TTU146: The value of Unpredictable Alpha ft. Anthony Todd

<p>Today, we are delighted to be joined by Anthony Todd, Co-Founder &amp; CEO of Aspect Capital, for an insightful discussion on the role of systematic trading and trend following in today’s economy. We also discuss what has driven Aspect Capital’s shift towards developing multiple strategies and how they guide their clients to make better investment decisions, whether the trend following industry should be concerned about replication strategies and how allocations are funded today. Lastly, we discuss how Aspect Capital uses AI in their work and how systematic trading has changed as a whole with the rise of AI, what Todd is most excited and concerned about in 2024 and much more. </p><p><strong>-----</strong></p><p><strong>50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - </strong><a href="https://dunncapital.com/DUNN%2050-Year%20Book-TTU" rel="noopener noreferrer" target="_blank"><strong>CLICK HERE</strong></a></p><p>-----</p><p><br /></p><p>Follow Niels on <a href="https://twitter.com/toptraderslive" rel="noopener noreferrer" target="_blank"><strong>Twitter</strong></a>, <a href="https://www.linkedin.com/in/nielskaastruplarsen" rel="noopener noreferrer" target="_blank"><strong>LinkedIn</strong></a>, <a href="https://www.youtube.com/user/toptraderslive" rel="noopener noreferrer" target="_blank"><strong>YouTube</strong></a><strong> </strong>or via the <a href="https://www.toptradersunplugged.com/" rel="noopener noreferrer" target="_blank"><strong>TTU website</strong></a>.</p><p><strong>IT’s TRUE </strong>? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written&nbsp;<a href="https://www.toptradersunplugged.com/Ultimate" rel="noopener noreferrer" target="_blank"><strong>here</strong></a>.</p><p>And you can get a free copy of my latest book “<strong>Ten Reasons to Add Trend Following to Your Portfolio</strong>” <a href="https://www.toptradersunplugged.com/10-reasons-shownotes" rel="noopener noreferrer" target="_blank"><strong>here</strong></a>.</p><p>Learn more about the Trend Barometer <a href="https://www.toptradersunplugged.com/resources/market-trends/" rel="noopener noreferrer" target="_blank"><strong>here</strong></a>.</p><p>Send your questions to&nbsp;<a href="mailto:info@toptradersunplugged.com%22%20%5Ct%20%22_blank" rel="noopener noreferrer" target="_blank">info@toptradersunplugged.com</a></p><p>And please <strong>share this episode</strong> with a like-minded friend and <strong>leave an honest Rating &amp; Review</strong> on&nbsp;<a href="https://www.toptradersunplugged.com/reviewttu" rel="noopener noreferrer" target="_blank"><strong>iTunes</strong></a>&nbsp;or <a href="https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW" rel="noopener noreferrer" target="_blank"><strong>Spotify</strong></a> so more people can discover the podcast.</p><p>Follow Alan on <a href="https://twitter.com/alanjdunne" rel="noopener noreferrer" target="_blank"><strong>Twitter</strong></a>.</p><p>Follow Todd on <a href="https://www.linkedin.com/in/anthony-todd-422128/?originalSubdomain=uk" rel="noopener noreferrer" target="_blank"><strong>LinkedIn.</strong></a></p><p>Find out more about <a href="https://dunncapital.com/" rel="noopener noreferrer" target="_blank"><strong>DUNN Capital</strong></a></p><p><strong>Episode Timestamps:</strong></p><p><strong>02:24 -</strong> Introduction to Anthony Todd and Aspect Capital</p><p><strong>05:43 -</strong> A global macro perspective</p><p><strong>09:45 -</strong> How has the industry evolved?</p><p><strong>13:51 -</strong> Are investors under-allocated to trend?</p><p><strong>17:11 -</strong> Trend following - a return enhancer?</p><p><strong>20:37 -</strong> The correlation between stocks and bonds</p><p><strong>25:27 -</strong> The path to offering multible strategies</p><p><strong>29:47 -</strong> Balancing choices and guiding clients and investors</p><p><strong>33:26 -</strong> Are CTAs threatened by replication strategies?</p><p><strong>39:11 -</strong> How are allocations funded now?</p><p><strong>42:28 -</strong> CTAs - competitors or a different allocation?</p><p><strong>44:44 -</strong> Does capping the beta make sense?</p><p><strong>49:21 -</strong> Are investors becoming too difficult?</p><p><strong>52:49 -</strong> Todd's view on the use of artificial intelligence</p><p><strong>58:13 -</strong> Has trend following changed because of AI?</p><p><strong>01:02:53 - </strong>Excitement and concerns for 2024</p><p>Resources discussed in this Episode:</p><ul><li><a href="https://www.aspectcapital.com/insight/">LINK TTU146: Aspect Capital Insights</a></li></ul><br /><p>Copyright © 2025 – CMC AG – All Rights Reserved</p><p>----</p><p><strong>PLUS:</strong> Whenever you're ready... here are 3 ways I can help you in your investment Journey:</p><p><strong>1. eBooks that cover key topics that you need to know about </strong></p><p>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. <a href="https://www.toptradersunplugged.com/resources/ebooks/" rel="noopener noreferrer" target="_blank"><strong>Click Here</strong></a></p><p><strong>2. Daily Trend Barometer and Market Score </strong></p><p>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! <a href="https://www.toptradersunplugged.com/resources/market-trends/" rel="noopener noreferrer" target="_blank"><strong>Click Here</strong></a></p><p><strong>3. Other Resources that can help you</strong></p><p>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. <a href="https://www.toptradersunplugged.com/resources/" rel="noopener noreferrer" target="_blank"><strong>Click Here</strong></a></p><p><a href="https://www.toptradersunplugged.com/legal/privacy-policy/" rel="noopener noreferrer" target="_blank">Privacy Policy</a></p><p><a href="https://www.toptradersunplugged.com/disclaimer/" rel="noopener noreferrer" target="_blank">Disclaimer</a></p>