SI42: Are Stanley Druckenmiller and David Harding right about Trend Following? ft. Salem Abraham

2019-07-01

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Today we’re joined on the show by Salem Abraham, a legendary Trend Follower, and President of Abraham Trading Company based in Canadian, Texas. We discuss if Bitcoin has any real value, how Jerry Parker influenced Salem early in his career (and how he was able to help Jerry), why we don’t need to understand the reasons for a price going up, how looking at your returns too often can affect your performance, if Stanley Druckenmiller and David Harding are right about the effectiveness of Trend Following in today’s markets, and how being exposed to a variety of markets can reduce risk in a portfolio. Questions answered include: what is Salem’s preferred timeframe to trade in? Why is there such an increase in Return Dispersion among Trend Following funds today, compared to a while ago? What are Salem’s thoughts on High-Frequency Trading, Electronic Trading, and Arbitrage? Will Trend Following ever become too over-crowded?

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Episode TimeStamps:

00:00 – Intro

02:45 – Weekly review of Performance including Salem’s thoughts

15:35 – Salem describes his background and discussion ensues

47:00 – Top tweets

01:09:30 – Question: What do you think about the markets being made up of more computers (vs humans)?

01:30:15 – Benchmark performance update

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