Trend Following, 5th Edition

13 Martin Lueck

Martin Lueck co-founded Aspect Capital in September 1997. Lueck oversees the research team, which is responsible for generating and analyzing fundamental research hypotheses for development of all Aspect’s Investment programs. Prior to founding Aspect, Lueck was with Adam, Harding and Lueck Limited (AHL), which he co-founded in February 1987 with Michael Adam and David Harding. Man Group plc completed the purchase of AHL in 1994. Lueck holds an MA in Physics from Oxford University.¹

Michael:

I’m thinking of all the assorted conferences that I’ve been at and I was wondering if we have crossed paths [in person].

Martin:

The one I remember seeing you at . . . there’s a picture of it on your website. You had Larry Hite and Ed Seykota [on stage in Chicago].

Martin:

You had him on stage with . . . it wasn’t a ukulele . . . he got out his banjo.

Michael:

Yes, “The Whipsaw Song.” You were in the audience for that?

Martin:

I was in the audience for that.

Michael:

That was probably an interesting audience. When you’re on stage for one of those things you’re in your own little world 
and you don’t realize that’s a pretty interesting audience [all trend followers at an annual event] at that moment in time.

The burnt customer certainly prefers to believe that he has been robbed rather than that he has been a fool on the advice 
of fools.²

Fred Schwed 
Where Are the Customers’ Yachts?

Martin:

Exactly. It’s voyeuristic because you guys are having so much fun and you ...