Trend Following, 5th Edition

16 Alex Greyserman

Alex Greyserman is a member of the ISAM Systematic Trend Investment Committee. He has worked with Larry Hite since 1989, initially as research director at Mint Investment Management Co. (“Mint”), responsible for research and development of trading strategies and overall portfolio risk management. Greyserman co-authored, Trend Following with Managed Futures: The Search for Crisis Alpha.”¹

I don’t care what town you’re born in, what city, what country. If you’re a child, you are curious about your environment. You’re overturning rocks. You’re plucking leaves off of trees and petals off of flowers, looking inside, and you’re doing things that create disorder in the lives of the adults around you.

Neil deGrasse Tyson

Alex:

Are you are still [living] in God knows what country?

Michael:

Oh, I love it! Yes, well let’s just leave it like that. That keeps the audience guessing . . . “God knows what country.” We’ll circle back to that on the end maybe!

Let me jump right to the heart of the matter. When I last talked to you and Larry Hite we were right in the middle of the weekly parade of 26-year-old Financial Times reporters writing about trend following as dead. And then something funny happened along the way to the parade. Even in a zero interest rate environment, in a relatively low volatility environment, all of a sudden you and your peers started to make quite a bit of trend following money.

I know we don’t want this to sound like an infomercial, but it’s ...