TTU153: Why Investors Keep Getting Trend Following Wrong ft. Patrick Welton
Show notes
Niels Kaastrup-Larsen and Alan Dunne are joined by Welton Investment Corporation founder Patrick Welton to explore what four decades in markets have taught him about trading, risk and managing other people’s money. Pat shares lessons from his encounters with Paul Tudor Jones and John Henry before explaining why taking outside capital fundamentally changes a manager’s responsibility. They discuss the real sources of trend following returns, why managers can damage their edge by listening too closely to clients, and whether replication and multi-strategy funds have changed the landscape. They also explore capacity, changing market regimes and why investor behavior may ultimately matter more than finding the perfect strategy.
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