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Is Trend Following Dead? (Again…) A Deep Dive with Crabel’s Grant Jaffarian

Is Trend Following Dead? (Again…) A Deep Dive with Crabel’s Grant Jaffarian

Author: RCM Alternatives May 29, 2025 Duration: 1:23:13
The Derivative
BusinessInvesting

In this revealing episode, Jeff Malec sits down with Grant Jaffarian from Crabel Capital Management to dissect the current state of trend following. They explore the declining performance over the past 6 months, challenges in maintaining positive convexity, and the critical need for innovation. Grant offers candid insights into how trend following has evolved, why its sharpe ratios have decreased, and why he remains optimistic about its future. From discussing market execution nuances to quantum mechanics, this conversation provides a deep, unfiltered look at one of alternative investing's most intriguing strategies. Whether you're an investor, researcher, or market enthusiast, this episode offers a provocative examination of trend following's past, present, and potential future. SEND IT!

Chapters:

00:00-00:45=Intro

00:46-08:19= Trend Following’s in the Family: Exploring Grant Jaffarian's Background and experience

08:20-21:44= The Algo Trade Execution Game: Navigating Latency, High-Frequency Trading, and Trend Following Strategies

21:45-37:03= The Evolving Landscape of Trend Following: Analyzing Sharpe Ratios, Assets, and Market Changes

37:04-47:24=Trend Following Under Pressure: Adapting to the Changing Dynamics of Positive Convexity

47:25-01:02:04= Innovating Trend Following: Developing Dynamic Strategies for Market Adaptation

01:02:05-01:14:07= Trend Following's Esoteric Markets: Expanding Beyond Traditional Boundaries

01:14:08-01:23:13= Looking deeper into Quantum mechanics & Staying True to the Strategy

From the episode:

    • Follow along with Grant on LinkedIn & X(Twitter) @GJaffarian and check out crabel's website at crabel.com for more information!

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    For investors looking beyond the traditional stock and bond markets, The Derivative offers a deep and practical exploration of the alternative investment landscape. Hosted by RCM Managing Partner Jeff Malec, this podcast demystifies complex strategies and brings listeners directly into conversations with the hedge fund managers and specialized investors who navigate these unique asset classes. Each episode breaks down the mechanics, risks, and opportunities behind non-traditional investments, from managed futures and private equity to niche market strategies. The discussions are grounded in real-world analysis, moving beyond theory to examine what actually drives performance and strategy in this dynamic corner of finance. By focusing on the people and ideas shaping the field, The Derivative provides an insider's perspective that is both educational and actionable. Listeners gain a clearer understanding of portfolio diversification and the tactical approaches used by professional fund managers. This podcast serves as a valuable resource for anyone seeking to comprehend the broader, often opaque world of alternatives, delivered through straightforward dialogue and expert commentary. Tune in for a focused and insightful ride through the strategies that define alternative investing.
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