Eric Crittenden joins Matt Zeigler and Jason Buck for a deep dive into trend following and managed futures.

They discuss why systematic macro trend investing works, how risk transfer creates a return premium, and how trend can fit inside a diversified all-weather portfolio.

Standpoint Funds

https://www.standpointfunds.com/

Topics covered:

Why trend following can struggle during fast reversals and thrive after regime shifts
How systematic investors manage whipsaws, drawdowns, and emotional pressure
The trade-offs between short-term, medium-term, and long-term trend signals
Why Eric prefers simple, durable systems over complex models and constant tinkering
When it makes sense to remove a futures market from a systematic portfolio
Why trend following may earn a risk transfer premium from hedgers and commercial users
How copper producers, options markets, and insurance help explain trend following returns
Why rising interest rates and short bond positions can benefit managed futures
How trend following can pair with global equities in an all-weather portfolio
Why smoothing a trend strategy can reduce its value when investors need convexity most
The behavioral challenge of holding diversifiers that look wrong at the wrong time
Why investors and advisors often want alternatives but struggle to stick with them

Timestamps:

00:00 Why trend following opportunities appear under pressure

04:39 Pro-growth positioning before the whipsaw

09:32 Short-term vs long-term trend signals

13:46 The danger of tinkering with systematic strategies

18:43 What actually changes in a durable process

23:27 Rising rates, short bonds, and collateral yield

28:00 Copper hedging and why trend followers buy rising prices

32:00 Options, insurance, and risk transfer through time

36:28 Regime shifts and supply-demand imbalances

41:00 What investors choose when asset classes are anonymized

45:11 Building a portfolio for 30-year terminal wealth

50:06 Why portfolio construction is different than judging individual strategies

56:15 Why trend following and value investing require faith

01:00:42 Reducing errors vs chasing highlight-reel winners

01:05:36 Where to follow Eric and Standpoint

He Built the Fund He'd Hold 30 Years | Eric Crittenden on What Investors Pick When Labels Come Off

Excess Returns

He Built the Fund He'd Hold 30 Years | Eric Crittenden on What Investors Pick When Labels Come Off