Crabel Capital Management

Toby Crabel has been at the head of his firm for nearly four decades, still serving as founder, chairman, and CIO and still in the daily research, which makes him one of the longest-tenured systematic CTA principals anywhere. His 1980s work on opening-range breakouts is still cited as foundational quantitative futures literature, the rare case where the founder's early research remains a reference text.

The firm began in 1987 as Toby Crabel & Co., a sole proprietorship doing short-term pattern trading in futures, and grew into a systematic shop running across hundreds of global futures and FX markets on co-located infrastructure measured in microseconds. Around 2010 it moved its trading headquarters to Los Angeles while keeping Milwaukee as the operations hub. Research absorbs about half the firm.