Flirting with Models Moritz Heiden & Moritz Seibert – Trend-Following Spreads (S7E25)
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Jan 12, 2026 Join Moritz Heiden and Moritz Seibert, co-founders of Takahe Capital, as they discuss their unconventional journey of closing their original fund to launch a nimble Global Markets Fund. They dive into the complexities of trading niche futures and spread trading, highlighting unique markets like California carbon and specialty agriculture. With insights on managing liquidity and risk, they explore why spreads create different opportunities and delve into innovative prediction and event markets. Get ready for a captivating conversation on the cutting edge of systematic investing!
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Drop Management Fees, Charge Performance Only
- Avoid management fees and align client compensation with performance by using only incentive fees.
- Remove management fees to prevent perverse incentives and better align the firm with investor outcomes.
Jurisdiction Unlocks Market Access
- Accessing niche onshore and brokered markets increases independent return streams and diversification for systematic funds.
- A Cayman vehicle unlocked markets (e.g., China onshore commodities, niche ags, CA carbon) that a U.S. master structure restricts.
Use A Hard Capacity Cap To Preserve Edge
- Cap fund size to preserve capacity for trading thin or brokered markets and keep meaningful position sizes there.
- Hard capacity limits let you give niche markets an equal risk budget as liquid markets without diluting edges.