Moritz Heiden & Moritz Seibert – Trend-Following Spreads (S7E25)
From Flirting with Models by Corey Hoffstein
January 12, 2026 · 1h 7m · Season 7 · Episode 25
About this episode
Corey Hoffstein discusses trend-following strategies with Moritz Heiden and Moritz Seibert, focusing on their decision to shut down their original fund and launch a new Global Markets Fund.
A few years ago, I sat down with Moritz Seibert and Moritz Heiden of Takahe Capital to talk about trend following at the edges of the futures markets: places where liquidity is thin, contracts are obscure, and capacity constraint is a feature, not a bug. Since then, despite strong performance, asset growth, and even winning industry awards, they made a very un-industry decision: they shut down their original fund. In its place, they launched a new Global Markets Fund built to stay small, so they can trade calendar and product spreads, niche agricultural markets, and other idiosyncratic contracts at equal risk to more standard markets. In this conversation, we unpack that decision, explore how you systematize trend on markets where liquidity does not exist on screen, and go deep on why spreads represent a fundamentally different opportunity set than outright futures. We also talk about what’s next: from prediction and event markets to new ways of thinking about macro trends and alternative data. I hope you enjoy my conversation with Moritz Seibert and Moritz Heiden.
People in this episode
Guests: Moritz Seibert, Moritz Heiden
Topics covered
- trend following
- futures markets
- liquidity
- agricultural markets
- macro trends
- alternative data
Keywords
- capacity constraint
- calendar spreads
- product spreads
- niche markets
Mentioned in this episode
Products: Global Markets Fund
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