Jerry says they handled energy well and still have good positions. He argues crazy things happening in energy now could push prices a lot higher, and they keep loose trailing stops while remaining long crude oil and heating oil futures.
Jerry says the yen has been a fun trend trade that keeps giving and keeps going down. He notes trend distance can be underestimated, comparing it to a prior Swiss franc versus yen trend that lasted years, and says yen is a good example of a slow and steady downtrend.
Jerry says applying trend following to individual stocks rather than only indices matters because an index averages and mutes big trends. Individual stocks can produce outlier moves, and with thousands of stocks you can build a more diverse trend portfolio. He argues no CTA would limit itself to only the dollar index or Goldman Sachs commodity index, so limiting stocks to indices makes little sense.