TTU11: Lessons From a Highly Educated Founder & Fund Manager ft. Mathias Bucher of AllMountainCapital – 1of2

How do you avoid overfitting, how loose is too loose in terms of loose pants and how should you approach sample sizes when designing your trading systems? What are complex adaptive systems, how do they apply to financial markets and why does regular math just not cut it? How does trend following differ from other strategies, what makes trend following so robust and what are the limitations for traditional statistics? Join us for this fascinating conversation with Richard Brennan.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----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.comAnd 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 Rich on Twitter.Episode TimeStamps:01:04 - What has been on our radar recently?03:08 - Industry performance update08:21 - Q1, Adam: In terms of loose pants, how loose is too loose?13:36 - Trading with different models15:42 - Adam Q2: What is a reasonable sample size in real trade observations, to compare against backtest statistics?18:23 - A deep dive into complex adaptive systems (CAS)20:29 - The 5 properties of CAS25:24 - Examples of non-linearty in financial markets30:50 - Emerging properties in financial markets33:59 - Self organization36:33 - Adaption and evolution40:10 - Feedback loops43:11 - What does CAS and trend following have in common?49:38 - The limitations of traditional statistics01:01:14 - Summing it all up01:04:48 - What's next?Copyright © 2025 –...

9 Dec 20231h 7min

David Kelly, Chief Global Strategist at J.P. Morgan joins Alan Dunne in this episode for a big picture perspective on the outlook for the global economy and the implications for asset allocation. We discuss why David is upbeat on the outlook for the US economy with a key part of his optimism resting on the fact that no individual sectors appears stretched or out of balance, which is normally the case prior to a recession. The recent rise in bond yields has been a key focus in markets – we discuss what has driven this and why David is optimistic on the outlook for inflation and bonds looking ahead. We also discuss asset allocation more broadly, the outlook for the 60-40 portfolio and the longer term themes (such as the investment implications of climate change and the shift to more active industrial policy) which are addressed in JP Morgan Asset Management’s recent Long Term Capital Markets Assumptions publication. -----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----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.comAnd 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 Alan on Twitter.Follow David on LinkedIn.Episode TimeStamps: 02:42 - Introduction to David Kelly05:44 - What has become of the recession?08:38 - Are we missing an accident?11:09 - Why is the saving rate in the U.S. so low?13:29 - Is this cycle unusual compared to the past?14:52 - Are central bankers becoming arrogant?17:15 - What happened to the bond market?19:31 - High debt and high...

6 Dec 20231h 2min

Today, we are joined by Andrew Beer, who helps us uncover why managed futures have been struggling in 2023 and and what makes this year so different from 2022. We discuss the history of replication strategies all the way back to its origins and the intricacies of Andrew’s own replication strategy, and how disruptions have change the asset management industry and if the replicators are now facing their own competition from more pure CTA ETF offerings. We debate if Managed Futures have been "commoditized" and how the 60/40 portfolio is making a comeback this year and if 2022 was just a "fluke".-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----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.comAnd 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 Andrew on Twitter.Episode TimeStamps: 01:35 - What has caught our attention recently?04:04 - Industry performance update08:08 - How bad 2023 is for managed futures?13:19 - A turn away from trend?18:29 - Timeframe and lookback in CTA replication27:02 - The details of Andrew's trading approach33:01 - How increased competition impacts Andrew's trading41:31 - How low can you go, when it comes to fees?48:17 - The great underestimated risk51:30 - What drives asset flows?01:00:04 - Is 60/40 back on track?01:07:13 - Just look at the AUM01:11:15 - Thanks for listeningCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment...

2 Dec 20231h 14min

Anant Jatia, the founder and CEO of Greenland Investment Management, joins Moritz Seibert for a commodities-focused conversation. In this episode, Anant explains how Greenland developed from currency market making to what today is predominantly an HFT-driven commodities arbitrage fund. Anant has a detailed understanding of the workings of physical commodity markets and focuses Greenland’s trades on location and substitution arbitrage trades. Moritz and Anant discuss several exemplary trades in detail, including sizing and portfolio implementation, and focus on the tail exposures which could materialize while the trade is active. This is a detailed and somewhat technical episode and a must-listen for anyone interested in commodities arbitrage trading.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----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.comAnd 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 Moritz on Twitter.Follow Anant on LinkedInEpisode TimeStamps: 02:09 - Introduction to Anant Jatia06:39 - Anant's experience from working at AQR08:46 - How did Anant's firm evolve over time?10:44 - How difficult is High-Frequency Trading?14:33 - What is their current trading strategy?17:07 - An example of one of their trades21:17 - Staying away from the physical side23:33 - Tracking the market and executing trades27:18 - Managing the cost of trades29:58 - How did they get through the Covid19...

29 Nov 20231h 1min

Today, Mark Rzepczynski and I dissect the macro rally we are experiencing at the moment. We discuss why we are seeing an increasing attention to what CTAs are doing, how survey data regarding the economy confuses investors and markets, and we address some of the most common questions that investors ask in meetings at the moment. Additionally, we discuss how explanatory depth can be applied to trend following, why it is critical to master your attention and speed of adjustment and we wrap up debating how much slippage a trend follower should expect and if slippage can be turned into a new source of alpha.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----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.comAnd 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 Mark on Twitter.Episode TimeStamps:01:21 - What has caught Mark's attention recently?02:20 - Industry performance update04:51 - What is going on in the markets?09:01 - Reverse engineering the CTAs11:45 - Confusion in the markets14:38 - Are we being lied to about inflation?20:24 - Mixed signals22:14 - What are investors asking in meetings at the moment?25:33 - Modeling with personality32:25 - Losers create diversification36:13 - Things that are often being forgotten38:15 - Narratives and explanatory depth47:04 - Are short-term models better than longer-term models?50:34 - Does new = better?56:42 - Getting the backtest and transactions costs right59:31 -...

25 Nov 20231h 8min

Dario Perkins joins Alan Dunne in this episode for an insightful and thought-provoking discussion on the global economic outlook. Dario outlines how many economists and strategists misdiagnosed the global economy coming into 2023 by assuming it was in a typical business cycle which was not the case. The conversation delves into the subtle structural shifts which are underway in the global economy including a shift higher in inflation with 2% now a floor whereas previously it was a ceiling, the shift towards more active industrial policy and the politically driven changing super cycle away from neoliberalism. What this points to is greater volatility in inflation, a secular bear market in bonds, a more positive outlook for value versus growth and a shift in the bond equity correlation as stagflationary episodes are more frequent.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----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.comAnd 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 Cem on Twitter.Follow Dario on Twitter.Episode TimeStamps: 02:29 - Introduction to Dario Perkins07:18 - Why is this cycle so different?12:27 - Where are we now?17:40 - Have we seen the full extent of the cycle?23:16 - How is Europe vulnerable to the tightening from ECB?26:37 - A sticky inflation28:35 - Why have we seen a big jump in bond yields?32:52 - A concern for real-estate?38:03 - What is the next decade going to look like?46:21 - Are central bankers...

22 Nov 20231h 4min

Today, we are joined by Alan Dunne for a wide ranging conversation, covering pressing global macro issues, the latest trend following research, JP Morgan's outlook for the 60/40 portfolio, following a week dominated by the release of the CPI numbers. We discuss how and why Ray Dalio believes the hot war between the US and China is changing and why the US is seeing an unusually low savings rate at the moment and why Alan believes there are plenty of possibilities in the non-trend space. We also discuss the benefits that trend following can add to your portfolio, how Blackstone is boosting the leverage in one of its Credit Funds...and if this seems like a good idea and much more.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----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.comAnd 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 Alan on Twitter.Episode TimeStamps:01:08 - What has been on our radar recently?09:44 - Industry performance update15:33 - A new war in sight?21:17 - News about the US savings rate23:54 - A positive outlook for productivity?30:13 - CFM paper on the benefit of non-trend strategies41:57 - J.P. Morgan paper on the outlook of the 60/40 portfolio50:28 - Quantica paper on trend vs global tactical asset allocation58:12 - FT article on Blackstone borrowing to boost lending power01:03:35 - Thanks for listeningCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key...

18 Nov 20231h 5min

Maia Mathieson and Faheem Osman, both Managing Directors at Macquarie Bank in London speak with Moritz Seibert about the bank’s growing Quantitative Investment Strategies (QIS) business and how their rules-based indices can help investors to efficiently access various risk premium strategies across asset classes. Maia and Faheem explain the key return drivers behind their commodity-focused strategies, for example curve carry and congestion, and explain why they believe these to be structurally sustainable. We also discuss their client base and how the Macquarie QIS team focuses on designing robust indices that are not curve-fit to historical data. -----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----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.comAnd 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 Moritz on Twitter.Follow Maia on LinkedInFollow Faheem on LinkedIn.Episode TimeStamps: 02:22 - Introduction to Maia & Faheem08:48 - What are the most popular return drivers?11:35 - What is driving carry trading?15:10 - When does carry trading stop working?17:23 - Combing strategies for more diversification20:26 - Why does the volatility carry factor exist in the commodity space?22:52 - How do they have an advantage over their competitors?24:40 - What is their core client...

15 Nov 202356min