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Jerry Parker says we can't worry about “small moves against the trend” because the market currents are more powerful. However, he says that the market “won't be strong forever,” though no one knows when the last high will chart. He likes the Mag 7, saying they have a “life of their own.”======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about
Two Quants and a Financial Planner | Bridging the Worlds of Investing and Financial Planning
In this episode, we dive deep into the world of trend following with legendary trader Jerry Parker. We explore key insights from our previous interviews with Jerry on Excess Returns, discussing his experiences as one of the original Turtle Traders and how his approach has evolved over time. We cover several important topics, including: - The challenges of sticking to a trading system, even when you're trained to follow it. - Jerry's goals for his portfolio and how they've shifted from growth to preservation as he's become successful. - The unique return profile of trend following strategies and why they can be difficult for investors to stick with. - How Jerry has adapted his strategy over time, moving from shorter-term to longer-term trend following. - The importance of allowing winning positions to run and Jerry's unconventional approach to position sizing. - The difficulties in evaluating a trading system and the dangers of making changes based on individual trades. - Jerry's thoughts on retirement and why he plans to continue trading for as long as possible. Throughout the episode, we relate Jerry's experiences to our own work in investing and financial planning. We discuss the parallels between trend following and other investment strategies, highlighting the universal challenges of sticking to a system and evolving it appropriately over time. We also explore broader themes like the nature of retirement in today's world and how to think about saving and investing for the future. This conversation with Jerry Parker offers valuable insights for traders, investors, and anyone interested in the psychology of successful long-term investing. SEE LATEST EPISODES https://excessreturnspod.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FIND OUT MORE ABOUT SUNPOINTE INVESTMENTS https://sunpointeinvestments.com/ FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau FOLLOW MATT Twitter: https://twitter.com/cultishcreative LinkedIn: https://www.linkedin.com/in/matt-zeigler-a58a0a60/
Joe Quinlan, head of market strategy for Merrill and Private Bank, Bank of America, says that he expects the stock market to show better breadth in 2025, with other stocks picking up slack for the Magnificent Seven stocks, which he thinks will keep growing but at much slower rates. He notes that "the U.S. economy continues to defy expectations," and as long as that continues — and he is optimistic that it will, unabated by whatever happens in the presidential election — he will keep advising investors to buy the dips, favoring high-quality dividend payers. David Trainer, president of New Constructs, puts Sunrun back in the Danger Zone, noting that the stock has outperformed as a short since it was first singled out in 2022, but that a recent bounce-back has simply set it up for the next fall as the company runs out of money. Jerry Parker of Chesapeake Capital Corp. — one of the original Turtle Traders, a ground-breaking group of commodity traders from the 1980s — talks trend-focused investing in the Market Call, and Chuck answers a listener's question about why shares in Trump Media and Communication stock were halted on Friday, and whether the move might have had political motivations.
“Exterior building maintenance is crucial for preventing mold from growing inside a building” - Jerry Parker, CEIC, CMRTwenty-five percent of people appear to be susceptible to mold toxicity - a surprisingly common cause of brain symptoms, including brain fog, fatigue, depression, anxiety, mood swings, OCD, panic, and psychosis. Many chronic physician health conditions can result as well. In my experience, mold toxicity is the most common cause of mast cell activation. Mold toxicity should also be considered when there are new-onset mental health issues in college students exposed to mold in their dorms or apartments.Jerry Parker is a Certified Indoor Environmental Consultant (CIEC) and Certified Microbial Remediator (CMR). Jerry has been helpful to me personally and professionally and has taught me a great deal about the environmental aspects of mold. Jerry owns Environmental Solutions Group, LLC, which has served residential and commercial clients for the last twenty years. He is about to launch an educational and consulting platform, 4 Indoor Air Quality LLC.In this newsletter and podcast, Jerry and I discuss:* why mold prevention isn't just about keeping water out; it's also about moving water away from the foundation* ways to ensure rainwater is moving away from our home and its foundation * landscaping and vegetation* gutters and downspouts* roof and siding integrity* chimneys* cantilever fireplaces and bay windows* doors and window sealing* siding and deck attachment* the importance of regular self-assessmentsAt a later date, Jerry and I will discuss mold prevention with a focus on the interior of our homes.Let us know if you have any questions or comments on mold prevention (exterior or interior).Have a good week,CourtneyTo contact Jerry Parker CIEC, CMR: email - info.4IAQ.com 4IAQ.comRelated Content:* Mold Toxicity: Depression, Anxiety, Brain Fog & Fatigue (free)* Mold Toxicity & the Brain (free)* Mold & Candida in the Brain (paid)* Environmental Mold Myths (paid) This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit courtneysnydermd.substack.com/subscribe
Trend Following Legend & Former Turtle Trader Jerry Parker Shares Timeless Advice- Do The Hard Thing Bio: Jerry Parker is the Chairman and Chief Executive Officer of Chesapeake Capital. Chesapeake is a Commodity Trading Advisor in Tampa, Florida. Chesapeake uses a diversified, systematic, trend-following approach. Chesapeake seeks to generate uncorrelated returns across more than 400 global futures and securities instruments. He founded Chesapeake in February 1988. Chesapeake is a subadvisor to the Blueprint Chesapeake Multi-Asset Trend ETF, the Cambria Chesapeake Pure Trend ETF, and the AXS Chesapeake Strategy Mutual Fund. Jerry started his trading career in 1983 in Chicago when Richard Dennis hired him for the Turtle trading program. He received a Bachelor of Science in Accounting from the McIntire School of Commerce at the University of Virginia in 1980. Websites: Chesapeakecapital.com The fund websites are tfpnetf.com https://www.cambriafunds.com/mfut and https://www.axsinvestments.com/eqchx/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smartmoneycircle/support
Today's returning guest is Jerry Parker, CEO of Chesapeake Holding Company. Jerry began his career in 1983 when he was accepted into Richard Dennis' Turtle Program. In today's episode, Meb & Jerry discuss the launch of their new ETF, the Cambria Chesapeake Pure Trend ETF (MFUT). They delve into the fund, which uses a systematic trend following strategy across stocks, bonds, currencies, and commodities. Jerry covers the key principles of trend following, the importance of capturing big trends, and the benefit of trend following in a portfolio. (0:26) Welcome to our guest, Jerry Parker (0:42) The Cambria Chesapeake Pure Trend ETF (10:10) The various assets the fund trades (13:09) The benefit of short positions (19:08) Trend following principles (22:08) The importance of following rules and hunting outliers (33:16) How trend following fits in a portfolio (43:00) Excitement about ETFs and the future of managed futures ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world's largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices
If you have questions, all the answers are here! In this first episode of a new series we are calling the 'Trading Think Tank' we sit down with a panel of experts and really deep-dive a single topic. In this show it's all things diversification. What do we really mean by diversification anyway? How many markets do we need to trade? If 'more is better', why exactly is that? What is the relative value of diversifying across markets (such as stocks, bonds, currencies, commodities) versus diversifying across strategies (having multiple models of different types, time-frames or parameters)? Can a basket of stocks be 'diversified' or is the risk of their auto-correlation too high, particularly in an extreme event (the one we really care about that can send us broke)? How much capital is required if one wants to trade a diversified range of futures contracts? Are there alternatives, such as trading CFD's? Is it all too complex? Should we overlay volatility smoothing techniques into our models? In this episode, literally jam-packed with actionable intel, Rich and Simon are joined by Moritz Seibert and Jerry Parker to discuss all of this in detail in the context of trend following.
In this episode we answer emails from Richard, Andrew and Drew. We discuss the now much-maligned Cederburg paper (again) and listen to Cliff Asness flog it, Jerry Parker's new managed futures ETF, TFPN and guidelines for making portfolio shifts.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.And add a note about the upcoming EconoMe Conference.Additional links:Cliff Asness Commentary About the Cederburg Paper: Why Not 100% Equities (aqr.com)BankerOnWheels Article About the Cederburg Paper: Should You Invest 100% In Equities? (bankeronwheels.com)Tommy Boy Clip: Tommy Boy (8/10) Movie CLIP - Housekeeping (1995) HD (youtube.com)Jerry Parker on podcast about TFPN: TTU145: Jerry Parker, Founder of Chesapeake Capital (toptradersunplugged.com)TFPN Webpage: Trend Following ETF | Blueprint Fund Management (tfpnetf.com)EconoMe Conference: EconoMe Conference - March 15th-17th, 2024Support the show
Join us for the second half of our panel discussions during this year's Hedge Fund week in Miami as we explore increasing accessibility of alternative investments through new ETF products and strategies. We've got Rodrigo Gordillo taking reigns from the quantitative perspective, Jerry Parker talking trend following, Bob Elliot on replication and Jay Pestrichelli, options guru, guiding us through hedge fund strategies, discussing their day-to-day responsibilities and tasks, highlighting differences in their approaches despite operating under the broad financial services umbrella. We dive into challenges around educating investors on sophisticated strategies as well as recent regulatory changes that allow new product structures that are making alternative approaches more accessible to a wider range of investors. Topics discussed include quant fund management processes, trend following across 400 markets including single stocks, and harnessing options decay in a new ETF. Challenges of communicating performance during periods of potential underperformance are being addressed such as election year impacts and whether strategies position based on outcomes, capacity constraints of highest Sharpe strategies and limitations of full replication, along with democratizing diversification strategies through return stacking ETFs. Sit back and gain knowledge on the expanding opportunities and accessibility in the alternatives space, with room for continued advances as innovation progresses, SEND IT! Chapters: 00:00-01:48=Intro 01:49-14:42= Intros & the Day-to-Day work ethic 14:43-28:45= Hedge fund replication, ETFs for retail investors & financial accessibility 28:46-45:22= Democratizing diversification through ETFs, market trends & election year impact 45:23-55:53= Hedge funds generating alpha, investments strategies & ETF operations 55:54-01:08:01= Managing expectations, Innovations & the future of investing From the episode: Miami Hedge Fund week 2024 Part 1: Commodities Follow along with this panel on Twitter & LinkedIn: @rjparkerjr09 , @RodGordilloP, @BobEUnlimited, & @ZEGAFinancial And remember to check out their company profiles on LinkedIn: Jerry Parker Rodrigo Gordillo Bob Elliott Jay Pestrichelli
Recorded: 12 Dec 2023 In this episode of the Algorithmic Advantage podcast, we chat with our friend, legend ‘original turtle trader', Jerry Parker. The discussion traverses Jerry's remarkable journey, beginning with his foundational experiences in the renowned Turtle Program, where he gained invaluable knowledge in trend following and risk management under the guidance of expert mentors. Jerry shares his transition from learner to leader as he recounts the challenges and triumphs of starting his own fund, Chesapeake, highlighting the importance of adapting trading strategies, managing investor expectations, and the crucial interplay of trading skills with essential business acumen. The conversation then shifts to explore the evolution of Jerry's trading methodologies. He talks about his team's relentless pursuit of refining their trend-following strategies, incorporating a wider array of markets, and experimenting with innovative approaches like trend-following spreads. Jerry's commitment to the core principles of trend following, balanced with a willingness to embrace new market opportunities, is a recurring theme. He also candidly addresses the psychological aspects of trading, emphasizing the mental resilience required to navigate market pressures and maintain unwavering faith in one's system. Throughout the episode, Jerry's insights offer a deep dive into the complexities and nuances of professional trading, making it a must-listen for anyone interested in the art and science of market trends.
Over 40 years, MusicMaster has forged a path to become the world's most flexible and intuitive music scheduling system. Jerry Parker is Director of Technical Services for MusicMaster. And with the bench strength of he and the entire team, it's no wonder the company has a lock on the Canadian marketplace -- with MusicMaster Pro and MusicMaster CS – Client Server Edition.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We have now conducted over 100 interviews on Excess Returns. At the end of all of them, we have asked the same closing question: Based on your experience in markets and your research, if you could teach one lesson to the average investor, what would it be? In this episode, we bring all of their episodes together into one episode and share the answers from all our guests, including Guy Spier, Rob Arnott, Michael Mauboussin, Steve Romick, Joel Tillinghast, Cem Karsan, Bob Ellott, Jerry Parker, Andy Constan and many more. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau
This episode was a joy to make - because Jerry is a north star for me. I never thought I could be as excited as I was for an ETF launch. He is one of a kind…placing what he knows to be effective after decades of managing his hedge fund over any frivolous “marketing” considerations. NOTHING SAID ON THIS PODCAST IS INVESTMENT ADVICE. --- Send in a voice message: https://podcasters.spotify.com/pod/show/couragevconvention/message
BIO: Jerry Parker started his trading career in 1983 in the Richard Dennis Turtle Program. He started Chesapeake Capital in 1988. Chesapeake manages about $200M in private funds, mutual funds, ETFs, and managed accounts.STORY: Jerry has had some stinker investments in real estate and gold over the years. Two things that have cost him money in his real estate investment are overpaying and not being patient. Often, Jerry would find himself buying homes by speculating and thinking that he knew what he was doing, only to realize that he didn't.LEARNING: Understand what you're capable of and your limitations as well. Be afraid of situations you're unfamiliar with and assume the worst. “If you're at a poker table and don't know who the patsy is, it's usually you.”Jerry Parker Guest profileJerry Parker started his trading career in 1983 in the Richard Dennis Turtle Program. He started Chesapeake Capital in 1988. Chesapeake manages about $200M in private funds, mutual funds, ETFs, and managed accounts. All of the trading is done using a Trend Following + Nothing approach. The funds are maximally diversified and include bond, commodity and currency futures, stocks, crypto, and FX forwards. Jerry is active on Twitter and Twitter Spaces at @rjparkerjr09.Worst investment everOver the years, Jerry has had some stinker investments in real estate and gold. Two things that have cost him money in his real estate investment are overpaying and not being patient. Often, Jerry would find himself buying homes by speculating and thinking that he knew what he was doing, only to realize that he didn't.Lessons learnedUnderstand what you're capable of and your limitations as well.Be afraid of situations you're unfamiliar with and assume the worst.Andrew's takeawaysDo what feels right for you, but don't feel pushed into something just because everybody else does it.Actionable adviceFind a great mentor in a field you're passionate about, and learn from them. Also, be ready for a big break.Jerry's recommendationsJerry recommends finding people on Twitter and subjects you're interested in and following them for great advice. He also recommends listening to podcasts and reading books to get information about things you can't learn in college.No.1 goal for the next 12 monthsJerry's number one goal for the next 12 months is to stay disciplined, keep doing what he's been doing, and continue improving his portfolio.Parting words “Thank you for having me. I will go back and listen to some of your old podcasts.”Jerry Parker [spp-transcript] Connect with Jerry ParkerLinkedInTwitterWebsitePodcastAndrew's books
In this episode we speak with Chesapeake Capital founder Jerry Parker about how he manages his personal portfolio. We discuss Jerry's trend following based approach and how he uses it to construct a portfolio that balances risk and return. We also discuss the problems with the 60-40 portfolio, the details of building a trend following strategy, charitable giving, leaving money to children and a lot more. We hope you enjoy the discussion. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau
Episode 91: On today's show I speak with the great Jerry Parker known as the most successful of the turtle
-Follow Jerry on X @rjparkerjr09 -Learn more about the TFPN ETF at: https://tfpnetf.com/ -Learn more about Chesapeake Capital at: https://chesapeakecapital.com/ The Trade Busters provides actionable ideas to take your option trading to the next level. Through our educational podcast and instructional spreadsheets, we aim to empower the everyday retail trader. Discover unique ways of thinking through sizing, risk and leverage in your option strategies. -View strategy mechanics, tradelogs and more at the trading page: https://www.thetradebusters.com -Follow me on X @TheTradeBuster -The Trade Busters Discord server is now live! Send me an email if you would like to join. **Everything discussed on this podcast is for informational purposes only and not to be construed as financial advice.
Jerry Parker, Founder of Chesapeake Capital is perhaps the most successful of the famous group of Turtles, and today we discuss what he has learned from his 40+ years love affair with Trend Following, and how he has evolved his CTA program. We debate the challenges of using the Sharpe Ratio and what improvement really look like, how he uses volatility in his trend following process and the conflicts that can arise when working with clients. We also find out why Jerry believes you can be a good manager without using stops even if this is not how he does it, why he believes in trend following plus nothing, why he felt he had no choice than to launch an ETF with that name and much more.-----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on Twitter.Learn more about Chesapeake Capital.Episode Timestamps:02:58 - Introduction to Chesapeake Capital07:02 - Jerry's key trend following learnings12:54 - Jerry's investment philosophy17:02 - Being evolutionary without too much tinkering22:09 - Advice on running a trend following program26:48 - Their process for selecting parameters32:15 - What does an improvement look like...if not a higher Sharpe?39:25 - The role of volatility in the trend following process44:41 - The challenges of working with clients48:51 - What if everyone was a trend follower?54:21 - Can you be a good manager without using stops?57:05 - Why...
Today, we are joined by Andrew Beer and Jerry Parker for a fascinating conversation about the different approches to trend following within the ETF landscape. We discuss what the role trend following should play in a portfolio, the best approach to staying diversified, and where the growth might come from in the ETF space. We also discuss a few more controversial topics like fees, and why Jerry view trend following and managed futures as 2 different things and much more. -----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Andrew on Twitter.Episode TimeStamps: 01:44 - What's been on Andrew's and Jerry's radar lately?04:38 - Industry performance update05:43 - Lessons learned from launching Trend Following Plus Nothing10:21 - What should the role of Trend Following be?13:45 - New ETFs - where will the growth come from?16:35 - The best approach to trading markets23:37 - Staying balanced with single stocks27:54 - Biases in Jerry's trading30:11 - Will Jerry's correlation to equities begin to increase?33:59 - Q1, Oliver: Why pay Jerry higher fees for being long equities?40:02 - Will large hedge funds bring ETFs to markets?44:08 - Are we in a hedge fund CTA fee bubble?46:59 - Jerrys take on performance fees52:24 - Andrew's take on performance fees54:26 - Trend Following vs Managed Futures - 2 different things?01:08:52 - Tax efficiency in ETFs01:12:24 -...
What do you do when you've already done everything there is to do in trend. Managed billion of dollars: check. One of first to run a trend following mutual fund: check. Trend following on individual equities: check. You push the envelope again, and convince the folks that create ETFs that you actually can pack your fully diversified equities plus futures portfolio into an ETF wrapper. On this episode of The Derivative, we sit down with the legendary Jerry Parker, a former Turtle Trader who's newest effort is an ETF product called ‘Trend Following Plus Nothing'. Jerry and Jeff explore a wide range of topics, including whether multi-billion CTAs sold their (trend) souls to get there, just why nobody really tries to trend follow on individual equity names. Seeing a green light when they tell you it can't be done. Jerry also opens up about finding the perfect balance of personal risk and mental fortitude to achieve success in trend following while sharing some personal anecdotes, including his love for pet birds. Discover the power of trading components instead of an index of components, the impact of Fed limits on trend, and the intricacies of volatility targeting (hint: Jerry doesn't believe in it). We'll also delve into the art of portfolio construction, the virtue of trend following impatience, the true essence of trend following as an inflationary hedge, and so much more — SEND IT. Chapters: 00:00-02:00=Intro 02:01-04:50= No birds allowed on Long Island, NY 04:51-16:38= The journey creating the new ETF needed diversification 16:39-30:02= Replication – what's your limit? Hard=Simple/Simple=Hard 30:03-41:45= Market Makers, Outlier Moves, and what's deserving of your portfolio 41:46-48:50=Embracing the Trend Following philosophy 48:51-01:00:02= The narrow road taken 01:00:03-01:03:29= Trend following+nothing From the episode: The Swiss(Franc) isn't all that neutral – blog post Trend Following Turtle Tails (and Tales) with Jerry Parker - podcast Check out our Trend Following whitepaper! Follow along with Jerry on Twitter @rjparkerjr09 and visit ChesapeakeCapital.com for more information! Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
My guest today is Jerry Parker, the founder of Chesapeake Capital Corporation, a global investment manager headquartered in Richmond, Virginia, in 1988. He was an original TurtleTrader and was also the most successful TurtleTrader. His trading career started in 1983 when Richard Dennis hired and trained him. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Trend following Turtle trading CTAs Hunting outliers How important is trading nowadays Dealing with the smartest people New ETF Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
My guest today is Jerry Parker, the founder of Chesapeake Capital Corporation, a global investment manager headquartered in Richmond, Virginia, in 1988. He was an original TurtleTrader and was also the most successful TurtleTrader. His trading career started in 1983 when Richard Dennis hired and trained him. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Trend following Turtle trading CTAs Hunting outliers How important is trading nowadays Dealing with the smartest people New ETF Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
Jeff Krumpelman, chief investment strategist at Mariner Wealth Advisors, says the economy looks like it can avoid a hard landing, and that should be enough to keep the stock market performing above investors' expectations. turning any downturn into a buying opportunity in conditions that he says should take the Standard and Poor's 500 up to about 4,800 over the next six to 12 months. Also on the show, John Cole Scott, president of Closed-End Fund Advisors, discusses four funds that have earned his interest -- and big chunks of his clients' money -- during the first half of 2023, Megan Sanctorum discusses a Bonus.com survey showing that nearly 40 percent of Americans are using credit-card rewards and cash-back offers to manage their day-to-day finances, and 'Turtle Trader' Jerry Parker of Chesapeake Capital Corp. talks about momentum and trend-following in the Market Call.
Tonight we will be talking with Jerry Parker of Parker Pursuits whose viral video recently garnered over 1 Million views in a matter of days. We will be discussing his approach to video creation and his plans for the future. We will also be giving away two beautiful Ancient Mariner reels which were donated by Captain Richard Ward to our wonderful veterans. ** Hey everyone, if you want to help out the Catfish Weekly channel, here is our PayPal link. Donations appreciated paypal.me/catfishweekly Be sure to check out the Catfish Weekly/Panfish Nation podcast! You can find it here. https://anchor.fm/dashboard/episodes Contact E-Mail: catfishweeklytv@gmail.com Bragging Board Pictures: pics@theweekendangler.com Be Sure & Follow Our Hosts As Well! Chad @FieldstoWater Josh @TheWeekendAngler Lyle's tackle & equipment DriftMaster Rod Holders, simply the best, Suffix 832 braaid line. Eagle Claw L197 7/0 and 8/0 hooks Eagle Claw 2022 10/0 hooks Gama Big River 10/0 hooks Abu 6500 LC reels D&L Custom Livewell Blackhorse Rods Pro Drift Bumping rods 7'6” Blackhorse Rods channel cat edition rods, 7'6” 12-25 line class, graphite 1-4 ounce weight, medium heavy action, medium power, Blackhorse Rods drifting/dragging rods, 7'6” 40/60 line class graphite, 2-6 ounce weight, medium heavy action, heavy power Blackhorse drifting/dragging rods, 7'6” & 8” 30/60 line class Eglass heavy action, Xheavy power Tracker Marine Tundra boat with a 125 Mercury motor Chads Equipment Uncle Lou's rods https://www.facebook.com/uncleloustac... Big Cat Fever Rods Chubby fish terminal tackle (chubby knockers, barrel swivels, quick clips) https://www.facebook.com/chubbyfishou... Reel em up dragging sinkers https://www.facebook.com/REELEMUPLLC/ Total weight sinkers https://www.facebook.com/TidalWeightS... Mustad 10/0 perfect demon circle hooks Eagle claw 197 8/0 circle hooks Abu Garcia 6500 & 7000 reels https://andemonofilament.com/products..
The crude oil price is trading sideways at $67 and is at lowest levels since May 4th of this year. Everyone wants to be long crude, but is there no strength at all? Was it doomed when Saudi Arabia said they were going to cut production? Jerry Parker also weighs in on the disappointment in the gold and silver prices amid inflation.
Fill the Gap LIVE: Tenets of TrendfollowingThis fireside chat was broadcast live from midtown Manhattan on April 28, 2023 as episode #28 of Fill the Gap: the Official Podcast of CMT Association. One of the famed Turtle Traders groomed under Richard Dennis, Jerry Parker has continued to thrive through multiple market cycles as a systematic trend-following manager and CEO of Chesapeake Capital. Co-host of Fill the Gap, David Lundgren explores Jerry's time-tested approach to trend following, and what it takes to succeed, both as a portfolio manager and business owner, using this “simple but not easy” style of investing. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org
In this episode, our guest Jerry Parker, founder and CEO of Chesapeake Capital, a global systematic trend-following investment manager, shares his insights on: His journey from being a student of legendary trader Richard Dennis to running his own trend-following fund The importance of sticking to a disciplined process despite market noise Why trend following is the ultimate solution for diversifying portfolios How to navigate compliance hurdles and get exposure to trend following strategies The potential benefits of maximizing convexity in a portfolio How to create the perfect standalone portfolio that doesn't rely on passive indexes The role of education versus pain and reward in motivating change and decision-making Jerry's approach to risk management and how it can lead to both serious strategies and potential profits The vast potential of ETFs in providing access to more markets And so much more This is a fascinating and informative episode for anyone interested in trend following, portfolio diversification, and risk management in today's markets. This is “ReSolve's Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc. *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.
The stock market today has seen intraday volatility, but still relatively contained and rangebound. Futures are higher as markets look to build on last Friday's rally. "The S&P 500 Index or SPX is not a good indication of what is going on as there are a lot of good stocks that are associated with commodities. I like the gold trade and silver was leading the way. Gold futures hit the highest level since May 2022. Precious metals is where the action is now," says Jerry Parker.
In this episode, we talk Trend Following with Chesapeake Capital founder Jerry Parker. We talk about his participation in Richard Dennis' famous turtle trading program and what he learned from it. We also take a deep dive into trend following and look at the many aspects of running trend following strategies in the real world. We hope you enjoy the discussion. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau
Join us this week and know about the specialized investment approach that not only provides investors the opportunity to participate but also to earn gains that aren't possible through traditional portfolio strategies. Our guest for today is Jerry Parker– the founder of Chesapeake Capital Corporation. He began his portfolio management career in 1983 when he was accepted into the Turtle Program, a select investment training program developed by a successful Chicago portfolio manager. He actively monitors and has the potential to invest in over 90 markets worldwide. These can range from tangible assets, such as coffee, crude oil, and gold to global financial instruments, such as German government bonds, U.S. stock indices, and global currencies. Please Enjoy! Would you please consider being 1% and leaving a short review on Apple Podcasts/ iTunes if you enjoy the podcast? It takes less than 30 seconds, making a world of difference in reaching new exciting guests! To sign up for Kevin's Podcast email Newsletter and to view the show notes & past guests please visit-https://officialkevindavid.com/podcast Follow Kevin: https://mmini.me/@FollowKD
Today's returning guests are Jerry Parker and Salem Abraham. Jerry is the CEO of Chesapeake and a long-time trend follower since he was in the Turtle training program. Salem is the President of Abraham Trading Company and the Fortress Fund, which seeks to protect capital and achieve long-term capital appreciation. In today's episode, Jerry and Salem share some of the lessons they've learned from trading over the years. We spend some time talking about trend-following and the huge year most CTA's are having. Plus, Salem even shares an area of the market he's bullish on today. To listen to Jerry's first appearance on The Meb Faber Show, click here To listen to Salem's first appearance on The Meb Faber Show, click here ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by Composer. Composer is the premier platform for investing in and building quantitative investment strategies. What used to take Python,Excel and expensive trading software is available for free in an easy to use no-code solution. Learn more at www.cmpsr.co/meb. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!
Jerry Parker joins me for a raw conversation on Trend Following, the day after Jerome Powell spoke at Jackson Hole on fighting inflation and achieving economic stability. We also discuss the pros and cons of CTA/Managed futures replication strategies and the importance of investing in your own fund as a manager, the evolution of Trend Following and why Trend Following might be the Perfect Portfolio. We touch on different ways of diversifying your portfolio and why correlation is not always reliable friend. Lastly, we discuss an article by Morgan Housel on why it is important to identify the core principles (in our case of Trend Following) and how incentives are the strongest force in the world, the importance of having confidence whilst being humble and much more. ---- ---- Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written https://www.toptradersunplugged.com/Ultimate (here). And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here). Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here). Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on https://www.toptradersunplugged.com/reviewttu (iTunes) or https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW (Spotify) so more people can discover the podcast. Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). Episode TimeStamps: 00:00 - Intro 02:51 - Summary of the week 08:35 - Industry performance update 12:21 - Discussion about CTA/Managed futures replication strategies 26:19 - Aligning incentives as a manager 33:28 - Aspect article in Hedge Fund Journal 46:47 - Article by Cliff Asness on Pure Trend Following 51:33 - Crisis alpha vs the Perfect Portfolio 01:03:40 - Article by Morgan Housel on following Core Principles 01:11:15 - Confidence vs. Ability 01:14:33 - Thanks for listening Copyright © 2022 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. https://www.toptradersunplugged.com/resources/ebooks/ (Click Here) 2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! https://www.toptradersunplugged.com/resources/market-trends/ (Click Here) 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. https://www.toptradersunplugged.com/resources/ (Click Here) https://www.toptradersunplugged.com/legal/privacy-policy/ (Privacy Policy) https://www.toptradersunplugged.com/disclaimer/ (Disclaimer)
Today, we are joined by Jerry Parker where we dive into some of the highlights from the challenging month of July and how the industry has handled the current high level of volatility and trend reversals, why Trend Following continues to work but how narratives can create vicious reversals in the markets. We also discuss questions from listeners regarding Jerry's strategies for entering and exiting trades, advice for backtesting using continuous futures contracts, how to handle stop losses and including equities in your allocation strategy. Lastly, Jerry describes why he is in favour of accidental diversification and why he is always on the hunt for outliers, why adding more markets has no impact on the robustness of a system and why he prefers to be a “slow tractor”. We finish off discussing how some firms claim that they can replicate the returns of Hedge Funds and CTAs without charging much for it and Jerry reveals a profound change to how he wants to extract trends from markets...even if it means that he will more correlated to Equities. ---- ---- Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written https://www.toptradersunplugged.com/Ultimate (here). And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here). Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here). Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on https://www.toptradersunplugged.com/reviewttu (iTunes) or https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW (Spotify) so more people can discover the podcast. Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). Episode TimeStamps: 00:00 - Intro 02:02 - Market overview 03:52 - Major events of the month 16:00 - The importance of narratives 19:16 - How Jerry handles equities 22:39 - Q1, Michael: How does Jerry enter a new trade after he exited his first? 25:55 - Q2, Caleb: Backtesting using continuous futures contracts 30:02 - Q3, Adam: How to use stop losses and equities inclusion 36:09 - Jerry's big reveal: "CTAs focus too much on diversification and correlation..." 45:42 - Tweet 1: Improving equity risk concentration 50:53 - Tweet 2: Diversification - a free lunch 53:01 - Tweet 3: Predictable vs. unpredictable inflation 56:55 - Tweet 4: Tractors picking out sports cars from ditches 58:57 - Tweet 5: Doing what you want is what people actually want 01:02:09 - Tweet 6: Non normal world is uncapped 01:05:01 - Replicating CTA performance at little cost...Andrew Beer style 01:21:05 - Industry performance update Copyright © 2022 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. https://www.toptradersunplugged.com/resources/ebooks/ (Click Here) 2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! https://www.toptradersunplugged.com/resources/market-trends/ (Click Here) 3....
Are investors acting on the fear of a recession? "The U.S. Dollar has been strong amid a downtrend in the S&P 500 or SPX. Dip buyers came right in after the negative CPI report. Other currencies are struggling and reaching multi-year lows," says Jerry Parker. He also states that investors should love their losses as they can implement new strategies.
Today, we are joined by Jerry Parker to discuss how recessions affect current trends and returns for Trend Followers, how to use ATR to determine the initial stop and when to switch to using a trailing stop for your position. We also discuss if it's possible to achieve comparable performance when investing through a public or private fund. Finally we turn to a few imporant topics like how “alts” or "alternatives" mean different things to different people, the Commodity Super Cycle and how it can create a false narrative, how Trend Following adapts to market regimes and much more. ---- ---- Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written https://www.toptradersunplugged.com/Ultimate (here). And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here). Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here). Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on https://www.toptradersunplugged.com/reviewttu (iTunes) or https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW (Spotify) so more people can discover the podcast. Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). Episode TimeStamps: 00:00 - Intro 01:57 - Market overview 09:42 - Q1, Andre: What to expect after a good run in Trend Following returns 13:51 - Q2, Ryan: How to use Average True Range (ATR) 27:05 - Q3, David: Performance in public mutual funds vs. offshore funds 32:07 - Q4, Paul: When to switch from Initial to Trailing stop and sizing your position 39:56 - Q5, Victor: How did Jerry manage to give back 200 ATRs in TESLA? 47:17 - Q6, Victor: How to Allocate your Risk Budget to avoid running out of cash? 53:41 - The different meatnings of “Alts” when it comes to investing 01:02:04 - Commodity Super Cycles - a false narrative? 01:09:51 - How Trend Following adapts to ever chaning market regimes 01:13:02 - What to expect from Trend Following in the long run 01:18:37 - Industry performance update Copyright © 2022 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. https://www.toptradersunplugged.com/resources/ebooks/ (Click Here) 2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! https://www.toptradersunplugged.com/resources/market-trends/ (Click Here) 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. https://www.toptradersunplugged.com/resources/ (Click Here) https://www.toptradersunplugged.com/legal/privacy-policy/ (Privacy Policy) https://www.toptradersunplugged.com/disclaimer/ (Disclaimer)
The first couple to be interviewed on Espresso Shots, Denise & Jerry Parker! Learn about their amazing past and current works, and their obvious love of helping others. SARAH, TJ, & THE PARKERS CHAT ABOUT What is your position within the Bush School? How long have you worked here? What was the main draw to the School? Can you tell us what major projects, papers, etc. you are working on? What is your favorite part about your position? What direction do you hope to see the School go in the future? Is there anything you'd like to share for anyone considering the Bush School; faculty, staff or student? RESOURCES AND LINKS MENTIONED IN THIS EPISODE: https://bush.tamu.edu/nonprofit/people/dparker/ https://bush.tamu.edu/nonprofit/ https://experts.tamu.edu/experts/gerald-parker https://bush.tamu.edu/scowcroft/programs/team/ https://temag.tamu.edu/directory/gerald-parker/ http://onehealth.tamu.edu/media/1994660/parker%20gerald%20bio%202017%20wlogo.pdf https://www.tamu.edu/about/coreValues.html CONNECT WITH US Website Facebook Twitter Instagram LinkedIn Spotify Apple Podcast Youtube
Subscribe to Reactionary Minds: Apple Podcasts | SpotifyThe following is a transcript of Reactionary Minds’ interview with Stephanie Muravchik and Jon A. Shields, authors of the book Trump’s Democrats. The transcript has been lightly edited and condensed for clarity.Aaron Ross Powell: I’m Aaron Ross Powell, and this is Reactionary Minds, a project of The UnPopulist. A good way to understand the appeal of Donald Trump is to talk to the people who voted for him. One of the most interesting ways to approach that is to talk to voters and counties that flipped, long voting for Democratic Party candidates until suddenly in 2016, they didn’t. That’s the background for Trump's Democrats, a book that looks at three communities that turned to Trumpism after having been solidly blue basically forever.I’m joined today by its authors, Professors Stephanie Muravchik and Jon A. Shields of Claremont McKenna College. Their fascinating book explores why Trump clicked with these voters and why many of the very things that turned so many of us off about him were the very things they found so appealing. We’ll discuss machine politics, political bosses, honor cultures, localism and what it means to identify strongly with a narrowly circumscribed place. The story that emerges is a good deal more complex and nuanced than the easy tales we sometimes tell ourselves about us and them.Stephanie, Jon, your book is part of a genre we have seen come out of the Trump years, with academics and journalists going to small towns that voted for Trump, sitting in diners and asking Trump voters why they believe what they believe. I think your book is the best example of that I have come across, the one that I certainly have learned the most from and the one that puts the most work into really getting at the ideas motivating Trump supporters. Can you tell us a bit about what prompted this and how you approached this project?Jon A. Shields: Yes. Thanks, Aaron, for having us, and thanks for the compliment. This is a book that really started on election night in 2016. Like lots of Americans, and, I’m sure, like yourself, we were up late that night watching the returns come in. It was really the most astonishing and surprising election in our lifetime, in our living memory. Immediately, we were eager to get outside of our little academic town and get a feel for what happened.In the weeks that followed, our sense of surprise really deepened. First, we discovered that there were all these Obama-Trump counties. There were all these places that had voted for Obama on two occasions—in fact, there were over 200-some counties that did this—and then flipped for Trump. That itself is very surprising and unusual, especially in this age of polarization, where partisan IDs and loyalties are especially sticky. But then, quickly, we not only discovered that there were all these Obama places that flipped for Trump; we also discovered that a lot of these places had voted Democratic for a very long time. Many of these places had a pretty unbroken record of voting for Democratic presidents, some stretching back to Reagan, some to Nixon, some much further back. In fact, one of the counties we ended up studying was a place that had never voted for a Republican president in its history. This is a county formed in the 19th century and—it’s really astonishing—had never voted for a Republican. In the Western world, that’s probably the longest streak of any polity voting for just one party.That was interesting. Of course, we’re accustomed to thinking and talking about the Nixon Democrats in ’72 or the Reagan Democrats in ’84. In some ways—in lots of ways, actually—the Trump Democrats were much more interesting. Nixon won in a huge landslide in ’72, as did Reagan in ’84, so it’s not so surprising that in those years, you get lots of Democratic places that flip. That’s not weird. In 2016, Trump lost the popular vote, and yet he managed to win some of the most loyal Democratic communities in the country despite that.So we got really interested in not just the red-blue divide, but a divide that had opened up in blue America. We were curious. We wanted to make sense of what had happened. In our college community, Trump is a loathed figure, a sort of proto-authoritarian, a dangerous person. We more or less agree with that point of view. I think there’s a lot to that, but then there are all these other Democratic communities that see him in a radically different way.They see him as one of the greatest presidents in American history, and so we were really deeply interested in that question. Then all these places we studied in 2016, I should add, remain loyal to Trump in 2020. These are places that are really drifting into the Republican Party. Trump is the character who shepherded all these communities into the Republican column, and so that’s quite interesting. That’s how we got interested in the project.Not Your Tea Party TypesAaron: You mentioned Nixon and Reagan and so on, and we have seen that Trumpism represents a populist movement. We have seen prior waves of things that look like populism, the most recent probably being the Tea Party movement. As you point out, the three communities that you looked at, they didn’t go Republican. They didn’t vote Tea Party candidates. What was different? Was it something that had happened to them—i.e., economic changes that hurt these communities and they said, “Now, it’s time to vote for a Republican”? Was it something about the community, or was there something that really set Trump apart from past populist candidates or waves?Stephanie Muravchik: Well, I think one piece of it is just how deeply blue these communities were. The Tea Party really emerged out of places that had some significant Republican organization movement identification, and there simply weren’t enough Republicans on the ground to get attention for that in most of the places—Iowa might have been a little different, but certainly in Rhode Island and Kentucky. We had one Democratic local-level party leader in Rhode Island—we were asking him about his relationship with Republicans—and he said: “I don’t know any Republicans in this town. I don’t think there are any.” There just weren’t enough even for the most knowledgeable Democratic leadership to know them. So I think part of it was that it would have been hard to get the attention of the local Democrats.Then the other piece that I think stands out is that there was a lot of libertarian rhetoric out of the Tea Party. There’s some controversy about how top-down that was, how “astroturf” that was, et cetera, but that libertarian rhetoric is really not at all resonant with the Democrats that we talked to. That was not the piece of the populism that appealed to them. I think that’s another piece of the answer. Jon?Jon: Well, I would just simply add—I guess this is really echoing what Stephanie said— you have to keep in mind that these are really one-party towns. The party, locally, for these folks is really the individuals who lead the party: the county-level or town-level elected officials. So these are mayors, city council people, county commissioners, and they’re really the face of the party. The other thing to add is that they really insulated these local communities from national politics in some ways. In a lot of ways, these places were pretty provincial. When they thought about the Democratic Party, they didn’t think about national leaders for the most part. They thought about people in their own community, and so Trump really shook these communities. It was a shock to them and really got them thinking about national politics and questions and controversies. It really took someone like a Trump to do that. The Tea Party was something that just didn't—it was a movement that was pretty remote from a lot of these places.Boss Politics and Honor CultureAaron: One of the really interesting parts of this book is when you’re talking about how politics worked or works in these small towns, and I’m reading it sitting inside the Beltway, having that as my frame of reference for politics. I’ve mostly lived in big cities and so on, where national politics is about—during the Trump years, he’s pushing against the guardrails, if not leaping right over them.We have our norms and institutions, and that’s the way that we tend to talk about these things. It was fascinating, the stories that the two of you tell about how different politics is in these small communities. Can you talk a bit about that? That also, you say, plays into a part of Trump's appeal.Jon: Yes, sure. One of the things that really struck us, Aaron, is that in these communities, politics is much more Trumpian in all kinds of ways. It was Trumpian before Trump, right? The local public officials reminded us of Trump in various ways. They were thin-skinned. They were brazen. They were tough. They were macho. They were the local daddies of their communities. They were there to take care of their flock—that is to say, they weren’t particularly ideological; rather, it was a sort of friends-and-neighbors politics. They were going to do particular favors or provide for particular constituents. It echoed back to a sort of machine politics, which has deep roots in the Democratic Party. Politics in these places weren’t very ideological really. They were much more boss-centered. They were really about providing for and taking care of local constituents. Political leaders were expected to do favors for their constituents. We saw all of this in all kinds of ways. Maybe Steph wants to jump in and give some examples, give some flavor and feel for some of these characters.Stephanie: In all three of the places in this town in Rhode Island, in this city in Iowa, in this county in Eastern Kentucky, there had been a strong-boss politics—perhaps most strong in Kentucky. These little rural counties are often dominated by these people called judges. They’re not judicial figures. They’re county executives essentially. There was a man in the county that I was looking at who had held office almost continually for about 30 years.When I arrived there during the Trump administration, he had been out of office due to the fact that he had been brought up on federal charges in a votes-for-gravel scheme. This was after about some 30 years in office. The county had fallen on hard times. The main way that he was able to show his friendship to voters was by providing loads of gravel to them at county expense. A lot of these people live on little far-flung farms in this rural district. They need to have little roads that connect their farmsteads to the main public arteries.The roads need to be constantly refreshed with gravel, and he was dumping loads of gravel in the months leading up to an election. The Feds came after him, and he pled. He had to deal with them basically so he would be free, but he pledged never again to run for office. The county’s political imagination had been very much shaped by this man’s long reign. He remained a very popular—although controversial—figure in the county when I was there.Jon: There were echoes of this, too, in another town we studied, which is Johnston, Rhode Island. On the surface, you might think it would be a place with a radically different politics than Appalachia, right? It’s in New England. It’s a suburb of Providence, but in many ways, actually, the politics was really similar. It’s a very Italian-American community, and they still practice old-style machine politics.The mayor there is Joe Polisena. He rules with an iron fist. Again, he’s like everyone’s daddy, right? People go to Joe. They need something done. They need a favor. Sometimes they ask for things he can’t deliver. When we asked Joe about this, he said, “Yes, sometimes they’ll come in, my constituents, and they’ll ask for something off the wall.” Joe would have to tell them, “Gee, I can’t do that. That’s illegal, but I can do something else.”Likewise, people in that community feel like if they don’t support the machine, if they don’t support Joe Polisena and other Democratic candidates, they’ll be basically shut out. They won’t be able to get any goods from the city, because they’ll be punished by the mayor, who can be very vindictive. Again, very different, seemingly, kinds of communities. They’re regionally different. One’s rural, one’s suburban, et cetera, but a very different style of politics. It’s a kind of politics that used to dominate the Democratic Party.We forget about it in college towns and big urban cities because we’ve cleaned up this kind of politics, right? We want a politics that’s more policy-oriented—politics without nepotism, without wheeling and dealing in this sort of favoritism—but it’s a kind of politics that survived in a lot of these Democratic communities. It survived in those places because there are fewer college-educated, good-government types who wanted to clean up this kind of politics and get rid of it. That’s one way in which the politics of these places was distinctive, but they also had a particular political culture, and we could talk about that if you like, Aaron.Aaron: Just briefly before we turn to that: I’m curious, do the people in those towns view this as a kind of politics that needs to be cleaned up but just can’t for various reasons, or do they think this is the right way to do politics, even if it sometimes is a little messy and looks corrupt?Stephanie: Yes, I think there’s definitely a view among some voters—and they’re all men; these men are all somewhat controversial and have their detractors—who don’t like how personalized the politics are. I spoke to one. Mayor Polisena in Johnston, Rhode Island, is very widely popular. He gets very high margins in elections, and lots of people had lots of good things to say about him, but he did have his detractors.I was trying to talk to one of them, and he was quite anxious about talking to me and said, “Well, you know how things are in this town.” Then he paused a beat, and then he said: “Well, you’re not from here. Maybe you don’t.” There was this sense that there were critics, and they would often say: “This is too personalized. There’s too much retribution for disloyalty. This is America. We should be able to express alternate opinions and not be personally penalized by the powers that be in our locality for this.”One colorful example from Elliott County was an executive who was no longer in office because of this federal deal and had one very outspoken opponent in the community. When they would be paving roads, like county roads, the new asphalt would stop at this man’s property line and then start up again at the next property line. Only in front of his farm would there be no paving. That kind of stuff rubbed some people the wrong way for sure.Jon: I would just echo that. I think it was somewhat mixed, but I think there was also a sort of sense in these places that this is just how one does politics. These are the main models of politics. It wasn’t clear to many, I think, what the alternative to this might look like. In many ways, it’s a sort of model that grows up out of their own community. It’s the kind of politics that grows out of a traditional family in some ways. It’s the sense that, “Well, there’s a patriarch who’s the head of the household but also the head of the community.” They should provide and take care of their community. In exchange, they should get the loyalty of their constituents and their supporters.There’s also a sense that their loyalty is the main way that they pay back their benefactors, those who have supported them. Even if they have some misgivings or grumblings, or they think the mayor can be a little too iron-fisted or whatever, there’s also a sense that they should be loyal to that person because they owe them something.Aaron: Given all of that, and given the personal and transactional nature of the politics and the politics as extended family, as you describe it, the initial motivation of this book and the ethnographies that you conducted was that there was something new about Trump or Trumpism, or Trump as a candidate. It attracted what had been historically very, very exclusively blue communities. These were Democratic strongholds.Given all of this, within this context, what does it mean for them to have been Democrat? You said this wasn’t really about policy per se, so were they meaningfully Democratic in the way that we would think about it, from the perspective of looking broadly in American politics? Democrats represent a set of policy preferences and a certain coalition. Do they even fit within that? Or was it more just that this was a label, but they could have had a different one slapped on, and it wouldn’t have been meaningfully distinct?Stephanie: Yes, I think one thing that became very clear was that because of the relationships with these party elites in their local community, what the party meant, meant relationships with these local party leaders. What they understood “Democrat” to mean had been very much reflected or filtered through these local party leaders. A lot of their, I would say, social-cultural ideas were quite conservative.Some of them made a point of saying, “I’m a Democrat and I’m a conservative.” For example, we met a woman in Rhode Island who was from a deeply political family herself and had been a low local-level political leader—so not someone who was out of touch or disengaged at all. She talked about the revelation that Democrats were pro-choice. For her, this was a shock.She had to wake up to this fact because she herself and her family were fierce Democrats. She had been told since she was a child that if the Republicans get into power, we’ll all starve. It was that kind of rhetoric we've heard from a lot of people. But she was also from this deeply Catholic, church-going, mass-going family. She said she would go to mass and see her elected local leaders also taking communion.It never crossed her mind that these people would not be pro-life. On a lot of the social-cultural issues in Elliott County, which was very rural, one big issue had to do, of course, with guns and the Second Amendment. All the Democrats were very pro-Second Amendment in Elliott County. They didn’t feel a sense of cognitive dissonance because their understanding was so local.Jon: And as Stephanie suggested, too, in some ways, they do have a sense that Republicans are the party of the rich. That resonates with what a lot of Democrats might say about the Republican Party and have said for a long time, but it’s a very class-bound, New Deal, Democratic sense of the parties. Indeed, in some of the restaurants in these towns, it’s not uncommon to find pictures of JFK or FDR.They had a sense that those were the patron saints of the party. They did have a sense that they were part of something larger than their own local, particular community. It’s like the culture wars were this thing that was blowing beyond their own local lives, and they didn’t have a sense of where the parties landed on guns or abortion or those kinds of questions. That surprised us. That was interesting.In lots of ways, of course, these people, on a lot of these issues, they’re kind of conservative. They’re pretty pro-Second Amendment. They’re fairly pro-life. Although on economic questions, they’re more moderate or even left-leaning. Ottumwa, Iowa, for example: It’s a place with a meat-packing plant. There’s a strong tradition of unionism there. Basically, it’s as if you froze the Democratic Party in the North in 1960 and took a peek at it; that’s more what these places are like. It almost felt like going back in time a little bit. We got to peer at the old Democratic Party, as it used to be. We were reminded that it didn’t all change overnight—that there are still these vestiges of this old party that have endured partly because they’re isolated and they have this strong localism. The local leads buffer them from some of the big changes that are happening at the national level.Indeed if you talk to local people, one of the major things they’re trying to do is create their own brand, because they know that there’s a big ideological divide between them and the national party. They want to keep the Democratic Party as localized as they can. Trump has made that a lot harder for them in all kinds of ways, because a lot of these folks are starting to become more aware of the national party and the ways in which it’s different from their local party.Localism versus CosmopolitanismAaron: One of the broad theses of your book is that Trump appealed to these communities in part because the very things that those of us in our coastal, rootless, cosmopolitan enclaves were often dramatically, viscerally turned off by about him were the very things that felt the most familiar about him to the voters in these communities. As just discussed, he looked like the politicians that they’re used to. What we saw as wild corruption and nepotism and so on was just business as usual—that’s of course how politicians operate.I want to move to another one that you discuss, which is honor cultures, because Trump for many of us was this famously belligerent but thin-skinned bully who couldn’t back down. Constantly, anytime anyone said anything, he needed to come back at them, even if he looked ridiculous doing it. It seemed very off-putting to all of us. As you point out, this is like a quintessential “honor culture.” What is an honor culture, and why do we see it in communities like this?Stephanie: Well, an honor culture is a way of understanding reputation and conflict that makes it imperative that a person, particularly a man, demonstrate his toughness, his willingness to meet any insult—or certainly an assault—but even just an insult with a kind of fierceness and a willingness to use violence to avenge his reputation, to reestablish his reputation.Men in all these communities have all kinds of personalities, just like in any other community, but they understand that they’re expected to do this. If they don’t, they risk really losing status in their communities, and they also risk inviting further insult and even violence. I think it was pervasive in all three communities. I think some of the most colorful examples probably come from Ottumwa, from Iowa. Jon: Well, there’s a lot of examples. I would just say by way of defining honor culture that on the one hand, it’s unfamiliar to a lot of folks who live in highly educated bubbles like college towns and blue urban centers, but it’s the default culture in a way, right? It exists around the world. It still exists in lots of places in the United States. It’s a much more common mode of conflict resolution than we often imagine.The play Hamilton reminds us that it used to exist in our national political culture, because, after all, Hamilton died in a duel defending his honor. But that play misleads us, too, because it suggests that this honor culture is some ancient, barbaric, strange cultural thing that existed in the past and that we’ve done away with it. In fact, as Steph said, it existed in all these communities.I guess we should give some examples. I guess before I get to Iowa, I would start with Rhode Island. The mayor, Polisena, very much practiced this honor culture. We really first saw this in action during a town council meeting, because every month or so, Joe Polisena holds court and various citizens come. They have various complaints and they want to give the mayor a hard time.Mayor Polisena doesn’t do what politicians might do in, say, a college town when they hear a complaint. When people come to complain to Polisena, he gives them hell. He starts calling them names, and it doesn’t matter who they are. In fact, this one old woman used to consistently go and complain to him, and he would just let her have it. Polisena would say, “You’re a malcontent.”Later, as the meeting spilled out into the parking lot, he even audibly called her a douchebag. He doesn’t mince words, and we asked him about this. We said, “Joe, what are you doing? Why are you so rough with these constituents? Why can’t you do what Michelle Obama suggests? She said, ‘When they go low, we go high.’ Why can’t you take the high road?” His response was very telling. He said, “No, I can’t do that. If I do that, they’re just going to roll over me. I’m just going to show my weakness. They’re going to take advantage of me.” He said, “Look, I have to be a street fighter when it comes to politics. I have to be tough, because that’s the only thing that people understand, is strength.” We saw this again, as Steph suggested, in Ottumwa. There, a fight nearly broke out at a local Democratic county meeting. This is back in 2016 during the primaries. The county commissioner was a guy named Jerry Parker. He supported Hillary Clinton. There was a guy named Alex Stroda, who was on the other side. They were fighting over who to endorse. It nearly came to blows. There was a belly bump, but not an actual fight. Again, those were two guys who couldn’t just talk it out. There was a sense that an insult had to be forcefully confronted. That was normal in these places and that’s also how Trump operates, right?For Trump, you’re either a strong person or you’re a weak person, and that’s how he divides the world. Nationally speaking, some of the candidates that gravitated toward Trump early also shared some of that honor culture. You think about guys like Rudy Giuliani or Chris Christie. They too have some of that in them. That’s a flavor for this culture. To sum up, I guess the final thing I would say is that Trump—I think you said this well, Aaron—but Trump to us, to people in our community, seems like he’s pathologically thin-skinned. And maybe he is, right? I’m sure Trump has all kinds of personality disorders, but that’s not how it’s necessarily read in the communities we studied. To them, his behavior is totally normal. Of course you punch back. Of course you don’t let things roll off your back. That’s not how politicians behave in their communities. He doesn’t seem weird even if he does have all kinds of personality disorders, which I’m sure he does. He doesn’t read quite that way in these places.Aaron: You’re conducting these interviews after Trump has been in office for a bit, so they’ve gotten to see him not just with the bluster of a candidate, but actually as the leader of the free world. Was there a sense of the disconnect between how they perceive him and how he is perceived elsewhere? For example, you quote a handful of people about this. One guy, and I’ll just read the quote, he says, “I think other countries are afraid of him, which I think is a good thing. I hate to say it, but with Bush and Obama, they were pushovers. With Trump, he’s not a pushover. You’re going to have to deal with him. There’s no playing games with him.” This is really striking because it became very clear in Trump’s presidency that other world leaders were just constantly playing games with him. They saw his thin skin, his reactivity, his susceptibility to flattery, and they just manipulated the hell out of him. They were maybe afraid of him in the sense that he was a loose cannon, but they weren’t afraid of him as a tough guy that they had to take seriously. Were the communities aware of that disconnect, of how he was perceived on a world stage?Stephanie: No, I think that the idea of a leader that might speak quietly and carry a big stick just doesn’t make a lot of sense to them. In their own sphere of understanding, the way that you make people understand that you will not be messed with is through this thin-skinned response. It’s this kind of machismo. I think that that was how they understood. I was at a church service in Kentucky and the minister there was trying to get the churchgoers to be more assertive in their faith.He said, “Growing up, my big brother always taught me”—basically, he meant in the context of working at a job site like a construction site—“don't back up. Never back up.” That was seen as a deep truth that had application in all realms of life. They heard Trump making those sounds. It’s a pretty policy-wonkish person who could then read and trace actually what the consequences might have been, which you were just alluding to. Jon: I think it’s important to bear in mind that what’s happening here is a kind of identity politics. When they see a candidate like Trump who behaves in ways that are familiar to them, in ways that they might behave, in ways that their leaders might behave, it signals to them that this candidate is one of them. That’s how most voters behave, right? They don’t think very systematically, for the most part, about politics or ideology. Really, they’re interested in candidates and the extent to which they feel some sort of a social proximity to them. The closer they feel to them, the more they feel like they can trust them. I think the people we talked to just have a sense that Trump, because he seems familiar, because he seems trustworthy, will do the right thing on the international stage in these contexts that are removed from their knowledge or expertise. In that way, they’re really different from the wonky people one might meet in Washington, D.C., who are pulling their hair out because Trump is getting rolled by China and Putin, et cetera.Class, Not RaceAaron: One of the other things that is characteristic of Trumpism—and it was certainly present throughout Trump’s campaign—was nationalism, and then what often looked like racist dog whistles, if not just quite audible whistles. What has seemed to be characteristic is that Trumpism and Trump’s supporters are intensely nationalistic and often have—let’s call them racially charged views. What you found pushes back on that, at least in some ways, and you argued that it has more to do with the sense of place. Can you talk about how sense of place plays out and what that says about nationalism as a Trumpist phenomenon?Stephanie: All three of these were places we chose precisely because they represented a larger group of counties mostly that had voted twice for Obama and then flipped. We were interested in part because that seemed to be complicating what seemed like a clear-cut story of the kind of bigoted appeal, the appeal of bigotry that the Trump campaign represented. Then spending time there, what really stuck out in all three of the places was the localism and we've talked about some facets of that.These were all places where the people who lived there felt deeply, deeply connected to their hometowns and even so much that in the Johnston Rhode Island community that we were in, they had long had a phrase that was Johnston First—long before Trump was on the political landscape, that there was a sense of belonging to each other and needing to help each other and work for the community. This sometimes then resonated out to a nationalistic commitment. For example, in Ottumwa, Iowa where there were these strong unions, where there had been the car industry, it was difficult to buy a non-American made car in Ottumwa.They linked Ottumwa to the nation in a sense. In all of these places, there was that intense localism. For example, I was asking some women in Elliott County, Kentucky early on. One of them mentioned that they had read Hillbilly Elegy by J.D. Vance and there was some other women at the conversation that I was having and the other women hadn't heard of the book, but they said, "Oh, was he from Elliot?" Then the response was, "No, because he's actually from another county that's an hour or two away, also part of Eastern Appalachia." Fairly indistinguishable from my eyes, but when they were told, "No, not from Elliot county, from this other county," they all laughed like, "Oh, okay, well that's a different county, we don't know about that county." Even the county boundaries of this tiny rural county really mattered to the civic imagination of the residents there.Jon: The other thing I'd say along these same lines is these are all places that are struggling to varying degrees and have been for quite some time. When Trump came around and said he was going to Make America Great Again, what they heard is not so much that he was going to make the nation writ large great again in some general way, what they heard rather is that he was going to make Ottumwa Great Again and Elliot Great Again and Johnston Great Again. That very nationalistic rhetoric, they heard in this very localized way. The fate of those communities matter to them partly because their social identities are so connected to those places.In these communities is where they're really socially known, where they really have reputations, where all their kin are, where all their kin are buried, and so to leave those places because they can't find the jobs or that they might need, for example, is a social death. Here it's a really a class-based difference. If Steph and I get offered a job at, say, Harvard and we go, our social reputation actually enhances because the nature of our communities is really different. It's not neighborhood-based, it's not especially place-based. Our communities are much more based in our professions. We're having this conversation with you across thousands of miles and that's the nature of our community.We don't know our neighbors all that well and it's certainly not the center, it's not really where our social identities are fundamentally based. The fate of these communities matters in a existential way to them in a way that I think it's sometimes hard for those of us who are part of the professional class to notice and to see. The other thing I'd say about race is, as we mentioned, these are places that voted for Obama twice. In that way, they're also different from places that were touched by the Tea Party. As soon as Obama's elected, you get the tea party, and I'm sure some of that was racially driven. He's our first black president but notably, it wasn't these communities. Obama really didn't create some massive counter mobilization in these places. These are places that voted for him twice, Obama was their president for eight years. Some of these places did grow disenchanted with him in the second term, and particularly in Elliot county where the policies of the Biden administration was particularly hard on the coal industry there. But for the most place, these weren't places that had some allergy to Obama. These were places that, in fact, voted for him and supported him.In general, I think we would say that to those studying Trump is that I think it is true on the one hand that these folks, they do think of Trump as a patron of the white working class in some ways. I think that's true. I do think, especially today, things have become more racialized. I'm sure if we went back into these communities in the wake of BLM and everything else, the racial politics has changed. Perhaps they think of themselves more fundamentally as white citizens and that's probably likely. But when we arrived there, I guess we were struck by the fact that they didn't particularly think in those terms and their social identities were much more class-based, they were much more place-based. I think we have to keep in mind that however much race plays a role, their politics aren't reducible to race either, that they have other social identities. I think that's hopeful in some ways.Stephanie: Just to put a point on the comment with one example that comes to mind in terms of Elliott County. Elliott county, Kentucky, is a particularly white area. There's very few people that are non-white.Jon: In fact, if I could just add, I think it's the whitest county that voted for Obama, which makes it interesting.Stephanie: All the political conflict there that sometimes can be racially charged in other places all happens within whites. For instance, when there's lots of grumbling about welfare and they're all looking at their white neighbors who are ethnically, religiously identical, racially identical to them. One thing I discovered among some of the older, this is not common among the younger, but the older people in Elliott County will sometimes complain about foreigners. When they talk about foreigners, they mean people from Ohio who are coming across the border or other counties, other white people.When there's lots of talk about invidious distinctions between us and them or between “othering” someone in the jargon of the academy, but in this case, they're “othering” white Ohioans, so the racial divisions aren't always the most important divisions to them.Jon: Just a quick footnote to that. It should remind us that, in some ways, their identities are much more provincial than whiteness. White America, that's a pretty big group of people. For the most part, it didn't seem like that was a community they felt especially close to. As Steph said, they feel like they're white neighbors and a neighboring county are, in some ways, outsiders and not part of their community.Aaron: The main issue of Trump's campaign, the thing that he ran on and drove home from early on his presidency was anti-immigration. That was his hobby horse. Is it then the case that for these communities, an anti-immigration view is less about race, ethnicity, nationality, immigrants with their weird languages and weird foods and more that if your community is intensely socially interconnected in a way that makes it look more like an extended family, then the immigrants look like the person who marries into that family and has a hard time fitting in because they didn't grow up in it, then they physically look different from us?Jon: Yes, you could see this in, I think, most notably actually in Ottumwa, Iowa, which of the three communities we studied has the highest level of immigration and they've come there really to work the meat packing plant. I do think there's something to what you're saying. There's a sense that these folks are outsiders who don't quite share our norms, and therefore, it's harder to have the tightly knit homogeneous community. We know from research on social capital that ethnic diversity, at least in the short and median term, undermines community and feelings of trust and belonging, and so diversity is a challenge to community.If your community is fundamentally neighborhood-based, then immigration can be a cost to those communities. Again, it's really quite a contrast from our college town. Here, we benefit from immigration on all kinds of ways. We pay immigrants in California, some in California, they cut our lawns, they clean our houses, they care for our children, they allow us to neglect our neighborhoods and tend to the communities that we care about, which is really our broader, professional, more diffuse, virtual kinds of communities. But in places like Ottumwa, those communities, again, are much more neighborhood-based.There is signs though that does sort of change over time as immigrants become part of the community. This is why I think it has more to do with culture than race. One Ottumwan, for example, told us about one of his neighbors, really about the Latinos in the community. Generally, he said, well, they're not even Mexican anymore because they don't speak Spanish. It was an interesting way of saying this was fundamentally about race. They may look a little different, but what matters is that they've socially and culturally integrated into the community.Policy Is Not the AnswerAaron: Looking forward then for those of us who are deeply worried about what Trumpism represents on the national stage, look back at the four years that he was in office and the real damage it did to American institutions and so on, and are worried about the continuing prevalence of this fundamentally illiberal views in the American electorate, what lessons should we draw from this? These people are speaking to genuine interests in cultural needs and affiliations. The book is very good at pointing out how much those of us in the cosmopolitan cities don't understand the way that class really works.There's a very nice line in it where you mention how much in colleges the future generations of progressive leaders are taught lots of courses in gender and race, but very little, if anything at all, in class and how important class is to this conversation. What lesson should we draw from what you've learned in these communities as far as understanding and preventing some of this from turning into the really dangerous illliberalism that we all fear?Jon: I think it is certainly heading that way. When we were in these communities at the time, it was still relatively early in their romance with Donald Trump, so they were not talking a lot of crazy conspiracy theory. Now we're really at a different place and I think partly what it highlights is the dangers of identity politics in some ways. There's a sort of cultishness that has really grown around Trump. Again, we were there and saw the beginnings of that, but we were just, in fact, at a rally in Wyoming, and Trump was there to officially nominate Harriet Hageman who's taking on Liz Chaney. It was everyone was in their Trump gear. Everyone had Trump T-shirts, lots of folks had Trump flags.If you've been to an NFL game, it had that feel to it like everyone's on the same team rooting together. Maybe that would be okay if Trump was less reckless. I think in many ways, we're in this moment because of Trump's bad character. Not so much that he appealed to people's place-based or class-based identities and mobilized this group of folks, but the power of that social connection has been so badly abused by him and so recklessly done, exploited. In a way, I think there'll be more responsible people. I hope there'll be more responsible people who will follow some of his example and leave other parts of it behind.I think there's responsible ways to appeal to these folks. I think it's important to remember, there's a decent part of this world. There's a decent morality there. Not all of it exports well up to the national level. I think honor culture, for example, for reasons we can explain, we think that maybe it's not great anywhere, but it works much better locally, and when it's exported up to the national level, it doesn't play out well. There are folks who I think are trying to take some of the Trump's playbook. One good example is this candidate for governor in Pennsylvania, Fetterman, who's a Democrat, and very Trumpy in all kinds of ways.If you haven't bothered to look, on one of his forearms, he has a huge tattoo of a ZIP code of his hometown. Talk about appealing to place-based identities. This guy's really figured it out. On his other arm, he has the names of all those who died in his community while he was mayor. Very personal concern about his own hometown and community. Look, I don't know what kind of governor he would be if he makes it that far, but it strikes me that's, particularly for Democrats or even really Republicans, who are thinking about how do you mobilize some of these social identities in a way that's less reckless than Trump, I think it can be done.Again, I think it'd be done responsibly and that's partly because there's something admirable and something to like about the localism of these folks.Stephanie: Yes, I think a lot of the things that we found that we highlight in our book, the moral vision behind them has to be understood. Even something like the boss nature of politics, which is often something that's considered very sleazy in the kind of communities that John and I have lived really has a lot to do with this ethic of friendship and loyalty. It's a way that voters understand friendship and loyalty more than any policy-minded way of assessing candidates. I had one woman tell me, actually, a few people say things like this, but one woman comes to mind in Kentucky who was a very disengaged voter and worked a minimum wage, a pretty crappy job.She was one of the defenders of this disgraced county executive and she said: "At least when David was in office, you could get a load of gravel when you needed one." It was her sense of this was a true mark of friendship. I think that certainly the boss style politics, which has to do with personal loyalty, which, of course, resonates very large with the unusually intense following that Trump has at the national level, the localism, again, is about community and loyalty. I think candidates that can speak that cultural jargon can signal that it's more important to signal that than it is to have policies. The policies aren't the draw I guess. I saw some Trump voters who said to me Trump Democrats in Kentucky who said, "Oh, we have great internet. We got that under the Obama administration," but there was no sense that they gave credit to the Obama administration for this policy that clearly helped them. They giggled about. Or the same with Obamacare. We saw people in Rhode Island say, "Oh, well, yes, I am dependent on Obamacare," but didn't give much credit. I think what they want is a feeling of being represented by someone they can identify with and trust and they're much more attuned to social-cultural clues, maybe all of us are, when picking candidates. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theunpopulist.substack.com
Trend Following legend Jerry Parker joins me today, where we answer questions regarding the effectiveness and risks of Richard Dennis' “Pyramiding” methodology, how single stocks have performed differently than the indices recently, how to most optimally apply breakout systems, how to react to a drastic fall in a market like we saw in LUNA and the difference between performance of short and long trades in non-volatility targeted systems, how to avoid harmful research pursuits and popular ideas that just don't work, different ways that ownership of a CTA passes on to a new owner, designing systems that gives you a high degree of consistency and much more. ---- ---- Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written https://www.toptradersunplugged.com/Ultimate (here). And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here). Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here). Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on https://www.toptradersunplugged.com/reviewttu (iTunes) or https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW (Spotify) so more people can discover the podcast. Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). Episode TimeStamps: 00:00 - Intro 06:32 - What has caught Jerry's attention? 13:34 - Q1, Sascha: The Richard Dennis “Pyramiding” methodology 18:35 - Q2, Jeff: Jerry's current positioning in single stocks 23:10 - Q3, Louis: Parameter selection for different breakout systems 32:16 - Q4, Adam & Scott: How to deal with a drastic fall in a market like LUNA 41:49 - Q5, Carl: What doesn't work in Trend Following? 48:34 - Q6, Brian: How to pass on ownership of a CTA Business 53:34 - Designing consistent Trend Following systems 01:09:17 - Trend, trends and no diversification 01:22:36 - Performance update Copyright © 2022 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. https://www.toptradersunplugged.com/resources/ebooks/ (Click Here) 2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! https://www.toptradersunplugged.com/resources/market-trends/ (Click Here) 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. https://www.toptradersunplugged.com/resources/ (Click Here) https://www.toptradersunplugged.com/legal/privacy-policy/ (Privacy Policy) https://www.toptradersunplugged.com/disclaimer/ (Disclaimer)
Jerry Parker joins us in today's episode, to discuss pros and cons of adding different trading styles to your strategy and how to react when bad periods occur, using borrowed money as part of a systematic trading approach, expected returns of equities, finding the best investment strategy, achieving a high level of consistency in your Trend Following returns, using AI and Machine Learning to predict the future, Divergent Regimes and how they may last a lot longer this time, the geometry of classic Trend Following, what it takes to succeed and much more. ---- In this episode, we discuss: If it helps adding different styles to your trading strategy If you should use borrowed money as part of a systematic trading approach How to find the best investment strategy How to achieve a high level of consistency in your returns The use of AI and Machine Learning...does it improve your returns Divergent Regimes and the end of Carry The geometry of classic Trend Following What it takes to succeed ---- Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written https://www.toptradersunplugged.com/Ultimate (here). And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here). Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here). Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on https://www.toptradersunplugged.com/reviewttu (iTunes) or https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW (Spotify) so more people can discover the podcast. Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). Episode TimeStamps: 00:00 - Intro 05:02 - What's been on Jerry's radar? 07:30 - Q1, Isaiah - Add trading styles or stick with the “Trend Following + nothing”? 19:31 - Q2, Nick - About leverage and using borrowed money 25:40 - Jerry's Tweets 38:30 - Consistency in returns & how to achieve this 43:15 - AI and Machine Learning 49:27 - Divergent Regimes 56:51 - Geometry of trend following 01:01:04 - Inertia of success 01:04:45 - Deep Roots article by Morgan Housel 01:06:27 - Performance update Copyright © 2022 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. https://www.toptradersunplugged.com/resources/ebooks/ (Click Here) 2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! https://www.toptradersunplugged.com/resources/market-trends/ (Click Here) 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. https://www.toptradersunplugged.com/resources/ (Click Here) https://www.toptradersunplugged.com/legal/privacy-policy/ (Privacy Policy) https://www.toptradersunplugged.com/disclaimer/ (Disclaimer)
This week, Patrick Ceresna and Kevin Muir welcome Chesapeake Capital founder, Jerry Parker. They talk about answering the Richard Dennis turtle ad, why he believes in Trend Following plus nothing, and finally, how to adapt that strategy to fantasy hockey. ⭐️Visit our merch store!!! 👉https://www.markethuddlemerch.com/ ⭐️ *Got questions for Kevin and Patrick? Submit your questions to: 📩nostupidquestions@markethuddle.com To receive our emails with the charts and links each week, please register at: https://markethuddle.com/
Jerry Parker joins me in today's episode to discuss trend following as a robust guide to the markets in a world of instability and insecurity. We also discuss the recent short squeeze in nickel which has led to an unprecidented response from the LME, how to develop a trend following system, and what to do if you miss a breakout trade. We dive into when to trade index-based products vs. single stocks, how to manage trailing stops, and Jerry's decision to stop doing trend following research and rounding off our conversation with interesting and somewhat provocative tweets from Jerry. ---- In this episode, we discuss: Trend following and volatility in relation to the current situation in Ukraine The recent short squeeze in nickel trading and the reaction from the LME Tips and tricks to grow as a trend follower How to develop a good trend following system How to manage trailing stops How Jerry managed his short Russian stock position What Jerry will focus on as he stops doing Trend Following Research ---- Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written https://www.toptradersunplugged.com/Ultimate (here). And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here). Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here). Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on https://www.toptradersunplugged.com/reviewttu (iTunes) or https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW (Spotify) so more people can discover the podcast. Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). Episode TimeStamps: 00:00 - Intro 01:40 - Summary of the week 08:03 - What happened this week with nickel trading 14:53 - Q1, Josh: Any tips and tricks for Trend Following investing and ETFs? 31:57 - Q2, William: How do you react following a missed breakout? 37:11 - Q3, ABE: Is it wise to avoid Index-based products and how to trade CTA Index Futures? How do CTAs as an industry, become part of the financial zeitgeist going forward? 45:36 - Q4, FunnyMoney: Are trading stops intra-day or managed at the next day open? 49:25 - What happens if you stop doing trend following research 57:00 - Tweets from Jerry 01:20:43 - Performance overview 01:21:49 - Thanks for listening Copyright © 2022 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. https://www.toptradersunplugged.com/resources/ebooks/ (Click Here) 2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! https://www.toptradersunplugged.com/resources/market-trends/ (Click Here) 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. https://www.toptradersunplugged.com/resources/ (Click Here)...
This week on the fishing podcast I have my friend Jerry Parker of "Parker Pursuits" (once again)! We will check in with what he has been up to. We need to show everyone this man needs to get the exposure he deserves! Jerry catches BIG catfish on the Mississippi river and is WAY UNDERRATED in the YouTube world! So grab a seat and check out this great angler on the fishing podcast! Parker Pursuits: https://www.youtube.com/c/ParkerPursuits *** Help Support the CHANNEL here: https://paypal.me/markprz *** CashApp $MarkPrzybysz BECOME A Catfish and Crappie Crew MEMBER HERE:https://www.youtube.com/channel/UCnVg2nzyzEXgdF0i3j3Dt9A/join Visit My Website https://catfishandcrappie.com for ALL the channel information and MORE! Follow the channel on: Listen to the podcast TikTok: https://www.tiktok.com/@catfishandcrappie Facebook: https://fb.me/catfishandcrappie The Catfish and Crappie Group: https://www.facebook.com/groups/catfishandcrappie IG: @catfishandcrappie Twitter: @AndCrappie --- Support this podcast: https://anchor.fm/catfishandcrappie/support
My guest today is Jerry Parker, the founder of Chesapeake Capital Corporation, a global investment manager headquartered in Richmond, Virginia, in 1988. He was an original TurtleTrader and was also the most successful TurtleTrader. Jerry brings a pragmatic directness to the show today that will benefit your portfolio, but only if you listen closely and apply his wisdom. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Trend Following 1983 – 2021 Trend Following Principles Trend Following Traders Portfolio and Strategy Outlier Trades Futures Trading Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
Our guest today is Jerry Parker, Chairman and Chief Executive Officer of Chesapeake Capital and long-time trend-follower. In this episode we start by going back to Jerry's days as a “Turtle Trader” under Richard Dennis and the lessons he learned from the experience. We walk through some of the keys to trend-following, what 2020 looked like from his point of view, and the benefits of a rules based approach. In a world of Dogecoin and meme stocks, Jerry provides a rational perspective on the markets. Our local co-hosts today are Chris Cannon, CFA, and Colby Donovan, both of which are board members of CFA Orlando. Please enjoy the episode. Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Ventura County Coaches Series --- Support this podcast: https://anchor.fm/sampson-brue/support
My guest today is Jerry Parker, the founder of Chesapeake Capital Corporation, a global investment manager headquartered in Richmond, Virginia, in 1988. He was an original TurtleTrader and was also the most successful TurtleTrader. Jerry brings to the table a straightforward way of breaking down how trend following works. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Baseball analytics Lumpy returns Crisis alpha Having a process and sticking to it Value Investing Bobby Axelrod Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
--- Support this podcast: https://anchor.fm/sampson-brue/support
Jerry Parker takes us inside 2014 for his firm, and how his models reacted to the Swiss Franc move in January of 2015. He looks at the year and makes a case for trend following as an asset class, as well as highlights what we can learn from a year like 2014.-----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder ToolIn This Episode, You'll Learn:How the year ended up for Jerry's firm.The date when his system started getting short Crude Oil.What they could have done better in 2014.How he dealt with the Swiss Franc move in January 2015 and how many ATR he made and lost on 2 different CHF positions.The minor changes they've made to increase diversification of their trading systems.What he wishes for 2015.-----ATTENTION TTU TRIBE : SIGN-UP for Rick Rule's Symposium: Once in a life-time natural resource insights from the BEST investors in the world via a first-class livestream or Live event!Resources & Links Mentioned in this Episode:Listen to 2 hour-long episodes with Jerry on this podcast here and here.Also check out my interview with Turtle Trading legendary mentor Richard Dennis here.Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Jerry on Twitter.Copyright © 2023 – CMC AG – All Rights...
Today we will continue our conversation with Jerry Parker the founder of Chesapeake Capital and widely known as the most successful Turtle ever.After wrapping up his position with Richard J. Dennis as a famous “Turtle,” he went on to start his own asset management firm, Chesapeake Capital Corporation.In this episode we discuss the evolving CTA industry and the story of Chesapeake. It's a powerful story from one of the most successful people in the industry. We really hope you enjoy it. -----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder ToolIn This Episode, You'll Learn:How the research and complexity of systems has a backwards effect to making moneyChallenges with entering stock markets with CTA strategiesWhy counting the trades and analyzing sample size is what most investors forget to ask when seeking fund managersWhere the CTA managers have failed investorsHow Jerry Parker handles emotions during drawdownsWhy markets have changed so that longer term focus has proven more successfulLearn about the philosophy of “The Markets are the Heroes”Important lessons from a long, successful career in the CTA industryWhat is it that keeps investors from Turtle CTAs and choose larger financial organizationsWhy we see a skewed distribution towards profitability of long side trades and short side tradesThe key legacy traits left behind by the Turtles and if the experiment could be replicated nowWhy Jerry Parker's contribution to the CTA space will be that he sticks with the plan and be the last one going down with the trend following shipLessons for upcoming CTA managers from Jerry ParkerDebunking trading cliches like, “you never go broke taking a profit” and “exits are more important than entries”Personal habits that have contributed to Jerry Parker's successHow Jerry Parker would start if he were to start all over again-----ATTENTION TTU TRIBE : SIGN-UP for Rick Rule's Symposium: Once in a life-time natural resource insights from the BEST investors in the world via a first-class livestream or Live event!Resources & Links Mentioned in this Episode:Ray Dalio – Bridgewater CapitalLearn about Jerry Parker's Acting “Career” on his IMDB pageFollow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “The Many Flavors of Trend Following”
Imagine you found an advertisement in the newspaper offering a position with a one sentence application process.Would you take it?What if it was for a position where you would learn a proprietary trading system in which you would trade solely for owner of the firm?What if that man was Richard Dennis?Our next guest took that position in 1983 and it changed his life forever, for the better. He found himself with what was to become a famous title, a Turtle. He was given the opportunity to manage a million dollar account with specific rules to follow. Rules that he would learn to love and perfect.-----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder ToolIn This Episode, You'll Learn:About the Turtles and how the unique experiment grew into the Managed Futures/CTA IndustryHow Wall Street Leaks inspired Jerry into understanding the industryHow Jerry encountered trend following for the first timeThe One Sentence culture in Richard J. Dennis's officeHow to excel at unprecedented tests from leading tradersWhat it was like moving to Chicago to train as a TurtleWhat the Turtle training was like and the mindset provided in the trainingThe most challenging thing about Trend Following when Jerry started with Richard DennisAbout the transition from Turtle Trading to starting his own organization, Chesapeake Capital in 1998The evolution of Chesapeake's strategy from day one after leaving Richard Dennis's programThe early focus on diversification and adding new marketsIssues with trying to improve the original Richard DennisThe shift in investor expectations with the growth of institutional investment organizations while operating on of the largest CTA firms in the industryWhy it's best to take an optimal loss rather than a small lossOn the meaningfulness of track records and what else investors should be encouraged to explore when choosing an investment management decision-----ATTENTION TTU TRIBE : SIGN-UP for Rick Rule's Symposium: Once in a life-time natural resource insights from the BEST investors in the world via a first-class livestream or Live event!The advertisement Jerry responded to in 1983:Richard J. Dennis and CD commodities is accepting applications for the position of Commodity Future Trader to expand his established group of traders. Mr. Dennis and his associate will train a small group of applicants in his proprietary trading concepts. Successful candidates will then trade solely for Mr. Dennis. They will not be allowed to trade futures for themselves or others. Traders will be paid a percentage of their trading profits and will be allowed a small draw. Prior experience will be considered, but is not necessary. Applicants should send a brief resume with one sentence giving their reason for applying.Resources & Links Mentioned in this Episode:The Barefoot Trader (Article about Richard Dennis in Wall Street Journal)Learn more about Richard J. Dennis the founder of the Turtle programFollow Niels on Twitter, LinkedIn,
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