It was our great privilege to welcome Mark Rzepczynski this week. Mark has over 25 years of experience in financial markets, is a former finance professor and writes frequently about global markets and quantitative investing. Our conversation covered:

His early years, ‘forged in the chaos of the trading pits’
Pursuing a PhD and recognizing a career in research was not for him
Working for John Henry – an apprenticeship in trend following
Finding one’s comparative advantage and sticking to it
Why trend following had a bad reputation when the Efficient Market Hypothesis (EMH) was still regarded as the law of the land
Trend following as the first derivative of the EMH
Understanding how markets actually behave, as opposed to how they should
Prices are primal
Uncertainty as the gap between what you don’t know and what you should know
The interplay between price action and narrative
Specialists can be tremendously myopic, while trend followers seek to be the ultimate, rules-based generalists
Black Box vs Glass Box
Trend following as a signal to noise problem
The dirty secret of trend-following – when most of the money is actually made
And much more

This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.

*ReSolve Global Inc. refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

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