My guest today, Moritz-Sebert founder, CEO, Taka-A-Ha-Ha-Ka-Katel.

Guess what we're talking?

Trend following, ladies and gentlemen, a topic that I enjoy, a topic that Moritz enjoys.

Without any further delay, let's jump right into it.

I hope you enjoy.

Music further delayed. Let's jump right into it. I hope you enjoy. In this trend following world, this world that I exist in, this world that you exist in,

we all kind of learned who the legends were, the market wizard's books, many of the people that were in my books,

people like John W. Henry, Bill Dunn, that were not of the market wizards books.

But you know, these guys were all swinging for the fences, making big money

when the opportunities came, when the trends appear in markets they can never predict. But the

strategy was predicated on something big. You couldn't predict what's going to happen. Didn't

know the timing. And some particular trends started to happen, you had to

take advantage of it. And I say this with no disrespect. More power to you for all the businesses

that have gathered significant assets under the trend following umbrella. But we're at a crossroads,

in my opinion. We've got all the legendary foundation, but in this new world,

people are shooting for a different style of return. And when you shoot for a different style

of return, aren't you not changing the strategy? Not taking any risks in life is the biggest

risk that you can take. As silly as that may sound, but when the CTA industry,

and I'm too young to go back to the starts of that industry, looking at the data, which

doesn't lie, when the CTA industry started with Dunn and Bill Dreis was trading, they were

all trading at 25 to 30, 35 percent volatility. This was kind of the norm. The earlier CTA Dave Drews, I've mentioned Dunn, I've

mentioned Drice, they were all at that kind of level. To me, that makes sense because you're

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