The Hedger Speculator

The equilibrium of the markets that establishes this principle and that's what makes it work over 800 years. Trend following is almost unique in that area. A lot of convergent type strategies are very limited in their capacity, very limited in what they can do because if five other people discover it, it could be gone. This is just a natural thing. You called the hedger speculator. So that's a good answer. That's how I start with the fact that I just hired somebody from my class that started working with me. It's a naturally occurring phenomenon in the markets. Then it's just a matter of a handful of different ways of actually capturing it. But it's there.

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