Disclaimer: I am making assumptions about the performance of trend following systems in 2009 and I could be totally wrong. Feel free to put me in my place. from reading ET i get two impressions: 1) many (the majority?) specialize in trend following approaches and 2) 2009 was not a great year. so i put two and two together and what follows is that trend following approaches sucked n 2009. this is very surprising to me because the market just kept going higher since march, so it should be easy to make money following this easily identifiable trend, right? i personally focus on mean reversion and i know what were the problems for me: low volatility (=less opportunity) and large counter-trend short bets that i placed in 2009. what could have gone wrong for the trend folks i have no idea, please enlighten me.