SI374: When the Data Goes Dark: Trend Following, Turbulence & Total Portfolios ft. Katy Kaminski

In this episode of the Systematic Investor Series, Niels Kaastrup-Larsen and Katy Kaminski discuss the current state of global markets through a rules-based investing lens. They address the impact of the recent government shutdown and lack of economic data on market behavior, the potential adoption of the total portfolio approach by pension funds like CalPERS, and the increasing demand for data centers and its implications for electricity prices and inflation. They review trend following performance, noting strong performance in equities and precious metals but challenges in fixed income, and discuss the importance of robust performance metrics and diversifying trend strategies, including the use of economic data. The conversation also touches on the rise of alternative investments in wealth management and strategies for the trend following industry to capitalize on this trend, as well as Katy's ongoing research into macro trends, target retirement portfolios, and the role of managed futures in mitigating risk.