We’re All CTAs Now

Over the years, and across countless articles, I've described the extent to which all market participants, carbon-based and otherwise, employ the same basic calculus at a conceptual level. Our process generally permits more leverage into positive momentum and dictates reducing exposure when the "instability" part of the all-too-familiar "stability breeds instability" dynamic comes calling. In a classic note from March of 2020, Nomura’s Charlie McElligott wrote that, "Even traders who view th