In our special Anniversary Edition of the Systematic Investor Podcast, we invite Peter Borish onto the show to discuss the differences between Discretionary and Systematic Investing, Peter’s journey from the New York Federal Reserve to his role at Quad Group, his experience working with Paul Tudor Jones, his opinion on the CTA industry and its current approach to attracting capital, the benefits of having solid business partners during the best and worst of times, the power of Market Cycles, how perception rather reality can affect a client’s judgement, the effectiveness of Trading coaches, and we also get Peter’s opinions on the current state of the markets. We asked Peter many questions this week, including: Where do you draw the line between normal drawdowns, and feeling compelled to change your models? How do you best explain the benefits of a Rules-Based Trading approach to potential clients? What does Quad Group do, and how difficult is it to find new talent? Can the collapse of Passive Index Funds be the main driver behind the next recession?

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Episode TimeStamps:

00:00 – Intro

01:20- Weekly review of performance

05:30 – Voicemail from Jim

07:20 – Peter Borish journey

11:10 – Moritz: What sparked your interest in trading?

12:50 – Jerry: What are your opinions on me/CTAs and the evolution/future of the industry?

18:00 – Niels: Can you comment on Tony Robbins coaching Paul Tudor Jones?

22:20 – Niels: Do systematic traders need coaches?

29:40 – Moritz: How do you balance sticking to a system vs changing/evolving?

41:25 – Niels: How would you pitch TF nowadays to attract more investors?

47:10 – Jerry: How should systematic and discretionary be combined?

51:25 – Jerry: Do famous macro traders use trend but not talk about it?

57:25 – Niels: Do you think famous traders deep down are systematic?

59:10 – Niels: Please explain Quad Group and your role.

01:02:05 – Niels: How many managers do you evaluate and how many make the cut?

01:03:50 – Jerry: What’s your view on the future of hedge funds and CTAs?

01:04:50 – Jerry: What is your current macro view?

01:08:25 – Moritz: Is Quad’s trading systematic or discretionary?

01:09:50 – Niels: How do you give people a specific loss limit at Quad but also want them to follow systems that may perform worse than backtests/history?

01:14:40 – Jerry: How do you help a trader grow his AUM/business

01:17:00 – Niels: What questions do you ask potential managers?

01:18:50 – Benchmark performance update

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Disclaimer

SI52: Working with legendary Paul Tudor Jones ft. Peter Borish