Trend following can have a right tail without having an edge.
A useful distinction between the shape of returns and the source of expected profit.
Study: The Science and Practice of Trend-Following Systems
Trend Following
Research on trend strategies, return distributions, and protection across different market environments.
Curated by Signal & Evidence. Read our research approach for how we distinguish author findings from house tests.
Paper review: not tested
A crash and a grinding bear market need different protection.
A framework for combining puts and trend without mistaking simulation weights for an allocation rule.
Study: Tail Risk Management with Puts and Trend Following: A CVaR Framework for Crashes and Drawdowns