Trend following works because people are slow to adapt. Markets trend because humans herd.

behavioral-financemarketsInvestor conference, 2015

We made money in 2008, in COVID, and in 2022. When the world panics, our models are positioned correctly. That's the whole point.

crisis-alphaportfolio-protectionInvestor letter, 2022

I don't predict. I react. The models follow the data, not my opinions.

disciplinehumilityIndustry event, 2018

George Soros used intuition to trade macro. We systematized that intuition. Both approaches work. Ours scales better.

macroscalingConference talk, 2020

Position sizing is the most underrated skill in investing. It's not what you own — it's how much.

disciplineposition-sizingInterview, 2017