# SI394: The Quarter That Tested Every Trend Follower ft. Katy Kaminski & Harry Moore

Page: https://stenobird.com/podcast/top-traders-unplugged-761537/si394-the-quarter-that-tested-every-trend-follower-ft-katy-kaminski-harry-moore
Text version: https://stenobird.com/podcast/top-traders-unplugged-761537/si394-the-quarter-that-tested-every-trend-follower-ft-katy-kaminski-harry-moore.md
Podcast: [Top Traders Unplugged](https://stenobird.com/podcast/top-traders-unplugged-761537)
Published: 2026-04-04T04:00:00+00:00
Episode link: http://localhost:8888/TopTradersUnplugged/ttu-2021/homepage/si394-the-quarter-that-tested-every-trend-follower-ft-katy-kaminski-harry-moore
Audio file: https://episodes.captivate.fm/episode/f42dca45-2963-413c-b4a2-72adfd8477f7.mp3
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JSON: https://stenobird.com/v1/public/podcasts/top-traders-unplugged-761537/episodes/si394-the-quarter-that-tested-every-trend-follower-ft-katy-kaminski-harry-moore
Duration seconds: 4428

## Resource

Markets rarely offer clarity when it matters most. In this episode, together with Katy Kaminski and Harry Moore, we reflect on a first quarter defined by sharp reversals, energy shocks, and rising dispersion across strategies. They explain how trend following adapted as leadership flipped across asset classes, and why results varied more than many expected. The conversation moves beyond performance to examine portfolio construction, from market selection and speed to the growing relevance of portable alpha. Along the way, they revisit periods of drawdown, investor behavior, and the role of liquidity in crisis environments, offering a grounded perspective on how systematic strategies respond when conditions change quickly. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn , YouTube or via the TTU website . IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written  here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Learn more about the Trend Barometer here . Send your questions to  info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on  iTunes  or Spotify so more people can discover the podcast. Follow Katy on LinkedIn . Follow Harry on LinkedIn. Episode TimeStamps: 00:00 - Introduction and episode framing 01:38 - Market backdrop and Q1 volatility 07:29 - Trend following performance through Q1 09:36 - Diversification vs equities and bonds 11:21 - Dispersion across managers explained 14:32 - Trend vs non trend strategies 18:40 - A month that test…

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