Pierre Andurand is undoubtedly a leading commodities trader, but his recent performance illustrates the extreme volatility inherent in high-conviction discretionary strategies on energy futures. In 2026, his flagship fund gained 31.1% in the first quarter before losing approximately 52% in just two weeks in April, erasing all prior gains and bringing its annual loss to nearly 37%. This performance is part of a pattern of erratic results: +50% in 2025 (according to some sources), −40% in 2024, −55% in 2023, and +59% in 2022. Andurand’s reputation rests on massive directional bets, not on a reproducible algorithmic strategy. The CTA (Commodity Trading Advisor) index posted a return of +1.73% in 2025 with a Sharpe ratio of 1.33. Trend-following strategies generate positive returns but are subject to costly whipsaws. Transaction costs, negative roll yield in contango, and margin calls represent significant friction points.