Why Process Matters — A Conversation That Reframes Trend Following

In our world of lumpy returns, whipsaws, and long dry spells, it’s easy to forget why we choose the path of trend following. But in this special episode of the Systematic Investor Series, I sat down with Niels Kaastrup-Larsen to talk about something far deeper than models, markets, or Sharpe ratios. We talked about why process matters—and how our method is rooted in something far more profound than short-term outperformance.

We started with trend following, moved through complex adaptive systems, and landed in the realm of superdeterminism—a view of the universe where randomness vanishes, coherence reigns, and embedded agents (that’s us!) navigate with limited perspective and deep humility.

In this conversation, I share why trend following aligns so perfectly with the structure of the world:

• Why we trade without prediction

• Why process is our anchor in an unfolding, uncertain system

• Why randomness may be an illusion caused by limited vantage

• And why this whole journey isn’t about beating the market—it’s about aligning with it

If you’re a trend follower—or even if you’re still finding your footing in this wild, whipsawing world—I encourage you to give this episode a listen. It might just remind you why we do what we do, and why the real edge comes not from knowing the future, but from respecting the structure of unfolding process.

Listen here: 

Process matters. Not just for trading—but for life.

Listen to the Market

PS: Stay tuned for the release of this book later this year.