# He Built the Fund He'd Hold 30 Years | Eric Crittenden on What Investors Pick When Labels Come Off

Page: https://stenobird.com/podcast/excess-returns-902655/he-built-the-fund-he-d-hold-30-years-eric-crittenden-on-what-investors-pick-when-labels-come-off
Text version: https://stenobird.com/podcast/excess-returns-902655/he-built-the-fund-he-d-hold-30-years-eric-crittenden-on-what-investors-pick-when-labels-come-off.md
Podcast: [Excess Returns](https://stenobird.com/podcast/excess-returns-902655)
Published: 2026-05-26T13:59:39+00:00
Episode link: https://podcasters.spotify.com/pod/show/excess-returns/episodes/He-Built-the-Fund-Hed-Hold-30-Years--Eric-Crittenden-on-What-Investors-Pick-When-Labels-Come-Off-e3jtqjm
Audio file: https://traffic.megaphone.fm/APO2072117564.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/excess-returns-902655/episodes/he-built-the-fund-he-d-hold-30-years-eric-crittenden-on-what-investors-pick-when-labels-come-off
Duration seconds: 4014

## Resource

Eric Crittenden joins Matt Zeigler and Jason Buck for a deep dive into trend following and managed futures. They discuss why systematic macro trend investing works, how risk transfer creates a return premium, and how trend can fit inside a diversified all-weather portfolio. Standpoint Funds https://www.standpointfunds.com/ Topics covered: Why trend following can struggle during fast reversals and thrive after regime shifts How systematic investors manage whipsaws, drawdowns, and emotional pressure The trade-offs between short-term, medium-term, and long-term trend signals Why Eric prefers simple, durable systems over complex models and constant tinkering When it makes sense to remove a futures market from a systematic portfolio Why trend following may earn a risk transfer premium from hedgers and commercial users How copper producers, options markets, and insurance help explain trend following returns Why rising interest rates and short bond positions can benefit managed futures How trend following can pair with global equities in an all-weather portfolio Why smoothing a trend strategy can reduce its value when investors need convexity most The behavioral challenge of holding diversifiers that look wrong at the wrong time Why investors and advisors often want alternatives but struggle to stick with them Timestamps: 00:00 Why trend following opportunities appear under pressure 04:39 Pro-growth positioning before the whipsaw 09:32 Short-term vs long-term trend signals 13:46 The danger of tinkering with systematic strategies 18:43 What actually changes in a durable process 23:27 Rising rates, short bonds, and collateral yield 28:00 Copper hedging and why trend followers buy rising prices 32:00 Options, insurance, and risk transfer through time 36:28 Regime shifts and supp…

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/excess-returns-902655/episodes/he-built-the-fund-he-d-hold-30-years-eric-crittenden-on-what-investors-pick-when-labels-come-off/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/excess-returns-902655/he-built-the-fund-he-d-hold-30-years-eric-crittenden-on-what-investors-pick-when-labels-come-off.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.