To better appreciate classic trend following, it's important to clearly articulate its foundational elements, setting it apart from the more diversified approaches that many trend managers have gradually embraced to meet evolving investor demands. The turn of the millennium marked a pivotal shift in investment preferences towards strategies characterized by lower volatility, minimal drawdowns, and consistent returns, moving away from the previously tolerated higher volatility in equity markets. This change was largely driven by an increased sensitivity to the career risks associated with high volatility investments, leading to a widespread preference for more stable and secure investment portfolios. In response, Commodity Trading Advisors (CTAs) began to incorporate volatility controlling overlays to the classic trend following approach, which were not widely used before, as a means to curb volatility, enhance their capacity for asset gathering, and pivot their business models towards earning through management fees rather than relying on performance fees. While this strategic shift was aimed at meeting client demands for lower risk, it inadvertently compromised the high returns that were hallmark of classic trend following strategies.