OI19: The Trader Who Never Spoke...Until Now ft. David Druz
Top Traders Unplugged
Why Tactical Closed: Key Staff Retirements
Dave reveals Tactical closed in 2023 because two key long-time employees retired simultaneously, prompting an orderly wind-down.
Dave Druz has never told his story... not like this, not anywhere. For over 40 years, he traded quietly, systematically, and on his own terms. No marketing, no headlines, no need to explain. Until now. In this unique conversation with Moritz Seibert, Dave - Ed Seykota’s first apprentice - shares how he built his approach, why he never identified as a trend follower, and what matters when your edge comes from standing opposite commercial hedgers. He explains why portfolio construction outranks entries, why volatility is the price of real risk, and why staying small was a choice, not a limitation. From medicine to markets, from apprenticeship to independence, this isn’t just how he traded - it’s why he stayed silent, and why he’s speaking now.
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Episode TimeStamps:
02:11 - Introduction to Dave Druz
13:50 - Druz' time in the Commodities Corporation
19:14 - How did Druz discover trend following?
23:57 - The core philosophy behind Druz' trend following strategy
28:08 - Who wins and loses in the markets?
37:37 - Determining hedging flows in commodity markets
41:03 - Managing money in trend following
43:40 - How does Druz size a position and get out of it?
45:16 - Coping with a high level of volatility
50:23 - Mitigate drawdown or take the ride?
55:20 - Put your affection on portfolio selection
58:19 - Mastering systems
59:50 - Druz' approach to market selection
01:08:33 - Sizing signals optimally
01:12:43 - A new way of running an investing business
01:19:24 - Creating a personalized portfolio with an edge
01:28:36 - Why Tactical is no longer a business
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