You can generate wins taking random setups in the normal distribution pattern of historic prices. You’ll also generate your share of losses. To achieve any sort of long-term success, you need something that’s repeatable. “We need an edge in that market data to deliver positive expectancy over the long term,” says Richard Brennan. That edge is “diversified systematic trend following.” Brennan, managing director at ATS Group and a research consultant at East Coast Capital Management, joins Real Vision’s Moritz Seibert to talk about the robustness of systematic trend following trading programs over time and the reasons for that robustness. As Brennan emphasizes, understanding the importance of the outlier is critical. “It’s really about the surprises and how you handle that.” Recorded on September 26, 2022.