Podcast appearances and mentions of robert carver

HE'S STAYING STRONG, HE'S STAYING SOBER. Interview with Robert Carver. The Montyman engages in a heartfelt conversation with Robert Carver, a recovering alcoholic and drug addict. Robert shares his journey from early substance use at a young age to hitting rock bottom and ultimately choosing sobriety for the sake of his family. The discussion delves into the challenges of addiction, the impact of grief after losing his father, and the importance of support systems in recovery. Robert also introduces his initiative, 'Stay Strong, Stay Sober,' which aims to inspire others through his story and racing endeavors. The episode emphasizes the ongoing struggles of recovery, the significance of community, and the hope that comes from sharing one's experiences. Closing Song: Broken Is a Place by Ricky Bird. #higherpower #aa #na #alcoholicsanonymous #recovery #recovered #alcoholic #twelvesteps #wedorecover #narcoticsanonymous #addiction #bigbook

In the newest episode of CopperCasts our Head of Research, Fadi Aboualfa, speaks to Stylus Capital's Founder Burak Yenigun and his Research Advisor, Robert Carver. Stylus Capital is a digital asset hedge fund that relies solely on momentum trading strategies. Burak and Robert may work closely together in developing sound strategies, but their approaches and long-term views differ from one another, even if slightly. The podcast delves into whether the fundamental data available is enough information for traders to make a decision all the way to why exposure to holding native cryptocurrency is a valuable proposition even when cash-settled futures markets are available.   For regular updates on macro research on cryptocurrency, digital assets and distributed FMI follow Fadi Aboualfa on twitter @fadiaboualfa. And to hear more from the Copper team, follow @CopperHQ on Twitter, or visit our website, copper.co.    Learn more about Stylus Capital : stylus.digital Robert Carver's blog : qoppac.blogspot.com

My guest today is Robert Carver, an independent systematic futures trader, investor, writer, and research consultant. He is currently a visiting lecturer at Queen Mary, University of London. Robert trades and invests with his own money using the methods you can find in his books. Until 2013 Robert worked for AHL, a large systematic hedge fund, and part of the Man Group. He was responsible for the creation of AHL's fundamental global macro strategy. Prior to that Robert worked as a research manager for CEPR, an economics think tank, and traded exotic derivatives for Barclays investment bank.  The topic is his book Advanced Futures Trading Strategies. In this episode of Trend Following Radio we discuss: Systematic trading Short term strategies Profits in 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!

My guest today is Robert Carver, an independent systematic futures trader, investor, writer, and research consultant. He is currently a visiting lecturer at Queen Mary, University of London. Robert trades and invests with his own money using the methods you can find in his books. Until 2013 Robert worked for AHL, a large systematic hedge fund, and part of the Man Group. He was responsible for the creation of AHL's fundamental global macro strategy. Prior to that Robert worked as a research manager for CEPR, an economics think tank, and traded exotic derivatives for Barclays investment bank.  The topic is his book Advanced Futures Trading Strategies. In this episode of Trend Following Radio we discuss: Systematic trading Short term strategies Profits in 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!

  Secrets From A Profitable Systematic Trader - Robert Carver In episode 393 of the Desire To Trade Podcast, we will be listening to the recording of an interview with Robert Carver who reveals his secrets as a profitable systematic trader. Take a peek into a systematic trader's life and learn how to make money using strategies that really work consistently. The video is also available for you to watch on YouTube. >> Watch the video recording! Topics Covered In This Episode 00:15 Introduction 00:36 Who is Robert Carver? 01:16 How did he start trading? 03:37 Masters in Economics and systematic trading 06:12 What to look for with systematic trading 08:42 Indicators vs. Price 10:00 Is systematic trading for everyone? 12:18 How much room does he leave for drawdowns and losses? 17:17 On tweaking settings and making them better... 19:46 Which markets does he trade on? 21:59 Robert's review process 24:15 Long-term trading tips 25:37 Systematic trading for beginners 30:05 Where to find new ideas and strategies 33:22 How Robert decides on what to keep after testing new strategies 35:22 Knowing the logic behind the strategy 36:55 Where to find Robert Carver (links below) and much more What did you like best in this podcast episode? Let's talk in the comments below, or join me in the Facebook group! Desire To Trade's Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist One-Page Trading Plan (free template) Recommended brokers: EightCap (preferred Crypto and FX Broker) AxiTrader (use our link to get a special bonus) Desire To TRADE Academy About The Desire To Trade Podcast Subscribe via iTunes (take 2 seconds and leave the podcast a review!) Subscribe via Stitcher Subscribe via TuneIn Subscribe via Google Play See all podcast episodes How To Find Robert Carver? Twitter: @investingidiocy systematicmoney.org What is one thing you will implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!  

Robert is a systematic futures trader, writer, and researcher. He is the author of several books on systematic trading including ‘Systematic Trading: A unique new method for designing trading and investing systems' and the upcoming ‘Advanced Futures Trading Strategies'. Before becoming independent, Robert worked for AHL, one of the leading systematic hedge funds, which is part of the Man Group. He was responsible for the creation of AHL's fundamental global macro strategy, and then managed the funds multi-billion dollar fixed income portfolio. In this podcast, we discuss systematic vs discretionary trading, how to avoid overfitting and better back-tests, which frequency of trading works best, and much more.

Robert has an impressive CV, over the years he has worked at many prestigious firms including: Fixed income exotics trader at a major investment bankResearch manager at the Centre for Economic Policy ResearchHead of fundamental strategies and subsequently head of fixed income at one of the UK's leading hedge funds. (Where he was responsible for strategies trading $5bn of client funds) He now manages his own wealth as an independent trader using a fully automated trading system, deploying numerous trading strategies across multiple markets. So this trader is a serious player! In this conversation I asked Robert a variety of questions including: What was it like working at a hedge fund?How can retail compete with hedge funds?What does his trading system look like now?Mean reversion vs trending strategiesWhen to pull the plug on an automated trading systemBacktesting and curve fittingConverting your discretionary trading strategy into an algorithm& so much more. This was a really in depth discussion with a knowledgeable and seasoned trader. Enjoy the episode! Robert's website is: https://www.systematicmoney.org/ Robert's book are available on his website and amazon: Leveraged Trading Smart Portfolios Systematic Trading Advanced Futures Trading Strategies

Coach P speaks with Robert Carver of For the Fighters Management in this episode.  Robert Carver is a lifelong businessman who has succeeded in that field. Robert is currently the COO of Retirement Solutions Group and serves as the Founder/CEO of For The Fighters Management.  During the conversation, Robert shares his background, how he entered the business world, and his entry into mixed martial arts as a fighter manager and agent. Grab your pen, notepad, and let's go! You can connect with Robert at the links below. Email: rcarver157@msn.com Facebook: Robert Carver *** If you enjoy Coach P's Perspective Podcast, please consider doing a few things: Subscribe and give the show a 5-star rating on the platform you use to listen. Write a review of what you love about the show. Please share the episode with your friends via text, social media, etc.  Thank You, and much love! *** You can purchase Coach P's best-selling book, “Game Changing Moves” HERE. *** Be sure to connect with Coach P on his Website and Social Media for more inspirational messages:  Link Tree: https://linktr.ee/coachchadparks Travel Advisor, specializing in Disney: Laurie Parks laurieparks25@gmail.com Sponsors: True Classics https://trueclassictees.com/COACHP25 (Use the code COACHP25 for a 25% discount on all True Classic products.) Titan Nutrition https://titannutrition.net/coachp (Use the code “coachp” for a 10% discount and free shipping on all Titan Nutrition Products) Home | BUBS Naturals (Use the code COACHP20 for a 20% discount on all Bubs Naturals Products.) *** Are you interested in having your company featured on the podcast? Please e-mail Coach Chad Parks at coachchadparks@gmail.com *** Intro music by Gerald Gray, aka Twish Foaves. You can follow Twish Foaves at: Instagram: https://www.instagram.com/twishfoaves/ Facebook: https://www.facebook.com/ChristStillLives Music: https://www.reverbnation.com/twishfoaves https://open.spotify.com/artist/0ihETkx53RJujUl0nXg3gh?si=fgst7mo0TVyHZdETIoTk4g *** Champion Athletes Nutrition Website: http://champion-athletes.com/ Phone: 1-800-324-1447 https://www.instagram.com/championathletes Receive $50 off your initial program with the code: COACH P *** Get a Strong and Healthy Neck! Iron Neck Training | Neck Exercise Machine & Strengthening Equipment (iron-neck.com) Use the code CHADP for a 15% discount.  *** Do you like shoes? Check out my friends over at Flux Footwear! https://fluxfootwear.com/?rfsn=6411829.f9ad23 Use the code COACHP10 for a 10% discount.

16th-20th CenturiesWe hear works by Robert Carver, Giovanni Picchi, Holy Roman Emperor Leopold I, Charles Avison, Anton Reicha, Amilcare Ponchielli, Manuel Ponce, and Denis Lorrain.162 Minutes – Week of 2022 September 26

Bomani Jones of ESPN & HBO made his return to the show to talk about Russell Wilson and how he's no longer liked by his former team and fanbase of the Seattle Seahawks, the suspension and fine of Phoenix Suns' owner Robert Carver by the NBA, and more. Also, Joe Giglio offers Joe Ovies another parlay, and more. Learn more about your ad choices. Visit megaphone.fm/adchoices

Email Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode! Episode 44- Smart Portfolio Building with Robert Carver: Part 2 Robert Carver joins me for the continuation of our smarter portfolio building conversation this week--Rob is an independent systematic futures trader and investor, author, and research consultant. In this Part 2, we discuss portfolio construction and diversification, ETFs, and the relationship between volatility and the price for equities. In this episode you'll hear: Portfolio construction and diversification How can individual investors overcome constraints and problems when investing long-term retirement accounts? Trading individual stocks vs. ETFs How many risk units should you have when it comes to individual stocks? Blending strategies for your portfolio Equities and volatility When you are ready, here are some ways we can help YOU with your investing and financial planning: Try the new RISK NUMBER SCORECARD Everyone has a risk number.  Let's find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you're ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/ You can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom

Listening to Robert Carver will make you a wiser trader. Period.Robert Carver is a treasure trove of trading wisdom, knowledge, know-how and first-hand experience. He has a strong background in economics, has worked as a trader at a leading investment bank and at a $30 billion hedge fund where he ran a major chunk of their trading capital for several years. In addition, Robert has built his own trading systems, traded, and still does trade, his own money, and has thought intensely about trading having written at length, and taught about, trading and trading systems. In this chat, we delve deep into Robert's reflections about the challenge of trading both systematically and discretionally. In his own self-deprecating manner, Robert shares his thoughts on the common errors traders make, many which he admits he help himself made. We also explore aspects of trading behaviour, constructing powerful and robust trading systems both semi-discretionary and fully automated, the importance of trading risk management, use of leverage in trading, and understanding the importance of doing the un-sexy work which is so crucial to trading success. This chat will fascinate, intrigue, and educate you. You can find out more about Robert Carver on these links: Twitter: @investingidiocyWebsite: https://systematicmoney.org/Books by Robert Carver:Leveraged Trading: A professional approach to trading FX, stocks on margin, CFDs, spread bets and futures for all traders. Systematic Trading: A unique new method for designing trading and investing systems. Smart Portfolios: A practical guide to building and maintaining intelligent investment portfoliosDue for release in April 2023Advanced Futures Trading Strategies: 30 Fully tested strategies for multiple trading styles and timeframes.AlphaMind Podcast Sponsor: TradeStation GlobalTradeStation Global is a multi-asset trading platform with access to international markets. Trade Stocks, Forex, Futures and Micro e-Mini Futures from one account. Leverage professional-grade tools like RadarScreen®, The Matrix, and EasyLanguage® an intuitive coding language for traders.With TradeStation Global there are no hidden price spreads - just transparent, low commissions. Click here to find out more and open an account.TradeStation International Ltd, authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom, acts as an Introducing Broker to Interactive Brokers (U.K.) Ltd. The firm does not provide investment advice or trading recommendations. Investment and trading involve risks, including possible loss of principal. AlphaMind Podcast Sponsor:  The Society of Technical Analysts (The STA):The Society of Technical Analysts provide world beating technical analysis education programmes and offer outstanding membership services with regular talks and meetings. Their Home Study Course is based on the Diploma Programme they deliver to students at the London School of Economics and has been created by many of the leading minds in the field of technical analysis. Alphamind Podcast listeners can obtain a 10% discount on the Society of Technical Analysts world-beating Home Study Course at this link: bit.ly/3r3TawOTwitter: Steve Goldstein bit.ly/3J9SNHQ Mark Randall bit.ly/3uqL9EzLinkedIn AlphaMind Group: bit.ly/3vwo6Hu The AlphaMind Project Ltd: bit.ly/3O

Episode 43- Smart Portfolio Building with Robert Carver: Part 1 Email Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode! Joining me this week, Robert Carver--Rob is an independent systematic futures trader and investor, author, and research consultant. He is currently a visiting lecturer at Queen Mary, University of London.  We had such a terrific discussion, we had to split his guest appearance into two episodes.  In Part 1, we dive into deciphering signal strength and model forecasting, market volatility and systematic trading. In this episode you'll hear: Rob's background and how he got to where he is today Types of traders, and which Rob would recommend Testing signal strength in the trading world The advantages and challenges of continuous signal strength Rob's philosophy on how to rebalance or analyze the variance between actual vs. target The use of alternative instruments Forecasting volatility When you are ready, here are some ways we can help YOU with your investing and financial planning: Try the new RISK NUMBER SCORECARD Everyone has a risk number.  Let's find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you're ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/ You can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom

In this episode you will hear Robert's insights about a systematic approach into decision making and how quantification can help organisations with making better decisions and reducing risks. Robert Carver is an independent systematic trader and investor, a writer, and a research consultant. He is currently a visiting lecturer at Queen Mary, University of London. If you want to be our guest, or you know some one who would be a great guest on our show, just send your email to info@globalriskconsult.com with a subject line “Global Risk Community Show” and give a brief explanation of what topic you would like to to talk about and we will be in touch with you asap

Join the staff of the Wilson County News in congratulating the April birthday celebrants among area nursing home residents. Country Care Manor •Nancy Adame – 4-4 •Mary Farris – 4-8 •Virginia White – 4-11 •Robert Carver – 4-24 (2736 F.M. 775, La Vernia, TX 78121) Floresville Residence and Rehab Center •Doris Wehmeyer ­– 4-2 •Dorothy Felux – 4-6 •Carol Richter – 4-12 •JoNell Zaiontz – 4-19 •Alice Pollok – 4-20 •Eleanor Pruske – 4-22 •Rosa Antu – 4-27 (1811 Sixth Street, Floresville, TX 78114) Frank M. Tejeda Texas State Veterans Home •Louis Wootan – 4-2 •Carl Palmer Jr. – 4-4...Article Link

We’re joined today by Rob Carver to discuss how quant managers compared to discretionary managers in 2020, Winton Capital’s underperformance and resulting loss of AUM, the pressure for successful Trend Following firms to expand into different investment styles, why March & December 2020 were generally the best for Trend Followers despite being so different, how a portfolio combining a few historically successful Trend Following firms has proven to be a very potent investment strategy, navigating negative interest rate environments, how to look at Sharpe Ratios effectively, and how to calculate the ‘Serenity Ratio’ of various strategies. If you would like to leave us a voicemail to play on the show, you can do so here. Check out our Global Macro series here. Learn more about the Trend Barometer here. IT's TRUE

Today, Robert Carver joins us to discuss JP Morgan’s comments on markets being fabricated by central bank liquidity, Tesla’s incredible swings in market cap, thoughts on Warren Buffett’s recent ‘value’ purchase, the point at which diversification in a portfolio becomes dilution, and the benefits of diversifying among different Trend Following managers. If you would like to leave us a voicemail to play on the show, you can do so here. Learn more about the Trend Barometer here. IT's TRUE - most CIO's read 50+ books each year - get your 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. Send your questions to info@toptradersunplugged.com Follow Niels, Moritz & Rob on Twitter: @TopTradersLive, @MoritzSeibert, & @InvestingIdiocy And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 0:45 - Check out the first 2 recent episodes of our Global Macro series 1:58 - Macro recap from Niels 3:18 - Weekly review of returns 11:44 - Thoughts on Warren Buffett’s recent ‘value’ purchase of the Dominion Energy’s natural gas pipelines & current Apple position 14:59 - Discussion on Mark Zepczynski’s article on being over-diversified 31:05 - Thoughts on AQR article regarding Tail Risk hedging 34:48 - Performance recap 35:41 - Check out Rob Carver’s recent article on his blog   Subscribe on:

Robert Carver joins us back on the show to discuss why simulating ‘noisy’ data in your backtest can add to robustness, how similar strategies can still result in widely varying returns, how to choose the right look-back period, trading continuous vs binary systems, and how much automation should be used when running a system. If you would like to leave us a voicemail to play on the show, you can do so here. Learn more about the Trend Barometer here. IT's TRUE - most CIO's read 50+ books each year - get your 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. Send your questions to info@toptradersunplugged.com Follow Niels, Moritz & Rob on Twitter: @TopTradersLive,  @MoritzSeibert, and @InvestingIdiocy And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast.   Episode Summary 0:00 - Intro1:06 - Global Macro Discussion4:24 - Macro recap from Niels6:02 - Weekly review of returns13:57 - Choosing the right look-back period/time-frame24:54 - Adding noise to your backtest30:54 - Using capital more efficiently42:06 - Binary vs continuous systems57:32 - How automated should your system be?1:06:36 - Performance recap Subscribe on:

Robert Carver joins us to discuss the huge outperformance year-to-date of systematic funds vs discretionary funds, negative prices & their effects on market participants, systematising volatility strategies, whether there is a Holy Grail for eliminating risk completely, Newfound Research’s article on Options Straddles & Trend Following, and where we currently see the strongest trends in our portfolios. Article mentioned: Straddles & Trend Following by Newfound Research If you would like to leave us a voicemail to play on the show, you can do so here. Learn more about the Trend Barometer here. IT's TRUE - most CIO's read 50+ books each year - get your 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. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry, Moritz & Rob on Twitter: @TopTradersLive, @RJparkerjr09, @MoritzSeibert and @InvestingIdiocy And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro1:32 - Macro recap from Niels4:15 - Weekly review of returns1:07:37 - Question 1; Brian: Where do you see the strongest trends in your portfolio?1:08:34 - Performance recap Subscribe on:

We’re joined today by Robert Carver to discuss why classical Trend Following strategies did well in the recent selloff, the risks in OTC trading, why it’s important to diversify across different managers, the varying recent returns of Renaissance Technologies and AHL, and how Robert Carver approaches volatility, scaling & portfolio construction during a crisis. Questions answered this week include: Are 20 markets enough for a diversified portfolio? Is pyramiding a bad strategy? Should I prioritise signals that agree on multiple timeframes? If you would like to leave us a voicemail to play on the show, you can do so here. Learn more about the Trend Barometer here. IT's TRUE - most CIO's read 50+ books each year - get your 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. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry, Moritz & Rob on Twitter: @TopTradersLive, @RJparkerjr09, @MoritzSeibert and @InvestingIdiocy And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 1:00 - Macro recap from Niels 3:14 - Weekly review of returns 59:25 - Questions 1, 2 & 3; Gary: Are 20 markets enough for a diversified portfolio?  Should I prioritise signals that agree on multiple timeframes?  Is pyramiding a bad strategy? 1:24:56 - Performance recap Subscribe on:

We’re joined on the show today by special guest Robert Carver, to discuss another historically volatile week in the markets, the differences between today’s bear market and 2008, how Robert defines portfolio diversification, how many markets a profitable Trend Following system should trade, the different types of strategies that Robert currently uses, the amount of truly uncorrelated assets available, and volatility scaling as a part of risk management.  Questions answered this week include: What causes you to modify your system over time, and how do you go about this?  What have you learnt from trading through previous crisis periods?  What are your thoughts on AI technology? If you would like to leave us a voicemail to play on the show, you can do so here. Learn more about the Trend Barometer here. IT's TRUE - most CIO's read 50+ books each year - get your 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. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry, Moritz & Rob on Twitter: @TopTradersLive, @RJparkerjr09, @MoritzSeibert, and @InvestingIdiocy And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 1:09 - Macro recap from Niels 4:03 - Weekly review of returns 8:09 - Niels: How have you dealt with the recent volatility? 19:44 - Niels: What does diversification mean to you? 28:35 - Niels: How many markets can be considered too many for a diversified Trend Following system to trade? 41:10 - Moritz: What type of different strategies do you currently trade? 46:27 - Niels: What has helped you to do well during recently, especially during the recent market turmoil? 51:17 - Niels: Why have you chosen to trade different markets differently, rather than treating all markets the same? 1:03:18 - Seth; Question 1: How do you incorporate correlations into building a Trend Following program? 1:09:40 - Moritz; Question 2: What causes you modify your system over time, and how do you go about this? 1:14:37 - Niels: What, in your opinion, is a good risk management framework?  What have you learnt from trading previous crisis periods? 1:22:09 - Niels: What are your thoughts on AI technology? 1:27:20 - Moritz: What are your thoughts on the possibility of Trend Following becoming too crowded? 1:36:12 - Performance recap   Subscribe on:

Robert Carver przez lata pracował w londyńskim City jako quant trader w dużym funduszu hedge o nazwie AHL, zarządzającym obecnie aktywami o wartości ponad 30 miliardów USD. Współzałożycielem tego funduszu był David Harding – człowiek ikona w świecie inwestycyjnym, a przy okazji miliarder i stały bywalec najbogatszych osób w Wielkiej Brytanii. Robert bez owijania w bawełnę opowiada jak wygląda inwestowanie z wykorzystaniem algorytmów na rynkach i dlaczego większość ludzi nie będzie w stanie inwestować z powodzeniem podejmując decyzje w sposób uznaniowy – tak, tak – bez algorytmów.Przytacza fantastyczną historię, jak pewnego dnia we wrześniu 2008, w samym środku największego kryzysu finansowego od dekad, wszyscy w londyńskim biurze byli spanikowani i blisko o włos od podjęcia decyzji opuszczenia rynku, póki istniała jeszcze taka możliwość.Cały handel funduszu był zautomatyzowany, strategie działały zgodnie z założeniami, a mimo wszystko był strach, czy nie zawali się światowy system ekonomiczny, a wraz z nim nie wyparują wszystkie pieniądze. Totalny brak wiary w jutro. I pytanie – czy relatywnie prosta strategia może podjąć lepsze decyzje od ludzi?!Podczas narady w sali konferencyjnej, gdy ludzie w stresie zaczęli dzielić włos na czworo, mechaniczne strategie funduszu pierwszy raz w historii firmy zarobiły okrągły MILIARD dolarów! Miliard zysku w jeden dzień!Robert rozprawia się w tym wywiadzie z wieloma mitami, uproszczeniami, przeinaczeniami i przesądami, które w pewnym sensie prześladują świat inwestorów indywidualnych. Funkcjonują one jako chwytliwe medialnie uproszczenia, nie mając wiele wspólnego z rzeczywistością.Jest to mimo wszystko materiał z pozytywnym przesłaniem – każdy z nas, w domowych warunkach może realizować proste strategie, które działają wręcz od stuleci. Nie trzeba odkrywać świata na nowo, ale należy wiedzieć co się robi, w szczególności kontrolując ryzyko. To tu jest zakopane złoto.Zapraszam serdecznie do wysłuchania wywiadu z Robertem Carverem oraz do odwiedzenia strony internetowej tego odcinka pod adresem systemtrader.pl/043. Niestety wywiad jest dostępny tylko w języku angielskim. W przeciągu kilku tygodni pojawi się jego transkrypcja. Mam też prośbę – jeśli uznasz, że prezentowane przeze mnie treści mają dla Ciebie wartość, podziel się tym z innymi i wystaw recenzję w Apple Podcasts – to pozwoli dotrzeć mi do szerszej publiczności, a kto wie – w przyszłości może i sfinansować tłumaczenie takich materiałów jak ten. Z góry bardzo dziękuję!Strona odcinka: https://systemtrader.pl/043

Robert Carver worked in the City of London for over a decade. For seven years he was a portfolio manager at AHL -- one of the world's largest systematic hedge funds -- before, during and after the global financial meltdown of 2008.In this interview, we talk about many trading topics, mostly around the systematic approach and why it's so important for most of us to base the decison-making process on rules rather than discretion. Robert also explains why the most important factor to consider when investing is risk.You can hear how people managing billions of dollars were considering liquidation of market positions during the 2008 crisis, while at the same time, mechanical strategies made over a billion dollars in a single day. The fund's computer system had stuck to its preprogrammed set of trading rules and mechanically exploited the market moves almost to perfection, while terrified humans had discussed closing it down.Although we discussed many negative aspects of trading and investing, there's a positive message to all of as well. With enough discipline and work, most of us may construct an investing vehicle at home and build our own capital successfully.On my website at systemtrader.show/015 you can find show notes to this episode. If you consider this material as valuable, please share it with others. Thank you!

Robert Carver przez lata pracował w londyńskim City jako quant trader w dużym funduszu hedge o nazwie AHL, zarządzającym obecnie aktywami o wartości ponad 30 miliardów USD. Współzałożycielem tego funduszu był David Harding – człowiek ikona w świecie inwestycyjnym, a przy okazji miliarder i stały bywalec najbogatszych osób w Wielkiej Brytanii. Robert bez owijania w bawełnę opowiada jak wygląda inwestowanie z wykorzystaniem algorytmów na rynkach i dlaczego większość ludzi nie będzie w stanie inwestować z powodzeniem podejmując decyzje w sposób uznaniowy – tak, tak – bez algorytmów.Przytacza fantastyczną historię, jak pewnego dnia we wrześniu 2008, w samym środku największego kryzysu finansowego od dekad, wszyscy w londyńskim biurze byli spanikowani i blisko o włos od podjęcia decyzji opuszczenia rynku, póki istniała jeszcze taka możliwość.Cały handel funduszu był zautomatyzowany, strategie działały zgodnie z założeniami, a mimo wszystko był strach, czy nie zawali się światowy system ekonomiczny, a wraz z nim nie wyparują wszystkie pieniądze. Totalny brak wiary w jutro. I pytanie – czy relatywnie prosta strategia może podjąć lepsze decyzje od ludzi?!Podczas narady w sali konferencyjnej, gdy ludzie w stresie zaczęli dzielić włos na czworo, mechaniczne strategie funduszu pierwszy raz w historii firmy zarobiły okrągły MILIARD dolarów! Miliard zysku w jeden dzień!Robert rozprawia się w tym wywiadzie z wieloma mitami, uproszczeniami, przeinaczeniami i przesądami, które w pewnym sensie prześladują świat inwestorów indywidualnych. Funkcjonują one jako chwytliwe medialnie uproszczenia, nie mając wiele wspólnego z rzeczywistością.Jest to mimo wszystko materiał z pozytywnym przesłaniem – każdy z nas, w domowych warunkach może realizować proste strategie, które działają wręcz od stuleci. Nie trzeba odkrywać świata na nowo, ale należy wiedzieć co się robi, w szczególności kontrolując ryzyko. To tu jest zakopane złoto.Zapraszam serdecznie do wysłuchania wywiadu z Robertem Carverem oraz do odwiedzenia strony internetowej tego odcinka pod adresem systemtrader.pl/043. Niestety wywiad jest dostępny tylko w języku angielskim. W przeciągu kilku tygodni pojawi się jego transkrypcja. Mam też prośbę – jeśli uznasz, że prezentowane przeze mnie treści mają dla Ciebie wartość, podziel się tym z innymi i wystaw recenzję w Apple Podcasts – to pozwoli dotrzeć mi do szerszej publiczności, a kto wie – w przyszłości może i sfinansować tłumaczenie takich materiałów jak ten. Z góry bardzo dziękuję!Strona odcinka: https://systemtrader.pl/043

Robert Carver worked in the City of London for over a decade. For seven years he was a portfolio manager at AHL -- one of the world's largest systematic hedge funds -- before, during and after the global financial meltdown of 2008.In this interview, we talk about many trading topics, mostly around the systematic approach and why it's so important for most of us to base the decison-making process on rules rather than discretion. Robert also explains why the most important factor to consider when investing is risk.You can hear how people managing billions of dollars were considering liquidation of market positions during the 2008 crisis, while at the same time, mechanical strategies made over a billion dollars in a single day. The fund's computer system had stuck to its preprogrammed set of trading rules and mechanically exploited the market moves almost to perfection, while terrified humans had discussed closing it down.Although we discussed many negative aspects of trading and investing, there's a positive message to all of as well. With enough discipline and work, most of us may construct an investing vehicle at home and build our own capital successfully.On my website at systemtrader.show/015 you can find show notes to this episode. If you consider this material as valuable, please share it with others. Thank you!

In the previous Best of Top Traders Unplugged, we went back in time to re-visit some of the key lessons that many investors learned during the Financial Crisis of 2008. It was my way of reminding myself, and you, of something that we as investors must never forget.  Today, Robert Carver goes much deeper into the human psychology that makes us ill-equipped to deal with our emotions in a rational way when it comes to making good investment decisions, and also, how you can overcome this behaviour and make your own plan for financial success.  So enjoy these unique takeaways from my conversation with Robert, and if you would like to listen to the conversation in full, you can go to Top Traders Unplugged Episode 89 and Episode 90. The Hindrance of Human Instinct Rob: ...So I’m genuinely interested in educating people and trying to explain to them that they need to be more realistic. That’s a completely different market place from where you are trying to compete with people who are trying to make the most outlandish claims to stand out from the pack of people making similar outlandish claims. Niels:  I agree with that completely. I think it is evident from reading your book that, that is the fundamental motivation. Now you touched already upon the point about the flawed human brain in your book, and you end up talking a little bit about some of the temptation of taking profits early and letting our losses run, and that’s really how we as human beings are wired. Tell me a little bit more about that and what it really means when it comes to trading if you get this balance the wrong way around so to speak, and what you found when you test this kind of human behavior if I can call it that. Rob:  So the natural human instinct when you see a position rise in price and you're long, is to say… is to want to take a profit. And this comes down to essentially that kind of strong feeling and you want to kind of lock that in. And the reason you want to lock that in is that you want to prove that you are right.  It’s the overwhelming human emotion to prove that you are doing the right thing and it’s called confirmation bias in the literature. Now when its stocks falling, if you sell a loss, then you’re going to be proving that you are wrong and nobody wants to do that. So what you actually then want to do is hang onto that position and hope it goes up in value. And as it keeps falling of course you have the same conversation with yourself until you’re forced to sell and perhaps because you’ve run out of money. So it’s really about the way the human brain is treating unrealized losses and unrealized losses differently. We are thinking about them differently. Even though they’re exactly the same. And you know this kind of mindset that it’s not a profit until you’ve sold it and it’s not a loss until you’ve taken the loss. It’s completely wrong. Now it’s very easy to think about a sort of pattern of price where it would actually make sense to buy on a small profit, and that would be if the market was trading in a small range. Now the problem is that most of the time markets don’t do that they trend. This isn’t the time for that kind of theological argument about whether trend following is a good thing or a bad thing. '...even in the large institutions that trade systematically, you still have debates about whether we should override the system, or cut the system's risk because of something that is going on in the world.' Certainly in the past people like Winton have done tests over hundreds of years of data where it is available, and markets have in the past exhibited a behavior where they’re trending. So if markets are going to trend and this behavior where you’re going to sell at a small profit and cut only when you’ve got a huge loss is exactly the wrong thing to do. You should do exactly the opposite of that, which is what a trend following system will do. So this is a really good example of where there is a human bias i...

The financial crisis back in 2008 is slowly fading from the memories of investors. But for those of us who lived and traded through it, many important lessons were learned, and usually the hard way.  For many investors, it was a period that can be best described as an Emotional Roller-Coaster, where billions of dollars were lost by investment decisions which were primarily driven by emotions.  In my hope to make sure that these lessons are not forgotten and wasted, I wanted to share a story that I think many of us can relate to.  So I looked through my list of guests to pull a few Golden Nuggets from on this topic, and I thought that Robert Carver, who spent many years at AHL before deciding to share his knowledge about Systematic Trading through his books and blog, would be ideal for this.  So enjoy these unique takeaways from my conversation with Robert, and if you would like to listen to the conversation in full, you can go to Top Traders Unplugged Episode 89. A Solution For Avoiding Irrational Decisions Niels:  I can’t think of a better way to kick things off then by setting the scene, and you reading a little bit of the book in order for people to get a sense of your writing style which I very much enjoy.  So I would kindly ask you maybe to read a little bit of the preface and then a little bit of the introduction to the book, if you don’t mind. Rob:  Sure.  “I’m very bad at making financial decisions. Like most people I find it difficult to manage my investments without becoming emotional and behaving irrationally. This is deeply irritating, as I consider myself to be very knowledgeable about finance. I’ve voraciously read the academic literature, done my own detailed research, spent 20 years investing my own money, and nearly a decade managing funds for large institutions. So in theory, I know what I’m doing. In practice, when faced with a decision to buy or sell a stock, things go wrong. Fear and greed wash through my mind, clouding my judgement. Even if I spend weeks researching a company, it’s still hard to click the trade button on my broker’s website. I have to stop myself buying or selling on a whim. Based on nothing more than random newspaper articles or an anonymous blogger's opinion, but then, like you, I’m only human. Fortunately, there is a solution. The answer is to fully, or partly, systematize your financial decision making. Creating a trading system removes the emotion and makes it easier to commit to a consistent strategy. I spent many years managing a large portfolio of trading strategies for a systematic hedge fund. Unfortunately, I didn’t have the opportunity to develop and trade systems to look after my personal portfolio. But after leaving the industry, I’ve been able to make my own trading process entirely systematic resulting in significantly better performance.” I will now read from the Introduction. "But I hesitated, everything had happened as expected. I should go ahead and buy, but what if this was wrong, what if the financial industry really was imploding as everyone else seemed to think?" “It was the 23rd of January in 2009 and I was in my London office. Although I had a desk overlooking the Thames, I was usually too busy to appreciate the view. My day job was managing a portfolio of systematic trading strategies for a large hedge fund. But right now I was focusing on my own bank balance. Data was about to be released indicating how the UK colony had performed in the last three months of 2008. It would be bad news, the official confirmation that we were in recession, but nobody knew how bad. This didn’t mean extra work for me however, since a bank of computers would adjust our clients’ portfolios automatically when the news arrived. So I decided to devote some rare free time to trade my own money. With a stressful fulltime job, I was not a particularly active trader. But very occasionally, an opportunity came up that was too good to miss, this was one of them.

  “These are literally billion dollar questions. If you could answer any of these questions to any degree of satisfaction, you could put the rest of us out of business.” - Robert Sinnott (Tweet) In our continued conversation with Robert Sinnott, Katy Kaminski and I dive into why AlphaSimplex has been so successful, why Robert values transparency in his firm so highly, and what he advises for new and rising-star investors. He goes deep into what he is excited about and afraid of with managed futures, and what he’s looking forward to accomplishing with AlphaSimplex in the future. Thanks for listening and please welcome back Robert Sinnott. Subscribe on: In This Episode, You'll Learn: Why AlphaSimplex maintains a pure trend program “[Investors] want that consistency of process, they want that consistency of mandate, they want that consistency of understanding.” - Robert Sinnott (Tweet) What problems in the trend following space Robert hopes to solve The challenges that AlphaSimplex deals with on a regular basis What factors have given AlphaSimplex it’s success “There will be constraints to how big your portfolio can be, and I will say that our fund cannot be anything close to the size of the really large firms in this space.” - Robert Sinnott (Tweet) Why Robert holds transparency in such high regard How the models Robert uses employ smart long-term and short-term assessment and why When your size as a firm hurts your performance “Market distributions are not normal. Those fat tails exist, and they can surprise you.” - Robert Sinnott (Tweet) What about managed futures makes Robert the most excited The things about managed futures that keep Robert up at night Why the models you are reading about are wrong “If you want to be successful, you have to be humble, you have to take what the market gives you, and you have to learn and adapt and adjust to that state of affairs, not the one that you want to happen to be the case.” - Robert Sinnott (Tweet) Robert’s advice for young and rising star investors Why Robert believes the right question can often more important than the answer Resources & Links Mentioned in this Episode: Learn more about Joe Blitzstein's "Introduction to Probability" Check out Robert Carver's episodes on TopTraders Unplugged as well as his book "Systematic Trading: A unique new method for designing trading and investing systems" Find out more about my co-host Katy Kaminski's "Trend Following with Managed Futures: The Search for Crisis Alpha"   Connect with AlphaSimplex: Visit the Website: www.alphasimplex.com Call AlphaSimplex: +1 617-475-7100 E-Mail AlphaSimplex: clientservices@alphasimplex.com Follow Robert Sinnott on LinkedIn   “Managed futures has gone through every interesting period in the recent past. It hasn’t had very strong performance, but it has had a few instances where equity markets actually fell, and managed futures performed quite well.” - Robert Sinnott (Tweet)

My guest today is Robert Carver. He got his start in finance working at trend following firm AHL in 2001 during his final year of college. He was introduced to quantitative trading while at AHL and for the first time began thinking of finance in a systematic way. He later went back to AHL, working there from 2006-2013. It took a lot of research and digging for Robert to decipher which financial tools available to traders were appropriate for him. He knew he was not the only trader with this problem so he decided to write a book laying out what he had found through his research. Robert gives actionable tips and guidelines for others who may need help finding what trading instruments are right for them. Robert also wanted “Smart Portfolios” to be a book for the average investor. He wrote it in a way that is not over complicated. Any trader, new or professional, can pick it up and find it useful. The topics are his books Systematic Trading: A unique new method for designing trading and investing systems and Smart Portfolios: A Practical Guide to Building and Maintaining Intelligent Investment Portfolios. In this episode of Trend Following Radio we discuss: Portfolio selection Benchmarks International investing Fundamental trading Warren Buffett trading Expected average performance Leveraging a portfolio Luck vs. Skill Venture capitalism 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!

Robert Carver got his start in finance working at trend following firm AHL in 2001 during his final year of college. He was introduced to quantitative trading while at AHL and for the first time began thinking of finance in a systematic way. He later went back to AHL, working there from 2006-2013. His newest book is “Smart Portfolios: A Practical guide to building and maintaining intelligent investment portfolios.” It took a lot of research and digging for Robert to decipher which financial tools available to traders were appropriate for him. He knew he was not the only trader with this problem so he decided to write a book laying out what he had found through his research. Robert gives actionable tips and guidelines for others who may need help finding what trading instruments are right for them. Robert also wanted “Smart Portfolios” to be a book for the average investor. He wrote it in a way that is not over complicated. Any trader, new or professional, can pick it up and find it useful. Robert bases portfolio selection around three questions: 1. What should you invest in? 2. How much of your capital goes into those investments? 3. Do you make changes to your portfolio along the way? Whenever he receives questions from people, those questions usually fall into one of the above categories. There is never perfection when trying to predict how a portfolio will perform but Robert stresses that if you start your investing answering the above questions, you will be on the right track. After the right portfolio and financial tools have been selected it’s necessary to understand different types of returns. Michael and Robert finish the podcast discussing differences between geometric and arithmetic returns. In this episode of Trend Following Radio: Portfolio selection Benchmarks International investing Fundamental trading Warren Buffett trading Expected average performance Leveraging a portfolio Luck vs. Skill Venture capitalism

Today on the show, I'm joined by Robert Carver, to discuss his new book, Smart Portfolios: A practical guide to building and maintaining intelligent investment portfolios. Rob is an independent investor, trader and writer. He spent over a decade working in the City of London before retiring from the industry in 2013. Rob's new book Smart Portfolios is about building and maintaining smart investment portfolios. At its heart are the three key questions every investor needs to answer; what to invest in, how much to invest, and when to make changes to a portfolio. Rob addresses these three areas by providing a single integrated approach to portfolio management. He shows how to follow a step-by-step process to build a multi-asset investment portfolio, and how to rebalance the portfolio efficiently. Here's my conversation with Robert Carver, author of Smart Portfolios, in episode 274 of Informed Choice Radio.

Risk Management… It's not as sexy as the latest hot indicator… Or the undiscovered penny stock poised for an explosive move… Or the trading guru who appeared out of nowhere and is now promising to share the “secrets” to making million dollar profits overnight… … But there are a whole host of risks that have the potential to destroy trading accounts in just seconds, so it’s an incredibly important topic for serious traders to consider. We have plenty of examples in history that show what happens when Risk Management goes bad, so what can we learn from these and how can we best protect ourselves from catastrophic losses? Our guest for this episode, Robert Carver, is an independent systematic trader, freelance writer and research consultant. He spent years working for one of the world’s largest systematic hedge funds and is the author of “Systematic Trading: A unique new way to make investment and trading decisions.” In this episode, Rob shares with us: The different types of risk we face as traders – including ‘hidden’ risks that can destroy trading accounts in seconds What can go wrong when Risk Management goes bad (we have some great examples in history to learn from!) Common mistakes and assumptions traders make with Risk Management that can lead to heavy losses Tips and techniques to identifying and “managing” Risk

My guest today is Robert Carver. He got his start in finance working at AHL. Robert started with AHL in 2001 during his final year of college. It was at this time that he was introduced to quantitative trading and began thinking of finance in a systematic way. He later went back to AHL, working there from 2006-2013. He is an independent systematic futures trader and investor, writer, and research consultant. He is currently a visiting lecturer at Queen Mary, University of London. The topic is his book Systematic Trading: A unique new method for designing trading and investing systems. In this episode of Trend Following Radio we discuss: Unpredictable risk vs. Predictable risk Systematic trading High frequency trading vs. Trend following trading Black swans When to intervene with your system 2008 crash 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!

Today on Trend Following Radio Michael Covel interviews Robert Carver. Robert is author of “Systematic Trading: A unique new method for designing trading and investing systems.” He got his start in finance working at AHL. Robert started with AHL in 2001 during his final year of college. It was at this time that he was introduced to quantitative trading and began thinking of finance in a systematic way. He later went back to AHL, working there from 2006-2013.Robert doesn’t tout systematic trading as the only way to trade. He says there are some great traders out there that aren’t systematic traders. However, the majority of people need a system to be successful. So how does Robert define a system? He says a system must be objective, repeatable, and transferable. If you can’t get the same results using a different person then it is not a true system. The rules must be transferable from one person to another and the results must be objective and repeatable. Most do not have a good understanding of statistics, and they get confused in thinking that the more complicated a system is, the better it must be.Robert and Michael move on to discuss behavioral finance, prospect theory and the difference between trend following and high frequency trading. A high frequency trading system is harder for traders to meddle with than trend following systems. The trading time frames are much shorter in high frequency trading which lessens the opportunity for human intervention. Most traders fail because of their own meddling. If you can avoid the temptation to change your system then you will be more profitable in the long run.Working for a company like AHL would have been interesting to see from the inside during 2008. Michael asks, “What were you seeing from the ground in 2008? How did that change you and how you viewed systems?” Robert says it showed him that people truly don’t know what is happening or going to happen. Systematic traders, including himself, were able to make money because their systems saved them. When their systems saw markets going down, stops helped them exit trades and even go short in some cases. This is where all the money was made. Robert does say there are rare times you should intervene with your trading system. For example, he was forced to modify one of his systems when he found out there was going to be a coup in Thailand and the currency was going to be suspended. It’s not that he thought he could forecast what the price was going to do better than the system, but he did know trading that market was going to be impossible. Robert says there has been maybe three other times when he has had to intervene with his system. They are rare and extreme circumstances. In this episode of Trend Following Radio: Unpredictable risk vs. Predictable risk Systematic trading High frequency trading vs. Trend following trading Black swans When to intervene with your system 2008 crash

"Diversification is the only free lunch in finance." - Robert Carver (Tweet) In the second part of our conversation with Robert Carver, we dive into the specifics of his trading strategy, why he doesn't trade full time, and what he thinks about the trend-following space in general. You'll hear his thoughts on drawdowns, research teams, risk, and more. You won't want to miss his insight and clear explanations of some of finance's most complicated topics. Thanks for listening and please welcome back Robert Carver. Subscribe on: In This Episode, You'll Learn: The two components of risk, and all about unpredictable risk What sets one manager apart from the other His view on stop-losses How target volatility works for a lot of CTA managers How he would put together a research team for a fund manager "Once the system is working, you aren’t going to need 50 people." - Robert Carver (Tweet) The problem with hiring a lot of people with the same background How investors should read the track records of firms "It would be much more of a qualitative judgement for me rather than just looking at the track record." - Robert Carver (Tweet) The concerns and misconceptions about systematized and trend-following strategies Why he is so keen on looking at sharp ratio The issues with skew but why he keeps an eye on it What his own trading system looks like today The style of trader that he ended up becoming "The thing about trend following is that the more people follow it, it becomes self-reinforcing." - Robert Carver (Tweet) How to find out what to expect when a drawdown happens What investors should ask but they never do How he got over the failures that he has had in business "There’s not enough evidence to say that different systems work much better in different asset classes than others." - Robert Carver (Tweet) Resources & Links Mentioned in this Episode: Learn more about AHL Learn about Sharp ratio Check out The Predictors book Learn more about Eugene Farma This episode was sponsored by Eurex Exchange: Connect with Robert Carver: Buy his book on Amazon. Follow Robert Carver on Linkedin "Completely forget about your real data and run experiments with artificial data to see your potential drawdowns." - Robert Carver (Tweet)

"Most people are not as good at trading as they think they are." - Robert Carver (Tweet) Robert Carver spends most of his book telling you that he is not a good trader. So why did he devote his life and a whole book to the subject? Because he believes in systematic trading; making a simple trading system and sticking to it. In this episode, we dive into his new book and explore why simplicity is the key, people think they are better traders than they are, and so much more. Thanks for listening and let's welcome our guest, Robert Carver. Subscribe on: In This Episode, You'll Learn: Why Robert decided to write his new book, Systematic Trading Robert reads the preface to his new book He explains one of the biggest investing mistakes of his career The book that got him interested in the financial industry "From quite a young age, I was fascinated by computers." - Robert Carver (Tweet) How he got a job with AHL "From 2006 to 2013 when I left AHL, it was probably the most exciting period to work in financial markets." - Robert Carver (Tweet) Why he wrote a book with very little math involved so that he spoke to a large audience The 3 types of investors that he defines in the book How cognitive biases in humans make them bad traders "If you use a system with simple rules, you can overcome those cognitive biases." - Robert Carver (Tweet) Why he spends a lot of his book explaining how bad he is at trading Whether trend following and other divergent strategies work or not Why sticking to a plan is so important "You need to make the assumption that the future will be at least a bit like the past." - Robert Carver (Tweet) How the markets and CTAs will change once the interest rate changes The differences between a subjective and an objective system Things that people should avoid when creating a trading system Why few people have a good handle on overtrading Machine learning approaches vs. idea approaches to creating trading programs "I personally prefer the ideas-first method to creating trading systems." - Robert Carver (Tweet) How systematic trading adapts Resources & Links Mentioned in this Episode: Listen to our two episodes with Kathryn Kaminski here and here. AHL Liar's Poker by Michael Lewis Thinking, Fast and Slow by Daniel Kahneman "I try to pick up on human behaviors that have not changed for thousands of years." - Robert Carver (Tweet) This episode was sponsored by Eurex Exchange: Connect with Robert Carver: Buy his book on Amazon. Follow Robert Carver on Linkedin "Overconfidence is the fundamental human flaw that effects most people." - Robert Carver (Tweet)

Robert Carver is an independent systematic trader who spent more than seven years working for one of the worlds largest systematic hedge funds. In this episode we discuss trading rules, what makes a good trading rule and the advantages of using continuous rather than binary rules. He also shares insights into over-fitting and the challenges of walk-forward testing that can make it impractical. Topics discussed What makes a good trading rule The advantages of simple rules Why only some trading rules are profitable Walk-forward testing and some of the challenges that can make it impractical How much data you actually need to determine if a trading rule is better than another Why choosing the optimal values during a walk-forward test is not the best approach and some alternatives Weighting trading rules Steps to avoid over-fitting Should trading rules be adjusted for individual instruments? Continuous trading rules compared to binary rules The applications and advantages of continuous trading rules What makes a good systematic trader The issues that overconfidence creates in trading Two aspects of institutional trading that most retail traders could apply to their own trading

David McGuinness visits Stirling Castle and the Palace of Holyrood House in Edinburgh, to trace the story of Mary Queen of Scots' reign, and the music which surrounded her. From the devotional masses and motets by Robert Carver - so popular with Mary's father, King James V, to the jolly French dances she would have enjoyed during her first marriage to Francis Dauphin of France, Mary remained a music lover throughout her short life. Queen Mary's favourite attendant and confidante during her second marriage to her cousin, Lord Henry Darnley, was an Italian musician called David Rizzio. Darnley and David Rizzio spent long hours together on the tennis court at Falkland Palace, but Darnley's jealousy grew at the Italian's familiarity with his new wife, and he planned to do away with Rizzio at the earliest opportunity. The political assassination that followed was carefully staged, with 500 armed men keeping the Palace of Holyrood House secure while Lord Ruthven and his accomplices burst in to Mary's chamber, where she and Rizzio were sharing supper with guests. Rizzio was dragged from the dinner table and stabbed more than 50 times in front of the Queen.