How different ways of choosing trend following programs have performed over time Data through July 2026. Edition date 27 September 2026. The study uses reported returns for programs classified in NilssonHedge as Type CTA, Style Systematic and Strategy Trend Following....
The River That Was Not on the Map How weak mortgages became highly rated securities, and why the losses spread far beyond the homes on which the loans were made. United States, 2006. A mortgage lender approves a loan that...
The leaderboard turned over. Most of the trends beneath it held. This was a week that looked like rotation on the performance board and persistence underneath it. Soft Commodities and Meats, the two weakest sectors a week ago, finished first...
Persistence Returns July gave trend followers plenty of movement, then took away the trends. August gave them something more useful: moves that lasted. All three major trend benchmarks finished higher after two consecutive negative months. The TTU Trend Following Index...
The Genius and the Abyss How Long-Term Capital Management turned small pricing gaps into extraordinary returns, and discovered that being right about value is not the same as surviving the journey. Greenwich, Connecticut, 1994. John Meriwether is building a hedge...
Introduction Systematic trend following performance in August 2026 returned to positive territory. The benchmark gained +3.02 percent, reversing the back-to-back losses of June and July and lifting the benchmark equity curve to a new high on its five-year VAMI. The...
The Trends That Finally Held July gave trend followers plenty of movement, but little that lasted. August changed the result. After two consecutive losing months, all seven indexes finished positive. Classic Trend led at +5.3%, followed closely by IASG TF...
The Formula That Ate the Market How Black, Scholes and Merton transformed option pricing, and what happened when an elegant model met a market that could move beneath it. Chicago, 1973. A new exchange opens for business with standardised options...
Listen to the full episode: Why Markets Are More Alive Than We Think ft. Richard Brennan Niels and I began this conversation in a crowded bar in Santa Fe. Not literally. The bar was El Farol, famous locally for its...
More markets rose. Fewer trends persisted. This was a week in which the performance board and the trend environment told very different stories. Eighteen of 49 contracts finished higher, up from just 14 a week ago. Yet the TTU Trend...
