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Hi Michael,
First, a quick thank you. I have bought everything you have written and am working my way through (Turtles, Trend Following, Little Book of Trading so far). I’m working my way through the back catalogue of podcasts too. Side note, know anywhere I can find your film these days? The usual avenues seem to have dried up. I found your work from Market Wizards, which I read prior to my first finance job to give me a broader perspective, and having worked in investment banks, hedge funds, and private equity shops; it is astounding that I have met no-one familiar with your work or the principles of trend following. I guess everyone is too happy to take on accepted wisdom.
Since January, I have been trading a slightly modified Turtles system, having spent 6 months backtesting various timeframes over the last 25 years. We’re down slightly still, but I’ve got into the swing of routine and am focussed on the process not the outcome!
I have a question regarding the plumbing of trend following. Obviously those you talk to generally are part of a large setup (with substantial AUM), or have well established personal firms. What I’d like to know is, how do individuals (just trading for themselves) typically structure their setup? How do you do yours? I mean, do people typically form a company and pay themselves in dividends, or is there some other common legal structure, or do they just take profits as income and get taxed accordingly? I’m UK based if that changes anything.
Would love to hear any insight you may have.
I haven’t taken your courses, but am a ready subscriber to your written works and philosophies. If there is anywhere I can stick a testimonial or similar (I put book reviews on GoodReads to spread the love), I would love to hear what would be helpful.
Thanks a lot!
Oscar D.
You have an account, you trade. That’s it. If you want to start a hedge fund you will need legal and accounting.
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