Top Traders Unplugged19 Kesä 2024

OI08: Trend Following...Austrian Style ft. Michael Neubauer & Joseph Waldstein from SMN

In this episode, Moritz Seibert speaks with Michael Neubauer and Joseph Waldstein from SMN Investment Services, a Vienna, Austria-based systematic trend following manager with a 28-year track record. Michael and Joseph explain how they initially got interested in trend following and how their systems have evolved over the years. Moreover, the discuss why trading many different markets – as many as possible – is important for their approach, and that the inclusion of synthetic markets such as spreads and baskets as well as less liquid exotic/alternative markets improves SMN’s risk-adjusted returns. Last but not least, Michael and Joseph explain why they trade VIX futures and why this is a market they trade with a different methodology given the mean-reversion pattern of variance, and how they are monitoring this market – and potentially exiting open positions - on an hourly basis.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

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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

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Episode TimeStamps:

02:18 - Introduction to Michael Neubauer and Joseph Waldstein

05:52 - How did they learn about trend following?

14:18 - The perfect match?

15:12 - What drove their decision to discretionary overlays?

16:52 - What is causing dispersion in the trend following space?

19:32 - The dangers of overoptimization

23:00 - What are their definition of risk?

27:20 - Are more markets better?

33:21 - Their research process

37:18 - What is their smallest and least liquid market they trade?

39:01 - How they use synthetic markets in their trading

41:20 - Their considerations about cash equities

43:30 - Why are they trading the VIX index?

46:36 - What is the outlook for trend following?

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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

Disclaimer

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Jaksot(929)

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