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Bestselling author Michael Covel is the host of Trend Following Radio with 15+ million listens. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trading -- all passionately explored and debated. Guests include Nobel Prize winners: Robert Aumann, Angus Deaton, Daniel Kahneman, Oliver Hart, Harry Markowitz & Vernon Smith. More guests: Jack Canfield, Howard Marks, James Altucher, Dan Ariely, Jean-Philippe Bouchaud, Kathleen Eisenhardt, Marc Faber, Tim Ferriss, Jason Fried, Gerd Gigerenzer, Larry Hite, Sally Hogshead, Ryan Holiday, Jack Horner, Ewan Kirk, Steven Kotler, Michael Mauboussin, Tucker Max, Barry Ritholtz, Jim Rogers, Jack Schwager, Ed Seykota, Philip Tetlock & Walter Williams. 1200+ episodes.

Oct 20, 2014

My guest today is Anthony Todd, the CEO of Aspect Capital, one of the most successful managed futures trend following firms. Todd co-founded Aspect in September 1997. Before that, he was with AHL.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • Why prices aren’t random
  • Finding an inefficiency that the academic financial community refuses to acknowledge
  • The idea of “predictable” patterns in the market
  • The desire to know static positions
  • How crowd behavior drives trends
  • Addressing misconceptions
  • Using fundamentals in a systematic way
  • Defining Todd’s medium-term style of trend following
  • Why “it’s less about the genius of the trade and more about the repeatability of the approach”
  • How long you can be in a particular market before you give up on it
  • Client understanding of trend following drawdowns
  • The phraseology of “crisis alpha”
  • The culture that Todd has built at Aspect
  • Todd’s advice to young entrepreneurs.

Jump in!


I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here:

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