Zero-Sum Insight
Trend followers go to the market to trade trends. However, not all market players are trying to do the same thing. Fannie Mae could be making change in their bond portfolio. A major investment bank could be trading a strategy that will not tolerate volatility. Bottom line people trade for different reasons for different goals. George Crapple, a trend follower with 25+ years in experience, makes the point:
“So while it may be a zero some game, a lot of people don’t care. It’s not that they’re stupid; it’s not speculative frenzy; they’re just using these markets for a completely different purpose.”
George Crapple
Millburn Ridgefield
