Surprise, Surprise, Surprise

Whether sunny orbleak, convictionsabout the futuresatisfy the hungerfor certainty.We want to believe.And so we do.1

Earlier in the chapter “Systematic Trend Following,” I included a small excerpt from CNBC’s Erin Burnett interviewing trend following trader David Harding a few years back. On April 8, 2011, CNBC anchor Joe Kernen interviewed Harding as well. At the time of that interview, Harding’s firm Winton Capital was managing $21 billion dollars in assets for clients via trend following strategies. Now that you have read Trend Commandments, consider Kernen’s interview and my questions that follow.

Kernen started the interview reading from a piece of paper that described Harding as a systematic trend follower who ...

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