Jason,

I think you nailed it in this first post. We have this same conversation with our clients all the time. I look forward to reading the rest of this series.

I did have a question about the following statement:

“How do we know that you actually have a strategy, and that you are not just a trend follower?”

When you say "trend following" do you mean performance chasing or do you mean all trend following strategies including CTAs and managed futures? If the latter, how would you explain the "alpha" generated from the momentum factor in the Fama/French research?

Cheers,
Elliott