Quantitative investing
with a twist


Man or Machine?

Systematic or discretionary trading? What’s better?

As quants we’re inclined to favor a systematic approach. At the same time we realize that systematic and discretionary trading processes are essentially the same, except for that the former encapsulates the decision-making dynamics in a rules-based framework while the latter doesn’t.

Coded trading systems enable us to methodically repeat a tried and trusted method. That’s a great thing. We let the machine place our bets in the markets and remove ourselves from the day-to-day trading process. If our betting system has edge, we should be rewarded with gains.

Humans on the other hand can be highly inventive and see things which a machine cannot – or at least not easily. But how can you make sure that what you see is real and not just a noisy Fata Morgana of the markets? Well, there’s never a guarantee, but when you’re able to blend statistical observations with long-term trading experience, you can increase the odds of discovering something valuable.

Twoquants® is both. Model-driven, but human. That’s our recipe for playing the hardest game in the world.

“No man is better than a machine, and no machine is better than a man with a machine.” (Paul Tudor Jones)


We are two quantitative traders with a background in professional investment management, derivatives trading and quantitative research. We are interested in quant-driven trading strategies and, perhaps most importantly, are supported by an AI bot and a really cool dog.


We think there is a better way to investing than long-only buy-and-hope. We believe portfolios must be protected against large drawdowns while staying exposed to the topside at the same time. We are convinced that there is alpha in the interplay between systems and humans.


Model-driven, but human – that’s our philosophy. We combine systematic strategies with opportunistic trade ideas and long volatility positions. Most importantly, we trade the 2Q Portfolio live and with real money. We share some of our trading insights in our MTTM Newsletter.



  • Moritz_CWT

Extreme Edge

September 27th, 2022|

It’s been great to be on the Chat with Traders podcast on 7 September 2022 for episode #243. This write-up is meant to complement the episode and provide additional background on the warrant arbitrage trades I executed between 2015 and 2019. Before we start, episode #243 was Aaron’s last recording, and I’d like to take a moment to thank him for all the great content he’s produced during the past years. [...]


  • token2049-2022

The Interplay Between Crypto and Global Macro

November 21st, 2022|0 Comments

I had the pleasure of moderating the the Crypto & Global Macro panel at Token2049 in London on 9 November 2022. With me on the panel were Dan Tapiero from 10T Holdings, Jordi Alexander from Selini Capital, and Jean-Marie Mognetti, the Founder & CEO of CoinShares. Recorded on November 9, 2022.


  • Measuring_Size

Position Sizing: A Systematic Tool to Add to Your Trading Toolkit

February 5th, 2021|0 Comments

When most people think about systematic trading, they likely picture a price chart with a plethora of moving averages, oscillators, and trend lines all with the goal of nailing the perfect entry right before a market takes off for the moon. While a good deal of time in systematic strategy development is devoted to entry and exit methodology, the greatest [...]

Methods to the Madness – The 2Q Newsletter

Our MTTM newsletter covers a diverse range of topics. When we write about trading, we aim to synthesize quant-driven investment ideas into actionable trades. We zero in on price trends, momentum, spreads, correlation, and volatility. We look at futures, equities, ETPs, options, and digital assets – and anything else that crosses our quantitative trading minds. This, we hope, makes the MTTM newsletter original and unique.

Our Core Values

  • We want to be guided by what matters: data, numbers, facts

  • We search for anomalies in the data and, where possible, seek to enter into trades to exploit them

  • We always want to improve our trading, do something better, find something new

  • We are agnostic to what the markets seem to be or what people say they are. Biases can kill you when trading in the markets

  • We read a lot, and across many subjects. This may not be a competitive advantage, but not doing it simply isn’t an option

  • We study market history and investors’ traumas to become better traders