, DUNN Capital Management, is world-class. The legendary Bill Dunn offered partnership to our next guest and he replied, “I’m happy with where I am.” Bill’s response will make you laugh.
Please enjoy my conversation with, Marty Bergin.
In This Episode, You’ll Learn:
The Story of DUNN Capital and the Evolution of the firm
How Marty began working with the firm and how he became a partner
The company culture of DUNN Capital and why it’s so important to their success
An overview of the DUNN WMA program
How the Value At Risk (VAR) approach separates DUNN Capital from other CTAs
Why DUNN Capital manages all tasks in-house
About the 40 year+ track record of DUNN Capital
The big research upgrades taking place in 2006
About the change to using two separate "Trend Following Models"
About the adaptive risk profile (ARP)
DUNN’s approach to diversification across sectors (for example; 23% in agriculture and 13% currency allocation)
Resources & Links Mentioned in this Episode:
Learn about DUNN Capital’s methodologies and awards.
Q&A with Bill Dunn
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
Learn more about DUNN Capital
IT’s TRUE 👀 – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast.
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TTU08: Key Traits to Success in the CTA Industry ft. Martin Estlander of Estlander & Partners – 2of2
26 juni 2014 · 49 min
Today we rejoin the conversation with Martin Estlander the Founder and CEO of Estlander & Partners. If you missed the first part, feel free to listen to it here. Lees meer
In this episode we explore the evolution of the CTA industry, the skills required to run a successful business and finally the fun, less known facts of Martin’s life outside of trading.
Welcome to the second part of our conversations with Martin Estlander.
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In This Episode, You’ll Learn:
The best rule of thumb to visualize risk in a traditional CTA portfolio
What Martin has learned from being in drawdowns and the difference between drawdowns before and after 2009
The effect of volatility in the markets and how this impact CTA performance
How Martin Estlander manages the emotional roller coaster
Research processes and research cycles at Estlander & Partners
How to identify and address systems that were working but now aren’t
The biggest challenge for Estlander & Partners going forward
What are investors not asking that they should be asking when choosing a CTA
Where the misunderstandings can happen for investors when trying to understand the CTA industry
How to become better at communicating with investors
Martin’s key traits to success in the CTA industry
Personal habits that have contributed to the success of Martin Estlander
How Martin manages failures and improves from them
The things Martin would do differently if he started over today
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Resources & Links Mentioned in this Episode:
Learn about Commodities Corporation, the company behind some of the all-time great traders
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to …
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TTU07: Inside Scandinavia’s Longest Running CTA Firm ft. Martin Estlander of Estlander & Partners – 1of2
22 juni 2014 · 50 min
Estlander & Partners – The Oldest CTA firm in Scandinavia and one of the Longest Running CTA firms in the World. Lees meer
Thank you for listening to my conversation with its founder Martin Estlander.
In This Episode, You’ll Learn:
How Martin got involved in the CTA Industry
The Evolution of Estlander & Partners and Where They are Today
Founding of an options trading business in Frankfurt in 1991
About the inspiring time in which he was part of the Commodities Corp. team until 1998 when Goldman Sachs came in and bought CC
About Jan Haraldsson’s Alpha Trend Program and how they recently opened the Program for external investors
The recreational activities that support Martin’s trading philosophy. Skiing, Tennis, Sailing and Meditation
An overview of the Main Programs Estlander & Partners run today – Alpha Trend, Freedom, Global Markets & Presto
The business organization of a modern day CTA firm – What is “in-house” and what is outsourced
How volatility is perceived in the Estlander & Partners portfolio
The structure of the Alpha Trend Program and why it is designed to trade 74 different instruments and how they mix together
How Alpha Trend’s pattern recognition differs from the traditional moving average crossover or price breakout
Whether Alpha Trend is Intra-day, End-of-Day… or both
What Alpha Trends’ models are designed to capture
How Alpha Trend manages stop loss and stop profits when entering a new market
Particularly important key performance drivers of Alpha Trend
The human intervention required to run the Alpha Trend model
How Martin Estlander defines risk
Achilles Risk and how Alpha Trend manages for it
Resources & Links Mentioned in this Episode:
Learn about Commodities Corporation, the company behind some of the all-time great traders
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
Follow Estlander & Partners Linkedin.
IT’s TRUE 👀 – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best…
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TTU06: Why Trend Following Systems Make Money Over Time ft. Tushar Chande – 2of2
12 juni 2014 · 41 min
We’re back with the second part of our conversation with the Head of Research at Rho Asset Management. In this episode we discuss the details of Managing Equity Curves, Trade Length in CTA systems and how Rho achieves to get the optimal position size when entering new trades. Lees meer
Thank you for visiting, now let’s continue the interview with Tushar Chande.
In This Episode, You’ll Learn:
How Rho creates for algorithms to decide the size of a new position
The difference between the models in terms of trade length
The trade frequency Rho Asset Management
About the design philosophy in creating the profile of its Altius Program
Discussing the research cycle and the research reviews
Major findings that led to the creation of the Altius Program
Why trend following systems make money over time
How the CTA strategies will overcome challenges in the future
The main thing investors should take away as a benefit of investing with CTAs
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE 👀 – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast.
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TTU05: What You Must Do To Survive In the CTA Business ft. Tushar Chande – 1of2
9 juni 2014 · 43 min
On today’s show I am talking to Tushar Chande, Co-Founder and Head of Research at Rho Asset Management. Tushar is also the author of a number of books on the topic of how to design rule based trading systems as well as having been actively trading these systems for more than 20 years. Lees meer
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- CLICK HERE
In This Episode, You’ll Learn:
Why the random nature of the markets attracted Tushar to develop systems for trading these markets
Background information on Rho Asset Management and it’s philosophy
How Tushar utilizes behaviors of discretionary traders to make estimates of conviction about their individual trades
How Rho has designed it’s Altius Program to offer meaningful protection when equity markets go down
What to be aware of when exploring an Asset Manager’s performance over a 20 year period
Offense/Defense Ratio, What it means and How to use it to Measure the quality of systems design
How Rho’s models have been designed in order to achieve the overall objective of the Program
What Trend Following Indicators are used for and why
Exploring the volatility of the equity curve
The input data needed to run the Altius Program, the time it takes and when they run the model
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Resources & Links Mentioned in this Episode:
Beyond Technical Analysis by Dr. Tushar Chande
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Cop…
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TTU04: What it Takes to Become a Great Trader ft. Mike Dever of Brandywine Asset Management – 2of2
5 juni 2014 · 44 min
In this episode we continue our conversation with the founder and CEO of Brandywine Asset Management and discuss the aspects of what makes his rule based asset management style so successful. Lees meer
Enjoy the second part of my conversation with, Mike Dever.
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- CLICK HERE
In This Episode, You’ll Learn:
Continuing the Conversation around why Trend Following can be more difficult
Describing Disparate Return Drivers
How Brandywine Assets Management actually implements the decisions of their trading model
Why Position Sizing and Risk Management Principles are Everything
How position sizes are managed across various Return Drivers
Why Sharpe Ratio is a meaningless measure on it’s own. It doesn’t give you any idea on predictability of returns.
The professional traders approach to the emotional challenges of drawdown.
Managing regulation challenges
The environment of marketing trend following strategies to investors
What it takes to become a great trader today
Who Mike started out aspiring to be like
If Mike has any personal habits that contribute to his success
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Resources & Links Mentioned in this Episode:
Jackass Investing by Mike Dever
Learn about Dick Donchian the Grandfather of Trend Following
Learn about Poul Tudor Jones of Robin Hood Foundation
Learn about John W. Henry
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the p…
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TTU03 How To Get Predictable Returns ft. Mike Dever of Brandywine Asset Management – 1of2
2 juni 2014 · 59 min
On today’s show I am talking to Mike Dever, the Founder and CEO of Brandywine Asset Management. Mike is a Divergent Thinking Systematic Investment Manager and Author of the best selling book “Jackass Investing”. Mike has been trading for almost 4 decades and shares a wealth of insight to how he has stayed successful and how his trading approach and research has stayed current in an ever changing financial landscape. Lees meer
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- CLICK HERE
In This Episode, You’ll Learn:
The Evolution of Mike’s Trading
How Mike almost got in to business with Richard Donchian
How they developed a systematic trading model in the 1980s
How Mike met and invested with Paul Tudor Jones, John W. Henry and was the first outside investor in Transtrend
How Mike went from being a discretionary trader to become fully systematic when launching the Benchmark Program, and Why
About the experience of running the Brandywine Benchmark Program in in the ‘90s
How Mike discovered the importance of Portfolio Allocation in the 1980s
The Story of Developing the Predictive Diversification Portfolio Allocation Model
The Entrepreneurial Storm that Kept Mike away from Trading and Brandywine for Years
The story of developing the Brandywine Symphony Program
How many people it takes to run a system with more than 1,000 strategy/market combinations
Exploring the track record of Brandywine Symphony Program
Why one should avoid making decisions based on single return drivers
5 Themes in Brandywine’s Asset Allocation Strategy: Fundamental, Sentiment, Event, Arbitrage and Alpha Hedge
How Marginal Cost of Production Works as a Return Driver
Are the strategies from the 1980’s just as effective today?
What is directional arbitrage?
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Resources & Links Mentioned in this Episode:
Jackass Investing by Mike Dever
Learn about Richard Donchian the Grandfather of Trend Following
Learn…
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TTU02: Why The Game of Picking Sectors is a Fool’s Errand ft. Jason Gerlach of Sunrise Capital Partners – 2of2
29 mei 2014 · 1 uur 3 min
Welcome back to our conversation with Jason Gerlach of Sunrise Capital Partners. Lees meer
In this interview we discuss the history of Sunrise Capital Partners, the current evolution in their financial product line and the inner workings of what it takes to make it as a successful trading organization in the ever changing market conditions.
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- CLICK HERE
In This Episode, You’ll Learn:
Exploring the design structure of the Sunrise Evolution program: Quadrant A, B, C and D and how they play together
Detailed examples of how trading models can be different.
How trade implementation works with complex systems like these
About the Volume of trading the Sunrise Capital does each day
Why the game of picking sectors is a fools errand
Strategies for dealing with the emotional weight of drawdowns
Sunrise Capital Management’s approach to research
The traits and what it takes to become a great CTA
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Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Follow Jason on LinkedIn.
Copyright © 2026 – 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 …
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TTU01: Are Research Ideas Overrated? ft. Jason Gerlach of Sunrise Capital Partners – 1of2
26 mei 2014 · 38 min
Sunrise Capital was the first CTA (Commodity Trading Advisor) ever. Lees meer
The company has evolved considerably since its inception in the 1970s.
Today on the show, Jason Gerlach, the Chief Executive Officer at Sunrise Capital joins us to discuss the history of the company and about the evolution of their trading strategy over nearly 4 decades. Sunrise has achieved astounding results over the lifetime of the company and Jason provides unique insights to the inner workings of Sunrise.
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In This Episode, You’ll Learn:
The story of Sunrise Capitals founding in the early 1970s
Rick Slaughter (Sunrise’s Chief Researcher) founded Commodity Monitors – the First Hedge Fund/CTA firm ever launched
Jack Forest (Sunrise Commodities) and Gary Davis (Cresta Commodities) – The doctors trading outside the hospital
How the three pioneers of the CTA/Commodity Trading Industry came together to form Sunrise Capital Partners in the mid 90’s
How Jason was brought on into the firm and developed a succession plan for the business
The unexpected story of how Jason “the Attorney” turned into Jason “the Systematic Trading Guy”
What Sunrise Capital Partners offer today?
How does one structure a CTA firm like Sunrise, what functions and how do you manage them?
The role of outsourcing in the day-to-day operations of Sunrise Capital Partners
What Sunrise discovered in the early 00’s which indicated to them a decay in long-term trend following and how they responded
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Resources & Links Mentioned in this Episode:
Download the article Niels mentioned: Fallacies to Avoid When Selecting a CTA
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten…