The Wonderfulness of Trend Following

The decade from around 2009 to 2019, you know, what was described as the CTA winter or the lost decade, etc., etc., I think a lot of people as we were heading into 2018, 2019 returns weren't that strong. Basically came to the conclusion that this is the new normal. Trend following doesn't work as leads at least not as well as it used to do. So we shouldn't expect great profits from this. That is my conviction. They show something visually in the paper that suggests the same, even though we don't have much future data, of course. And I think if people can internalize this, then people should almost completely reverse the way they think about

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