This Real Vision conversation brings together two practitioners who share a deep commitment to systematic trend following but arrive at it from very different backgrounds. Moritz Seibert co-founded Takahe Capital after a career spanning HSBC derivatives, RBS structured products, and the CEO and CIO role at Munich Re Investment Partners. Richard Brennan developed the Outlier Hunter framework from a base in complexity science, ensemble system design, and the intellectual heritage of the original Turtle Traders.
The conversation goes into the weeds of trend following in a way that reflects both men’s preference for precision over platitude. Where is the actual edge? Is it in the signal, the risk management, the diversification, or the discipline to execute without deviation? The honest answer touches all four, but the conversation explores how they interact. A good signal with poor risk management will destroy the edge. Good risk management with an inadequate market universe will cap the upside. Discipline is necessary to keep all of it intact across the cycles of performance that every genuine trend following approach will produce.
Seibert brings the perspective of a manager running institutional capital under institutional constraints, including the ESG mandates that led him eventually to found Takahe. Brennan brings the research-intensive perspective of a practitioner who has spent years building the theoretical scaffolding to explain why the edge exists and persists. Together the conversation is one of the more substantive discussions of trend following as a structural phenomenon rather than a trading style.
Click on the link to listen to the podcast.
https://www.realvision.com/o0zgpeu3zd