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Trend Followers Want Consistent Returns
Central banks were very much in command of the narrative that led at least in the most liquid developed financial markets to constrain prices. That's what trend point doesn't like. Then you get an event like COVID happening and all of a sudden the characteristics have changed. Instead of central banks controlling the markets, it's really data and the markets that are controlling central bank action. The ramifications of that and difficult to predict but what you get is a system where pressure starts to build up. It may cause prices to move in one part of the ecosystem and then all of a suddenly another part of thecosystem.That is where trend following tends to do well.