Systematic Investment Research & Education

Highly recommended!

@EugeneNg We are in heated agreement!

I agree and disagree. I agree that most can’t and will find it hard to outperform and beat the markets over the long time, and hence indexing is the best alternative. I have the belief that one can beat the markets if they have the right long-term analytical framework, behavioral and philosophical approach. Active stock selection is then preferred rather than indexing for those who are able to.

“One Hundred Years in the U.S. Stock Markets” - Hendrik Bessembinder (18 Mar 2026) - Updated study to cover 29,081 US stocks (firms) over a longer period of 100 years (1926-2025) vs 1926-2016 previously - 60/40: 41% exceeded UST returns, 59% below. - Power laws persist in stock markets, just like venture capital. - Strong right tail positive skewness of a few big winners that dominate the majority of gains. - 0.7% of firms (208) accounted for 75% of net shareholder wealth created (SWC). - 3.7% of firms (1,082) accounted for 100% of SWC. - Implications: Find winners, buy winners, hold winners, add to winners, and sell losers.

Charlie Munger: “At Berkshire, we’ve done better than average. Why? The answer is pretty simple: We tried to do less. We never thought we could get really useful information on all subjects…We always realized that if we worked really hard we could find a few things where we were right. And a few things were enough.”

@AussieTurtlesAU It is great to see classic trend continue to shine!

February 2026: Another Strong Month for Trend Followers All seven trend-following indexes posted gains in February. Classic Trend led at +5.3%, with metals exploding in the final week. Silver surged 12.4% and gold extended to fresh all-time highs above $5,296. The full February Battle of the Trend Following Indexes is live now. aussieturtles.com/battle-of-the-… #TrendFollowing #ManagedFutures #SystematicTrading #CTA

“Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.” — Jason Zweig

Rising Stars and Trend Titans: February 2026 "Recoveries Come Quickly" February tested the trend-following community. Early energy reversals. Mid-month cooling. Then metals exploded. Silver surged +12.42% in a single week. Gold reached all-time highs above $5,296. The benchmark delivered +4.01% for the second consecutive month above four percent. Superfund Green Silver SICAV captured +29.19%. Mulvaney extended its three-month run past +70%. Those who held their positions captured it all. Read the full analysis: atstradingsolutions.com/rising-stars-a… #ManagedFutures #TrendFollowing #SystematicTrading #AlternativeInvestments

A recent interview of mine is now on YouTube: youtube.com/watch?v=CcjKhz… The soundtrack's been dubbed because the facilitator was in Brazil. I don't really sound like that...

@CapitalPatient @TheIdeaFarm @ManGroup The S-PE was high relative to its 3-y average at the time the drawdown started in most instances. It does take a minute to figure out what the graph is showing. The drawdowns are shown in chronological order.

@TheIdeaFarm @SystematicIRE @ManGroup This is chart crime to me? No idea how to interpret this at first glance.

📊 Chart of the Day Going into a drawdown, valuations have typically been expensive. @ManGroup theideafarm.com/markets/such-g…

Excellent post! Improvement is about defining a process and then collecting data on process and results to provide ongoing feedback.

Investing Quote of the Day: “The best investors are not investors at all. They are entrepreneurs who have never sold.” - Nick Sleep

I bookmark hundreds of investing tweets every week. Here are my 15 best bookmarks from the past week. Smart ideas. Great charts. Sharp takes 🧵👇🏻 (#7 is my favorite from this week)

@dailydirtnap A natural experiment of the type that allows evaluation of the effects of different policies by states in a republic. People can vote with their feet.

Red states are eliminating income taxes, blue states are raising them. It's going to be amazing to see what this country looks like in 20 years.

@rjpjr12 @TradingComposur You could add volatility control or out of the money options or cut back leverage.

@SystematicIRE @TradingComposur I don't want to add negative skew, I'll accept less return for lower drawdowns (no S&P 500).... What can I add?

“The most important rule of trading is to play great defense, not offense.” ~ Paul Tudor Jones

Nice post. I often hear that one should buy the stocks that hold up the best during market pullbacks. I trade systems based on trend and momentum, including buying pullbacks during an uptrend. The findings reported here confirm for me the adage that you should test before you trade and then trade what you tested.

Chart shows the relative valuation for U.S. value stocks compared to U.S. growth stocks, normalized so that 1.0 represents the median. "Today, value stocks are trading at an approximate 35% discount to their typical relative valuation, a 10th percentile observation vs. history. Value needs to beat growth by almost 55% just to return to historically normal relative valuations." "Even if this abnormally wide valuation spread does not narrow immediately, we believe value can still outperform due to what we call the rebalancing effect. Value benefits as some growth companies disappoint and become cheaper, entering the value index. Value also benefits as some value companies surprise on the upside and get repriced into the growth index." Source: gmo.com/americas/resea…

@steenbab Great post! Improvement flows from feedback. Documenting what happens to trades after exiting is an important and often neglected aspect of feedback. Cut losses early is a good principle that can be taken too far.

Before we can change our trading, we have to diagnose what's wrong. Here's an example from my own trading where a straightforward change of process led to a 180-degree change in psychology: traderfeed.blogspot.com/2026/03/how-to…

@rjpjr12 @TradingComposur I am a fan of trend following, although it is not the only strategy I use. Trend following should be more popular given the evidence for its efficacy.

@TradingComposur @SystematicIRE Diversify (FX FI stocks commodities, long and short), cut losses short, let profits run - offense and defense all in one. #trendfollowing