"Those positions that feel uncomfortable are often the ones that are the ones that will deliver for you over time but that's a feature of trend following that you have to have. The point of of of of trend following that it is uncomfortable."
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"It might have been better to scale back a position/take profits but if you did that it would take out a chunk of the return that you get in trend following so it's a feature of the trend followings return profile that makes it behaviorally challenging for people."
"Profit taking makes it lose its trend following profile and some of the convexity. There is less risk on when you get outlier events that can make up for years of flat performance. Investors view it as a bug, CTAs view it as a feature."
"STIRs have been interesting this year. We've seen breakouts, trends, and massive volatility expansion and that's a really interesting property of trend following [and for trend followers] - vol expansion in a position with big size that can generate a really nice return."
"When vol is low you can get into a position with a tight stop and then with volatility expansion you're already into the position in large size with the market moving 3-4 times what it had been moving you can get a really nice risk/reward profile."
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