15 episodes

Listen how the world′s most successful traders made millions of dollars. How to build and test a trading strategy. How to cope with psychological aspects. How to manage your risk. And many other topics!

System Trader Show Jacek Lempart

    • Investing

Listen how the world′s most successful traders made millions of dollars. How to build and test a trading strategy. How to cope with psychological aspects. How to manage your risk. And many other topics!

    STS 015 – Over a billion dollars in a single day – Robert Carver, an ex-hedge fund manager about professional approach to systematic trading

    STS 015 – Over a billion dollars in a single day – Robert Carver, an ex-hedge fund manager about professional approach to systematic trading

    Robert Carver worked in the City of London for over a decade. For seven years he was a portfolio manager at AHL -- one of the world's largest systematic hedge funds -- before, during and after the global financial meltdown of 2008.

    In this interview, we talk about many trading topics, mostly around the systematic approach and why it's so important for most of us to base the decison-making process on rules rather than discretion. Robert also explains why the most important factor to consider when investing is risk.

    You can hear how people managing billions of dollars were considering liquidation of market positions during the 2008 crisis, while at the same time, mechanical strategies made over a billion dollars in a single day. The fund's computer system had stuck to its preprogrammed set of trading rules and mechanically exploited the market moves almost to perfection, while terrified humans had discussed closing it down.

    Although we discussed many negative aspects of trading and investing, there's a positive message to all of as well. With enough discipline and work, most of us may construct an investing vehicle at home and build our own capital successfully.

    On my website at systemtrader.show/015 you can find show notes to this episode. If you consider this material as valuable, please share it with others. Thank you!

    • 1 hr 34 min
    STS 014 – Paul Novell: investing for a living, financial independence and early retirement

    STS 014 – Paul Novell: investing for a living, financial independence and early retirement

    It happens very often that we work because we don't see any alternatives. Our job may be annoying as hell, we may even hate it, but the reality seems like we don't have any other options. We have a mortgage, we have a family to maintain, or our qualifications aren't allowing us to do something new. So we don't dare to do something new, and we don't have a plan, we're just drifting -- day by day.

    My guest, Paul Novell, talks in this episode how he decided to live the life he wants to live. He left the semiconductor industry, a well-paid job at around 40, to pursue a more independent life. Already since 2006, his primary source of income is from investments.

    I discuss with Paul many investment topics. It's interesting to learn how Paul was maturing over the years, how he switched slowly from discretionary dividend investing towards quantitative and tactical asset allocation investment systems.

    For more please visit: https://systemtrader.show/014

    • 1 hr 13 min
    STS 013 – Jack Vogel: Market anomalies and quantitative approach to investing

    STS 013 – Jack Vogel: Market anomalies and quantitative approach to investing

    Investing is simple, but not easy, as Warren Buffett says. And yes -- technically the investment process should be as simple as possible. But does it mean that an average investor should not even think about active investment strategies and entirely rely on a passive portfolio? Which strategy is best to follow? And will it work tomorrow?

    In this interview, my guest, Jack Vogel from Alpha Architect, talks about many trading topics, including momentum and mean reversion market anomalies.

    • 42 min
    STS 012 – James Di Virgilio & Dan Korth: professional advisors about Dual Momentum investing

    STS 012 – James Di Virgilio & Dan Korth: professional advisors about Dual Momentum investing

    The investment strategy described by Gary Antonacci in my previous episode is not only a theoretical model. Today I have a pleasure to present you two separate discussions with people being professional financial advisors in the United States. One thing they have in common is that in their investment process, they use an idea introduced by Gary. What I’ll try to find out is why they got interested in Dual Momentum.

    In this episode:
    - Assets allocation and tactical money management
    - Value investing/fundamental analysis
    - How rule-based, systematic trading approach can be used?
    - What are the main reasons why most people are poor traders/investors?
    - Why dynamic allocation is so important, how it works in Dual Momentum and how it’s different from permanent diversification?
    - Trend-following strategy based on diversified futures portfolio vs. momentum applied on stock indices
    - Myopia problem — why paying too much attention to short-term performance can skew our long-term investment strategy?
    - Can average investor/trader compete with professionals?
    - Proprietary Dual Momentum models
    - How should we approach the model backtesting to avoid curve-fitting pitfall?
    - What is a Fiduciary?

    • 1 hr 25 min
    STS 011 – Gary Antonacci: combining relative strength price momentum with absolute momentum

    STS 011 – Gary Antonacci: combining relative strength price momentum with absolute momentum

    Gary has over 40 years’ experience as an investment professional. After receiving his MBA degree from the Harvard Business School he concentrated on researching and developing innovative investment strategies that have their basis in academic research.

    Gary’s innovative research on momentum investing was the first-place winner in 2012 and the second-place winner in 2011 of the prestigious Wagner Awards for Advances in Active Investment Management given annually by the National Association of Active Investment Managers.

    • 1 hr 21 min
    STS 010 – Linda Raschke: Trading Sardines, a 21st-century version of Reminiscences of a Stock Operator

    STS 010 – Linda Raschke: Trading Sardines, a 21st-century version of Reminiscences of a Stock Operator

    Linda began her professional trading career in 1981 as a market maker in options. She became a registered Commodity Trading Advisor in 1992. She worked as a principal trader for several funds. In 2002 she started her own hedge fund, which was ranked 17th out of 4500 for best 5-year performance by BarclaysHedge.

    Jack Schwager recognised her great talent in his famous Market Wizards series. Since 2015 Linda continues to trade daily for her own account. In the world of professional trading and money management, Linda Raschke stands out from the crowd for three factors: performance, longevity and consistency.

    Most frequently when talking about trading, we focus on its positive aspects. Linda Raschke takes a different perspective in this interview sharing with us market lessons while highlighting the tension between luck, risk, and passion.

    To me, it’s an extraordinary interview with an extraordinary person summarising her great book titled “Trading Sardines”. It is indeed a 21st-century version of “Reminiscences of a Stock Operator”! Linda although being so successful as a professional trader, openly admits how repeatedly got her ass kicked by the markets.

    It sounds so attractive when we can mention how you feel making one million in one single day. Linda, however, puts an accent on being on the wrong side of outliers so many times that it is well beyond the random. Rare events are happening more often than we may think, especially if you are on the markets so long as Linda.

    • 1 hr 35 min

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