The Importance of Having an Opposition

Michael: Your trading strategy doesn't have you sitting back pontificating like an economist to try and guess what's going to happen. That's a big thing to understand because I think sometimes when quant managers which there's nothing wrong with having an opinion but I think it's always important to come back and say but you know what our system is going to take this into account whichever way it goes we're ready. The US dollar did not materially appreciate until recently particularly against the euro and that because of an additional factor that was very hard to see. So our models effectively were able to participate in that rally before eventually getting short the euro against the US dollar. Markets are far more complex than we

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