Artwork for podcast Top Traders Unplugged
SI122: Quant vs Discretionary Investing ft. Robert Carver
10th January 2021 • Top Traders Unplugged • Niels Kaastrup-Larsen
00:00:00 01:21:39

Share Episode


We’re joined today by Rob Carver to discuss how quant managers compared to discretionary managers in 2020, Winton Capital’s underperformance and resulting loss of AUM, the pressure for successful Trend Following firms to expand into different investment styles, why March & December 2020 were generally the best for Trend Followers despite being so different, how a portfolio combining a few historically successful Trend Following firms has proven to be a very potent investment strategy, navigating negative interest rate environments, how to look at Sharpe Ratios effectively, and how to calculate the ‘Serenity Ratio’ of various strategies.



Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.

IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.

And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.

Learn more about the Trend Barometer here.

Send your questions to

And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.

Follow Rob on Twitter.

Episode TimeStamps: 

00:00 – Intro

03:07 – Macro recap from Niels

03:59 – Weekly review of performance

47:20 – Q1; Michael: How many truly diversifying instruments are there, globally?

54:42 – Q2; Bruno: As a futures trader, how do you recommend I manage the cash part of my portfolio?

01:02:30 – Q3; Kyle: What are your thoughts on scaling in and out of positions?

01:08:46 – Q4; Craig: How can Trend Following take advantage of a ‘risk aversion’ environment?

01:14:37 – Benchmark performance update

01:08:45 – Recommended listening or reading this week: Matt Levine’s articles Bloomberg, The RInger Podcast: ‘Gamblers’ & Tim Harford’s Cautionary Tales Podcast on the COVID Vaccine

Copyright © 2022 – CMC AG – All Rights Reserved


PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:

1. eBooks that cover key topics that you need to know about

In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

2. Daily Trend Barometer and Market Score

One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

3. Other Resources that can help you

And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

Privacy Policy