SI408: Has Trend Following Changed Forever? ft. Alan Dunne

Markets continue to evolve, and so do the strategies designed to navigate them. Alan Dunne joins Niels Kaastrup-Larsen to explore why changes in market structure may have permanently altered short term trend following, and what that means for systematic investors. They discuss a fascinating new research paper on market microstructure, the changing role of liquidity, the rise of high frequency trading and why faster no longer necessarily means better. Along the way they examine the Federal Reserve's evolving communication strategy, the outlook for commodities, and why regime change continues to create both risks and opportunities for trend followers. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK 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 “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Learn more about the Trend Barometer 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 iTunes or Spotify so more people can discover the podcast. Follow Alan on Twitter . Episode TimeStamps: 00:00 - Summer reading, Jeremy Grantham and lessons from early quantitative investing 05:22 - Shrinking retail products, smaller futures contracts and the rise of retail trading 12:18 - First half performance review for CTAs and trend followers 15:36 - Commodity markets, Middle East tensions and the AI driven demand story 20:09 - Kevin Warsh, Fed communication and a new era for monetary policy 30:34 - Why regime change strengthens the case for trend following 38:34 - The research behind the decline of short term trend following 46:44 - Tick size, liquidity and what changed in market microstructure 49:43 - Alternative explanations for why fast trend has struggled 55:35 - Execution, market participants and the future of systematic trading 01:00:45 - Final thoughts on the next evolution of trend following Copyright © 2025 – 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. 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! 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. Click Here Privacy Policy Disclaimer