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Interesting interview here with David Harding of Winton Capital, a large trend following fund in London.  It’s amazing how ill-prepared Erin Burnett is for this interview.  She clearly has ZERO understanding of the trend following strategy that Winton uses.  Trend followers don’t invest in macro themes in the same way that your typical global macro fund might.  Rather, they invest solely in the trend – using strict trading rules and/or algorithms that remove emotion from investing.  They act as if markets are totally unpredictable and completely irrational and therefore cannot be predicted using foreward looking themes.  The only thing that can be predicted is that trends tend to last and therefore can be invested in and around.  For more on managed futures see here .