We’re joined today by Rob Carver to discuss how quant managers compared to discretionary managers in 2020, Winton Capital’s underperformance and resulting loss of AUM, the pressure for successful Trend Following firms to expand into different investment styles, why March & December 2020 were generally the best for Trend Followers despite being so different, how a portfolio combining a few historically successful Trend Following firms has proven to be a very potent investment strategy, navigating negative interest rate environments, how to look at Sharpe Ratios effectively, and how to calculate the ‘Serenity Ratio’ of various strategies.
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Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website).
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And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here).
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Send your questions to info@toptradersunplugged.com
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Follow Rob on https://my.captivate.fm/@InvestingIdiocy (Twitter).
Episode TimeStamps: 
00:00 – Intro
03:07 – Macro recap from Niels
03:59 – Weekly review of performance
47:20 – Q1; Michael: How many truly diversifying instruments are there, globally?
54:42 – Q2; Bruno: As a futures trader, how do you recommend I manage the cash part of my portfolio?
01:02:30 – Q3; Kyle: What are your thoughts on scaling in and out of positions?
01:08:46 – Q4; Craig: How can Trend Following take advantage of a ‘risk aversion’ environment?
01:14:37 – Benchmark performance update
01:08:45 – Recommended listening or reading this week: https://www.bloomberg.com/opinion/authors/ARbTQlRLRjE/matthew-s-levine (Matt Levine’s articles Bloomberg), https://www.theringer.com/2020/12/16/22177716/gamblers-podcast-joey-fortuna-sports-betting-college-football (The RInger Podcast: ‘Gamblers’) & https://www.bbc.co.uk/programmes/m000py6s (Tim Harford’s Cautionary Tales Podcast on the COVID Vaccine)
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