Top Traders Unplugged

Niels Kaastrup-Larsen
  • 4.9 (78)
  • Investing
  • Updated Weekly

Top Traders Unplugged is where the world’s best investors come to share how they think - not just what they trade. Hosted by Niels Kaastrup-Larsen, the show goes deep into systematic trend following, global macro, and the principles that drive long-term success. No forecasts. No fads. Just real conversations with hedge fund managers, economists, authors, and allocators - revealing the timeless ideas, mental models, and risk frameworks behind robust performance. If you're building resilient portfolios, allocating capital, or simply looking to cut through the noise - this is your edge. Clear thinking. Deep insights. Real experience. 🎧 New episodes weekly. Explore all episodes at toptradersunplugged.com https://toptradersunplugged.com

  1. GM102: China Built a Trap. Germany Set It. America Fell In. Europe Is Next ft. Michael Pettis

    18 hrs ago

    GM102: China Built a Trap. Germany Set It. America Fell In. Europe Is Next ft. Michael Pettis

    Michael Pettis joins Alan Dunne for a wide ranging conversation on trade imbalances, globalization and the future of the world economy. Drawing on decades of research into China, Europe and financial history, Pettis argues that persistent trade surpluses are ultimately rooted in domestic income imbalances rather than national competitiveness. The discussion explores why China struggles to rebalance, why Europe may face its biggest challenge yet, and how US reindustrialization could reshape global trade. From Bretton Woods to modern tariffs, this episode offers a provocative framework for understanding the forces driving the next phase of the global economy. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website. IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Alan on LinkedIn. Follow Michael on X. Episode TimeStamps: 00:00 - Michael Pettis warns that the real trade reckoning may still lie ahead 01:07 - Introduction to Michael Pettis and his background in finance and economics 06:34 - Why trade imbalances are ultimately driven by income imbalances 09:59 - Germany’s Hartz reforms and the roots of European imbalances 17:22 - Competitiveness versus productivity and the hidden costs of wage suppression 27:48 - China’s growth model and why rebalancing has proved so difficult 35:54 - Who will absorb China’s trade surplus if the US closes its deficit? 40:24 - Can the United States successfully reindustrialize? 45:31 - Why Europe may eventually turn toward protectionism 52:17 - The US deficit, global capital flows and the burden of dollar dominance 01:01:50 - Why the renminbi is unlikely to replace the dollar 01:10:45 - Historical trade imbalances and how painful adjustments unfold 01:16:21 - What Japan’s experience reveals about China’s future 01:21:02 - Final reflections on debt, globalization and economic adjustment Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer

    1h 23m
  2. SI404: When Trend Following Meets Equities ft. Eric Crittenden & Andrew Beer

    4d ago

    SI404: When Trend Following Meets Equities ft. Eric Crittenden & Andrew Beer

    Trend following has long promised and delivered diversification, crisis protection and uncorrelated returns. Yet many investors still struggle to hold it through difficult periods. In this conversation, Andrew Beer and Eric Crittenden explore why that gap exists and how combining trend following with equities may create a more durable portfolio. Together with Niels Kaastrup-Larsen discuss the rise of managed futures ETFs, the debate between simplicity and complexity in systematic investing, and why algorithmic discipline allows investors to act when intuition fails. The episode also examines portfolio construction, product design and the evolving role of alternatives in a changing investment landscape. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website. IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Andrew on Twitter. Follow Eric on LinkedIn. Episode TimeStamps: 00:00 - Introduction to the Systematic Investor series and the week's guests 02:19 - Eric reflects on recent market trends and challenging periods for trend followers 03:15 - Andrew shares optimism about AI, innovation and technological progress 06:25 - Elon Musk, SpaceX and the future of technological disruption 09:22 - The evolution of managed futures ETFs and the growing demand for alternative strategies 15:58 - How ETF liquidity works and why portfolio construction matters 19:40 - The case for combining equities and trend following into one portfolio 21:37 - Eric explains the philosophy behind his multi asset approach 31:15 - Product design, allocator behavior and why diversification often fails in practice 40:44 - Simplicity versus complexity in systematic investing 46:58 - Why elegant models often fail in real world markets 57:05 - Sharpe ratios, diversification and combining multiple return streams 59:52 - Andrew introduces the idea of Contrarian Tactical Alpha 01:02:55 - Eric on algorithmic discipline and why trends are uncomfortable to follow 01:05:26 - Final thoughts on trend following, risk management and portfolio construction Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer

    1h 8m
  3. UGO12: Why the Next Financial Crisis Could Change America Forever ft. Danielle DiMartino Booth

    Jun 10

    UGO12: Why the Next Financial Crisis Could Change America Forever ft. Danielle DiMartino Booth

    As Kevin Warsh prepares to take the reins at the Federal Reserve, a deeper question emerges: has the Fed reached the limits of what monetary policy can achieve? Cem Karsan sits down with Danielle DiMartino Booth to explore the growing tensions between inflation, debt, financialization, and political pressure. From the future of quantitative easing and Treasury market risks to the rise of populism and the long term consequences of decades of intervention, this conversation examines whether the United States is approaching a turning point that could redefine the relationship between markets, government, and the Federal Reserve. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website. IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Cem on Twitter. Follow Danielle on X. Episode TimeStamps: 00:00 - Introduction and why Kevin Warsh's arrival at the Fed matters 02:25 - Warsh steps into a divided Federal Reserve 05:13 - The debt problem and the pressures facing policymakers 07:52 - Can Warsh avoid another era of quantitative easing? 10:00 - Interest rates, inflation, and the limits of Fed policy 17:53 - Revisiting Arthur Burns and the lessons of the 1970s 23:02 - Treasury buybacks, debt monetization, and market stability 29:27 - Populism, demographics, and the future inflation outlook 37:34 - Is the Fed’s mandate shifting toward managing government debt? 43:06 - Sovereign wealth funds and the possibility of equity market intervention 45:56 - Would merging Treasury and the Fed end central bank independence? 49:59 - Has the Federal Reserve broken the natural business cycle? 51:22 - Final thoughts on crisis, reform, and America’s economic future Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer

    54 min
  4. SI403: Trend Following in an Era of Geopolitical Risk ft. Marat Molyboga & Katy Kaminski

    Jun 6

    SI403: Trend Following in an Era of Geopolitical Risk ft. Marat Molyboga & Katy Kaminski

    Geopolitical tensions, inflation shocks, and shifting market regimes are reshaping the investment landscape. Marat Molyboga and Katy Kaminski joins us to explore why managed futures have historically performed well during periods of geopolitical stress and why investors often misunderstand the role of crisis alpha in a portfolio. The conversation examines inflation driven market disruptions, diversification, short term versus long term trend following, portfolio construction, and the behavioural mistakes that prevent many investors from capturing the full benefits of trend strategies. It is a wide ranging discussion about risk, uncertainty, and adapting to a changing world. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website. IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Katy on LinkedIn. Episode TimeStamps: 00:00 - Introduction and welcome to the Systematic Investor series 01:13 - Marat Molyboga's background and Efficient Capital's investment philosophy 05:29 - World Cup excitement, soccer stories, and thoughts beyond markets 11:36 - AI, market concentration, energy trends, and major macro headlines 15:16 - Trend following performance review and key market drivers in 2026 23:36 - Understanding crisis alpha and the role of managed futures in portfolios 33:24 - Diversification, portfolio construction, and avoiding investor mistakes 44:08 - Geopolitical risk research and its connection to inflation 53:01 - Why managed futures have historically benefited from geopolitical uncertainty 59:01 - Commodities, inflation shocks, and the mechanics behind crisis alpha 01:06:47 - The case for short term trend following and execution challenges 01:20:31 - Final thoughts and lessons for navigating an uncertain investment landscape Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer

    1h 24m
  5. ALO35: Why Macro Investing Is Becoming More Systematic ft. George Patterson

    Jun 3

    ALO35: Why Macro Investing Is Becoming More Systematic ft. George Patterson

    How do quantitative investors adapt when markets, technology and macro regimes are constantly changing? In this conversation, Alan Dunne sits down with George Patterson, CIO of PGIM Quant Solutions, to explore the evolution of systematic investing from the 1990s to today’s AI driven landscape. They discuss regime detection, inflation risk, portfolio construction, machine learning, private markets, volatility overlays and the growing role of language models in investment research. George also shares insights from decades in quant investing, including lessons from Covid, the importance of model discipline and why communication skills matter as much as technical expertise. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website. IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Alan on Twitter. Follow George on LinkedIn. Episode TimeStamps: 00:00 - Introduction to George Patterson and his journey from physics to quantitative investing 03:12 - Why multidisciplinary teams matter in modern quant investing 04:13 - Inside PGIM Quant Solutions and the evolution of multi asset investing 06:03 - How markets and macro investing have changed since the 1990s 09:12 - The future of the 60/40 portfolio and institutional portfolio construction 12:11 - Private markets, liquidity challenges and institutional investor concerns 13:25 - Inflation, commodities and building modern inflation hedges 19:33 - Detecting macro regimes using quantitative models 23:26 - The hardest part of systematic investing: trusting the process 27:00 - Covid, model failures and managing regime shifts in real time 30:07 - Portfolio protection, options strategies and volatility overlays 32:01 - How AI and large language models are transforming quantitative research 40:02 - Fiscal risks, inflation concerns and the changing rate environment 44:26 - Simplicity versus complexity in quantitative model design 48:05 - Why markets evolve faster today and how models must adapt 51:08 - Retail investors, meme stocks and market distortions 53:33 - Emerging markets and where long term opportunities may exist 55:08 - The future of quant investing and the limits of AI hype 57:10 - George Patterson’s career advice for aspiring quants Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer

    1h 2m
  6. SI402: Why Markets Can’t Stop Trending ft. Richard Brennan

    May 30

    SI402: Why Markets Can’t Stop Trending ft. Richard Brennan

    What happens when markets stop behaving like machines and start behaving like living systems? In this episode, Richard Brennan joins Niels to explore passive investing, complex adaptive systems, volatility suppression, and the hidden forces reshaping modern market structure. From structured products and reflexive flows to demographics, trend following, and the fragile illusion of equilibrium, this conversation asks whether markets are becoming more unstable precisely because investors believe they have become safer. A thoughtful and layered discussion about why price discovery may be weakening, why trends persist, and why systematic strategies may be more relevant in a world increasingly shaped by feedback loops. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website. IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Rich on Twitter. Episode TimeStamps: 00:00 - Introduction to the episode and overview of today’s discussion 02:22 - Richard Brennan breaks down passive investing through the lens of complex adaptive systems 06:51 - What “complex adaptive systems” actually means in markets 14:53 - Why passive investing changes market structure without individual investors realizing it 24:06 - Niels discusses structured products, volatility suppression, and market fragility 29:23 - How demographic shifts could eventually reshape passive investing trends 35:37 - Trend following performance update and the TTU Trend Barometer 38:48 - Listener question on variance, volatility, and correlation in systematic trend following 42:04 - The “murmuration” analogy and why markets behave like flocks instead of machines 48:31 - Why equilibrium theory survives despite failing to explain real markets 51:17 - The endogenous engine of markets and the mechanics of reflexivity 57:47 - How trend followers align with the architecture of modern markets 01:03:12 - Why passive investing weakens balancing forces and strengthens trends 01:13:43 - The statistical evidence showing markets structurally trend over time 01:21:18 - Why trend following may become even more effective in the future Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer

    1h 31m
  7. IL49: The Space Economy Is No Longer Science Fiction ft. Rainer Zitelmann

    May 27

    IL49: The Space Economy Is No Longer Science Fiction ft. Rainer Zitelmann

    On this episode we are joined by Dr. Rainer Zitelmann, to discuss his book New Space Capitalism: The Entrepreneurial Path to the Stars. We discuss why government-funded space programs were initially successful but also why the future of space exploration, and the space economy, will be driven by private companies. Dr. Zitelmann explains what he believes to be the key driver of unlocking the economic potential of space and why it’s conceivable that ventures such as space tourism, orbital data centers and asteroid mining might be listed on the stock exchange. This is a conversation for everyone who wants an early look at an industry that is about to “take off”! ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website. IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Kevin on SubStack & read his Book. Follow Rainer on Instagram and read his book. Episode TimeStamps: 00:00 - Why incentives may explain why humans stopped going to the moon 01:07 - Kevin introduces Dr. Rainer Zitelmann and New Space Capitalism 02:47 - How childhood fascination with space led to a lifelong interest 05:45 - Why Apollo succeeded and why it may have been a historical exception 09:22 - The Space Shuttle program and the limits of government-led innovation 13:50 - How SpaceX changed the economics of launch services 20:32 - Why private property rights may be essential for space capitalism 24:36 - The legal uncertainty around owning land and resources in space 32:23 - How Mars settlement could be financed through private ownership 42:49 - Asteroid mining, space resources and the business case beyond Earth 48:06 - Space tourism and why early innovation often starts with the wealthy 53:51 - How investors might think about the emerging space economy 58:27 - Why space capitalism is no longer science fiction Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer

    1h 1m
  8. SI401: Why Trend Following Wins in Chaos ft. Nick Baltas

    May 23

    SI401: Why Trend Following Wins in Chaos ft. Nick Baltas

    The world of systematic investing is evolving fast, and in this episode Nick Baltas joins Moritz Seibert to explore the explosive growth of QIS strategies, the current state of trend following in 2026, and the challenges facing systematic investors in today’s macro environment. They discuss crowding risks in quantitative strategies, the recent collapse in commodity curve carry, and why some trend managers continue to outperform through broader diversification and alternative markets. The conversation also dives into execution alpha, AI driven research workflows, inflation risks, and the ongoing institutional demand for systematic macro strategies. A sharp and highly practical discussion for anyone interested in trend following, QIS, commodities, and quantitative investing. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website. IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Nick on Twitter. Follow Moritz on LinkedIn. Episode TimeStamps: 00:00 – Introduction to the episode 01:17 – Nick Baltas on AI, research, and market volatility 03:02 – Trend following performance update for May 2026 06:25 – What investors are focusing on in QIS strategies 10:14 – Is there cyclicality in investor demand for QIS? 15:25 – Wall Street Journal article on the growth of QIS 17:15 – Crowding risks and overlapping systematic strategies 24:15 – Can hedge funds front run QIS trades? 27:46 – Commodity curve carry explained 30:48 – Largest drawdown ever for commodity curve strategies 33:59 – Is now the right time to buy commodity curve carry? 37:20 – Why some curve carry implementations still made money 40:01 – Trend following performance across alternative vs traditional markets 44:21 – Why broader trend portfolios may improve Sharpe ratios 47:22 – Listener question: Is there alpha in execution? 49:53 – How CTAs think about execution and slippage 53:50 – Why trend following on single name equities is rare 57:58 – Chesapeake’s single name trend approach 59:04 – Final thoughts and wrap up Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer

    1h 1m
See All (940)

Hosts & Guests

4.9
out of 5
78 Ratings

About

Top Traders Unplugged is where the world’s best investors come to share how they think - not just what they trade. Hosted by Niels Kaastrup-Larsen, the show goes deep into systematic trend following, global macro, and the principles that drive long-term success. No forecasts. No fads. Just real conversations with hedge fund managers, economists, authors, and allocators - revealing the timeless ideas, mental models, and risk frameworks behind robust performance. If you're building resilient portfolios, allocating capital, or simply looking to cut through the noise - this is your edge. Clear thinking. Deep insights. Real experience. 🎧 New episodes weekly. Explore all episodes at toptradersunplugged.com https://toptradersunplugged.com

Information

  • Creator
    Niels Kaastrup-Larsen
  • Years Active
    2014 - 2026
  • Episodes
    940
  • Rating
    Clean
  • Copyright
    © Copyright 2026 CMC AG - This content does not constitute financial advice and is for educational purposes only. The content can not be used for commercial use without written permission from CMC AG.
  • Show Website
    Top Traders Unplugged

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