Following the Trend

During bull and bear markets, there is a group of hedge funds and professional traders which have been consistently outperforming traditional investment strategies for the past 30 odd years. They have shown remarkable uncorrelated performance and in the great bear market of 2008 they had record gains. These traders are highly secretive about their proprietary trading algorithms...

During bull and bear markets, there is a group of hedge funds and professional traders which have been consistently outperforming traditional investment strategies for the past 30 odd years. They have shown remarkable uncorrelated performance and in the great bear market of 2008 they had record gains. These traders are highly secretive about their proprietary trading algorithms and often employ top PhDs in their research teams. Yet, it is possible to replicate their trading performance with relatively simplistic models. These traders are trend following cross asset futures managers, also known as CTAs. Many books are written about them but none explain their strategies in such detail as to enable the reader to emulate their success and create their own trend following trading business, until now. Following the Trend explains why most hopefuls fail by focusing on the wrong things, such as buy and sell rules, and teaches the truly important parts of trend following. Trading everything from the Nasdaq index and T-bills to currency crosses, platinum and live hogs, there are large gains to be made regardless of the state of the economy or stock markets. By analysing year by year trend following performance and attribution the reader will be able to build a deep understanding of what it is like to trade futures in large scale and where the real problems and opportunities lay. Written by experienced hedge fund manager Andreas Clenow, this book provides a comprehensive insight into the strategies behind the booming trend following futures industry from the perspective of a market participant. The strategies behind the success of this industry are explained in great detail, including complete trading rules and instructions for how to replicate the performance of successful hedge funds. You are in for a potentially highly profitable roller coaster ride with this hard and honest look at the positive as well as the negative sides of trend following.

安德烈亞斯 F. 克列諾，特許市場(chǎng)技術(shù)分析師，位于蘇黎世的ACIES資產(chǎn)管理公司投資組合經(jīng)理，Equilateral資產(chǎn)管理公司合伙人（這是一家投資顧問公司），Globalanced量化交易師。畢業(yè)于瑞典歌德堡大學(xué)，擁有經(jīng)濟(jì)學(xué)與商法方面的碩士學(xué)位，在進(jìn)入對(duì)沖基金行業(yè)之前，曾在路透社任職，擔(dān)任過路透社咨詢公司北歐金融工程團(tuán)隊(duì)經(jīng)理，期間主要負(fù)責(zé)量化分析顧問咨詢工作，之后在路透社證券與商品期貨分析公司擔(dān)任國際經(jīng)理。他精通于多投資品種量化交易策略分析，資深的CTA投資經(jīng)理，在股票、股指期貨、商品期貨等領(lǐng)域上有著豐富的經(jīng)驗(yàn)。