Top Traders Unplugged Niels Kaastrup-Larsen

Today, we are joined by Marty Bergin, President of DUNN Capital Management, for a conversation on how and why they have continued to focus on Trend Following as their core investment strategy. We discuss the challenges of improving upon trend following and if it's possible to deliver it with a high Sharpe Ratio, what differentiates DUNN Capital from other trend followers and how they use research to stay well prepared. We also dig into their approach to trading futures and determining trends and where they see the weaknesses of trend following strategies, why they choose to look at the overall portfolio when managing the risk and why they think portfolio replication can be problematic. We also discuss how they manage risk and why they prefer to reside in the medium to long term when it comes to trend following, how they approach capacity and fees and why they choose to trade using a human touch rather than automated execution, what returns are achievable from trend following and much more.
----------
EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool
----
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 “The Many Flavors of Trend Following” 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.
Find out more about DUNN Capital Management
Episode Timestamps:
02:31 - Introduction to DUNN Capital Management
05:02 - Why Trend Following?
07:35 - What differentiates DUNN Capital Management?
12:06 - Hitting the right balance
14:34 - Reflecting on the performance in 2022
18:43 - The speed of systems
22:28 - Their research process
25:36 - Trading futures and determining trends
28:08 -...

Today, Perry Mehrling, Economist and internationally recognized expert on our monetary system, joins us to talk about his new book: “Money and Empire: Charles P. Kindleberger and the Dollar System”. Perry’s book is a “biography of the dollar” told through the life “Charlie” Kindleberger, an economist who helped craft the Marshall Plan and spent his life studying and writing about the best way to organize international money. We discuss why Charlie thought the world needs a “key currency” and how the Fed - reluctantly and slowly - grew to support the dollar as it took on that role. Perry explains why the dollar system has proved so resilient. We finish the talk with an examination of two of the Fed’s most important tools - QE and swap lines and discuss why one supports the system while the other might undermine it. 
----------
EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool
----
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 “The Many Flavors of Trend Following” 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.
Follow Perry on Twitter & read his book.
Episode TimeStamps:
02:27 - Introduction to Perry Mehrling and Charles Kindleberger
10:03 - What is the Sterling System?
15:01 - Establishing a central bank
23:35 - The impact of World War 2
31:32 - What does it take to be a key currency country?
48:53 - Fed - From lender to dealer
54:49 - Are...

Today, we are joined by Ryan O’ Grady, CEO and Co-Founder of ROW Asset Management, for a conversation on their all-weather, multi-strat approach to investing. We discuss the philosophy behind their trading strategy and why they choose to think holistically, why limiting yourself to trend following is a disadvantage and how they balance between simplicity and complexity in their research process, what they believe is the right number of markets to trade and how they diversify their portfolio. We also discuss what the pros and cons of replication are and how their work sets them apart from other trend followers, how they manage risk and mitigate drawdowns, how they succeed to run a multi asset portfolio and much more.
----------
EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool
----
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 “The Many Flavors of Trend Following” 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 Ryan on LinkedIn.
Find out more about Row Asset Management
Episode Timestamps:
02:23 - Introduction to ROW Asset Management
05:18 - Their investment philosophy and objective
11:43 - Should we worry about our sharpe?
16:31 - What to expect from pure trend
20:04 - Their research process
24:00 - Making changes to the system
26:40 - Their thoughts on machine learning
28:53 - New areas for research
30:52 - How many markets should you trade?
35:18 - Their thoughts on replication
38:49 - The risk of...

Alan Dunne joins us for the weekly conversation on Trend Following, where we reflect on the current macro environment and how it impact markets. We discuss how the apparent positivity in the markets might get derailed by the lack of cooperation from policy makers and how a lurking uncertainty is threatening the calmness of the markets, the performance of the CTA industry, which markets are the best to trade and how the speed of your trend system affects the outcome, how CTAs capitalize on people’s behavioural biases and what the conversations in the new TTU mini series have taught us so far. We also discuss the advantages of being a multi manager and whether managers should give the investors multiple choices or do the choosing themselves and much more.
----------
EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool
----
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 “The Many Flavors of Trend Following” 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.
Episode TimeStamps:
02:16 - The current macro picture
15:56 - Trend following update
18:04 - Current markets and asset allocation
28:07 - Papers on the CTA industry
38:15 - Fast vs. slow trend systems
42:32 - Reflecting on the TTU CTA mini series
49:12 - The multi-manager perspective
56:42 - Feedback on the TTU CTA Mini series
59:07 - Thanks for listening

Copyright © 2023 – 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...

Today, we are joined by Kevin Cole, CEO and CIO at Campbell & Co, for a conversation on their approach to using trend following in their trading, with a focus on absolute return. We discuss their investment philosophy and the evolution of their expanded trading strategy, how they moved beyond pure trend using equities and how they use a multi-strat approach to stay diversified. We also discuss how they feel about being replicated and how they use their research process to keep an edge over their competitors, how they capture the underlying momentum factors of trend and how they implement ESG in their trading strategy. Lastly, we discuss how they approach risk management and position sizing, their view on capacity and fees in the industry and much more.
----------
EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool
----
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 “The Many Flavors of Trend Following” 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.
Find out more about DUNN Capital
Episode Timestamps:
02:07 - Introduction to Campbell & Co
03:53 - Their investment philosophy
06:07 - The objectives of their work
08:37 - Moving beyond trend following
12:27 - Their approach to trading equities
15:11 - Staying diversified
19:59 - Using constraints
21:54 - Thoughts on replication
26:45 - What is a good research process?
31:46 - Balancing the adaptability
36:23 - Trading more markets = better?
41:47 - Dealing with ESGs
47:02 - Their risk management process
51:46 -...

Today, Kevin Coldiron is joined by the legendary David Rubenstein, Co-Founder and Co-Chairman of the Carlyle Group, philanthropist, historian and more, for a conversation on what we can learn from his journey to become a billion dollar investor, based on his book, “How To Invest”. We discuss what Rubenstein learned from his work as a lawyer and what young, aspiring investors can learn from his book, why it is important to work with something you love to do and why investors are an important part of society. We also discuss how great results require great risk and how becoming a successful investor requires a balance between luck, skill and risk, how to evaluate successful firms like Carlyle Group and the role philanthropists play in society, the economic inequality in America and why taxing the wealth is not a way to solve it, why Rubenstein believes ESGs are here to stay and much more.
----------
EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool
----
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 “The Many Flavors of Trend Following” 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.
Follow David on Twitter & read his book.
Episode TimeStamps:
02:13 - Introduction to David Rubinstein
07:02 - From lawyer to investor
11:48 - What inspired the book?
16:32 - Is capitalism going out of fashion?
18:43 - The path to becoming an investor
25:11 - Diversification vs concentration
30:07 - The bigger the better?
35:38 - Reasons to...