SI404: When Trend Following Meets Equities ft. Eric Crittenden & Andrew Beer
transcript
show notes
Trend following has long promised and delivered diversification, crisis protection and uncorrelated returns. Yet many investors still struggle to hold it through difficult periods. In this conversation, Andrew Beer and Eric Crittenden explore why that gap exists and how combining trend following with equities may create a more durable portfolio. Together with Niels Kaastrup-Larsen discuss the rise of managed futures ETFs, the debate between simplicity and complexity in systematic investing, and why algorithmic discipline allows investors to act when intuition fails. The episode also examines portfolio construction, product design and the evolving role of alternatives in a changing investment landscape.
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Episode TimeStamps:
00:00 - Introduction to the Systematic Investor series and the week's guests
02:19 - Eric reflects on recent market trends and challenging periods for trend followers
03:15 - Andrew shares optimism about AI, innovation and technological progress
06:25 - Elon Musk, SpaceX and the future of technological disruption
09:22 - The evolution of managed futures ETFs and the growing demand for alternative strategies
15:58 - How ETF liquidity works and why portfolio construction matters
19:40 - The case for combining equities and trend following into one portfolio
21:37 - Eric explains the philosophy behind his multi asset approach
31:15 - Product design, allocator behavior and why diversification often fails in practice
40:44 - Simplicity versus complexity in systematic investing
46:58 - Why elegant models often fail in real world markets
57:05 - Sharpe ratios, diversification and combining multiple return streams
59:52 - Andrew introduces the idea of Contrarian Tactical Alpha
01:02:55 - Eric on algorithmic discipline and why trends are uncomfortable to follow
01:05:26 - Final thoughts on trend following, risk management and portfolio construction
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