Top Traders Unplugged

SI381: Process Over Pain: Trend Following in an Unforgiving Market (Group Conversation Part 2)

31 snips
Jan 3, 2026
Guest
Joav (Yoav) (identified in transcript as Joav/Yao)
Join Joav, a seasoned trend-following CTA manager, as he dives into critical discussions on market behavior and model integrity. The conversation covers whether current drawdowns are harbingers of structural change or just a cost of discipline. They explore the impact of AI in portfolio management, emphasizing the need for transparency in design choices to build trust with allocators. Joav also highlights the importance of understanding the causes of underperformance before making model adjustments. Don't miss their bold predictions for 2026!
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INSIGHT

No-Code Changes Can Be A Selling Point

  • Not changing a model can be a positive signal of discipline and consistency to allocators.
  • A high bar for model changes helps investors evaluate managers across long horizons.
ADVICE

Measure First, Then Change If Thesis Breaks

  • Measure causes of underperformance precisely before altering strategy components or markets.
  • Stay true to your investment thesis and drop markets that no longer fit its properties.
ANECDOTE

Iron Ore Became Too Financialized

  • Joav describes iron ore becoming heavily traded by CTAs, signaling market financialization.
  • He treats that as a reason to stop trading the front-month iron ore contract to preserve his thesis.
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