Markets in Motion
The framework is permanent. The evidence keeps arriving.
The evergreen work on ATS explains the framework. Reports and conversations show that framework encountering markets, time and other practitioners.
Here the emphasis changes. The question is no longer only what systematic trading should look like in principle. It is what markets are actually doing, how trend-following programmes are responding, and what experienced practitioners notice when the theory meets the path.
This is the living side of ATS.
These pages are observations, not forecasts. The purpose is not to tell the reader what markets will do next. It is to document what they are doing, how systematic strategies are responding, and what can be learned as the path unfolds.
This Week in Trend
What is the trend-following environment actually doing now?
This Week in Trend is the regular field report. It follows the changing structure of global futures markets through trend strength, breadth, sector behaviour, reversals and the relationship between the market environment and realised trend-following returns.
The series deliberately separates observation from prediction. A strengthening trend environment does not guarantee immediate profitability, just as a weak environment does not imply that every existing trend has disappeared. The useful information is in how the structure changes through time.
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This Week in Trend Archive
All weekly editions gathered in one place, allowing the changing market environment to be followed as a continuous sequence rather than a collection of isolated observations.
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All ATS Reports
The wider report archive, including weekly market observations, monthly Classic Trend work and comparative trend-following reports.
Classic Trend & Benchmarking
How does a systematic trend programme behave across different market environments?
Weekly observations show the market environment in motion. The monthly reports provide the longer record.
These reports follow performance, drawdowns, breadth, sector contribution and comparative trend-following behaviour through time. The purpose is not to judge a programme by a single month. It is to observe how the strategy behaves across a sequence of very different conditions.
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ATS Classic Trend Report
The complete monthly archive of the ATS Classic Trend reports, following portfolio performance and the market conditions through which that performance was produced.
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Battle of the Trend Following Indexes
The recurring monthly comparison of different trend-following constructions and how they behave when exposed to the same changing market environment.
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Monthly CTA Trend Following Report
The recurring monthly CTA trend-following report associated with Top Traders Unplugged, following managed-futures performance and the changing trend environment through time.
Practitioner Conversations
What changes when the framework is tested against the experience of people who actually run systematic money?
Research gives us evidence. Practice gives us machinery. Conversations provide something else: judgement formed through repeated exposure to uncertainty.
ATS brings together discussions with systematic managers, researchers and practitioners about portfolio construction, trend following, uncertainty, drawdowns, implementation and the difficult distinction between knowing the principles and living through them.
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Podcast Archive
The complete ATS collection of practitioner conversations and podcast appearances.
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Turtle Talk
The complete monthly Turtle Talk series, featuring long-form conversations with experienced systematic traders and managers about how robust processes are actually built and lived with.
Top Traders Unplugged
What can be learned when practitioners with different implementations argue from common first principles?
The ATS archive contains years of conversations through Top Traders Unplugged and The Systematic Investor. The guests, questions and market environments change, but several themes recur: diversification, robustness, uncertainty, behaviour, portfolio construction and the limits of prediction.
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The Systematic Investor Series
The archive of Richard Brennan's recurring appearances on the Top Traders Unplugged Systematic Investor series, covering trend following, diversification, uncertainty, portfolio construction and systematic investing through changing market environments.
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Top Traders Unplugged Miniseries
The wider interview series with systematic managers and investment practitioners, gathered through the permanent miniseries archive rather than individual guest pages.
Videos & Presentations
What changes when the ideas are explained visually rather than on the page?
Some subjects are easier to explore through a presentation, interview, chart or visual demonstration. The ATS video archive gathers these less formal routes into the work.
It includes presentations, recorded discussions, visual explanations and other material that sits naturally alongside the written reports and practitioner conversations.
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Videos & Presentations Archive
The complete ATS video category, including presentations, visual demonstrations, interviews and miscellaneous recorded material.
The Historical Record
Why preserve reports whose market calls are already in the past?
Because hindsight changes the story.
An old report records what was visible at the time, before the eventual winner, reversal or crisis became obvious. Read sequentially, the archive becomes a record of uncertainty as it was actually experienced.
That makes historical reporting useful for a different reason than current reporting. It lets the reader compare what eventually happened with what could reasonably have been known beforehand.
The archive preserves the path. Use Reports for the historical market record, Podcasts for the accompanying practitioner record, and Videos & Presentations for the visual archive.
Explore the Complete Archive
The paths above are curated entrances. They are designed to help a reader find the strongest and most relevant material without having to search chronologically.
When you already know what you are looking for, or want to range across reports, podcasts, videos, research, series and articles, use The Vault.
Search the full ATS archive: Enter The Vault →
The permanent framework tells us how to think about uncertainty. The reports and conversations preserve what it feels like to meet that uncertainty one market, one month and one decision at a time.
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