Bill Gebhardt - Replicating Discretionary Commodity Trading Systematically (S7E9)

Corey Hoffstein converses with Bill Gebhardt about his transition from engineering to finance and his current role at ten Dynamics. They explore the intricacies of risk management, the dangers of optimization, and the balance between long-term and short-term trend signals. The discussion covers transaction costs, time factors in trend analysis, and the importance of robustness in binary signals. Bill shares insights into systematic trading, including risk budgeting strategies and market condition cyclicality. They also touch on trading individual stocks, European commodities, and the operational complexities of shorter time frames. The episode concludes with Bill's philosophical interests and reflections on consciousness.