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