Top Traders Unplugged

Niels Kaastrup-Larsen
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Discover the fascinating world of investing with Niels Kaastrup-Larsen and his remarkable co-hosts. Each week, we bring you compelling conversations with legendary investors, leading economists, masterful traders, and forward-thinking thought leaders. From Trend Following and Global Macro to Geo-Politics, Commodities, Quant Investing, Crypto, and Volatility, we uncover the strategies, stories, and lessons behind their success. Gain actionable insights from industry veterans as we celebrate their achievements and learn from their challenges. Stay ahead in the ever-evolving landscape of investing - tune in weekly and elevate your financial knowledge. For the latest episodes and expert insights, visit https://toptradersunplugged.com

  1. IL42: Redefining Sovereignty in a Borderless Financial System ft. Zoe Liu

    2 DAYS AGO

    IL42: Redefining Sovereignty in a Borderless Financial System ft. Zoe Liu

    China’s trade surplus with the US remains stubbornly large, but its appetite for Treasuries is fading. So where are the dollars going, and what does that say about the country’s evolving financial strategy? Kevin Coldiron welcomes back Dr. Zoe Liu for a nuanced look at how Beijing is managing external pressure, internal control, and the creeping disruption of dollar-backed stablecoins. Behind the headlines is a deeper story about surveillance, capital flight, and the boundaries of monetary sovereignty. As China builds shadow reserves and experiments with programmable money, the question isn’t just what it fears it’s what kind of system it’s trying to build instead. ----- 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 Zoe on Twitter and read her book. Episode TimeStamps: 02:11 - Introduction to Zoe Liu 04:15 - How U.S tariffs impact shipping costs and the deficit with China 17:27 - What is China actually doing with their earned dollars? 27:52 - Are FX entrusted loans reinforcing the dollar based trading system? 36:07 - What are stable coins and why are China worried about them? 42:31 - The second level of...

    1h 3m
  2. SI367: Portfolio Design in a Distorted World ft. Andrew Beer

    6 DAYS AGO

    SI367: Portfolio Design in a Distorted World ft. Andrew Beer

    Equities are up more than 50% since the April lows, yet the world feels anything but stable. In this episode, Niels Kaastrup-Larsen and Andrew Beer examine the widening disconnect between market behavior and the backdrop it’s unfolding against. From drone incursions over Denmark to political fragmentation and a rising tolerance for systemic risk, they explore why nothing seems to break - and what that complacency might be masking. Along the way, they unpack Bouchard’s inelastic market hypothesis, CalPERS’ pivot toward Total Portfolio thinking, and the structural trade-offs inside multi-strat hedge funds. It's a conversation about signals in the noise - and the quiet shifts that could reshape the 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. Episode TimeStamps: 01:04 - What has caught our attention recently? 05:38 - The tension between talents 11:08 - Is the popularity of certain alternative strategies just a sign of the times? 22:07 - Industry performance update 27:46 - Q1, Michael: Why shouldn't I sell Andrew's product when it's outperforming single managers and vise versa? 30:15 - The evolution of replication strategy performance 37:44 - The storytelling behind hedge fund losses 41:04 - Do all markets have the ability to trend? 48:57 - The rise of multi strategy hedge funds 57:47 - It shouldn't work but it does, so why? 01:04:27 - A reminder for Andrew's generous book offer Copyright © 2025 – CMC...

    1h 7m
  3. UGO06: Democratizing the Asymmetric Trade ft. Vlad Tenev

    24 SEPT

    UGO06: Democratizing the Asymmetric Trade ft. Vlad Tenev

    Vlad Tenev, CEO of Robinhood joins Cem Karsan at the Hood Summit in Las Vegas, for a timely conversation about the shifting edge in markets. From memories of hyperinflation in Bulgaria to unlocking tools once reserved for institutions, Vlad outlines how Robinhood is positioning retail for a different kind of market regime. Futures, short selling, 24-hour options, AI-driven trade simulation, and embedded social features aren’t just upgrades - they’re signals. With market structure evolving and a historic wealth transfer underway, this episode captures a platform staking its claim on the next generation of capital allocators - and the volatility they’ll inherit. ----- 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. Episode TimeStamps: 01:27 - Introduction to Vlad Tenev 05:11 - Big announcements from Robinhood 09:15 - Tenev's favorite commodities 12:13 - Lets talk about options! 18:20 - How AI can benefit options trading 21:56 - Short selling is coming to Robinhood 25:44 - The path to making Robinhood more resilient 28:02 - The great transfer of wealth 31:17 - How Robinhood differentiates themselves from other platforms 33:35 - Creating a broader army 37:23 - What is Robinhood most excited for going forward? 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

    41 min
  4. SI366: The Strategy Didn’t Fail. The Investors Did. ft. Rob Carver

    20 SEPT

    SI366: The Strategy Didn’t Fail. The Investors Did. ft. Rob Carver

    Rob Carver is back from summer break for a conversation that moves between past and present through the lens of lived experience. Starting with the anniversary of Lehman’s collapse, Rob and Niels unpack why strong performance often coexists with poor investor outcomes - and how timing, not strategy, remains the silent killer. They question the recent push into trend by asset management giants, weigh whether CTA underperformance marks a structural shift or a familiar cycle, and examine what the data can and can’t tell us when conviction fades. If there’s a theme this week, it’s simple: knowing what works is not the same as using it well. ----- 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 Rob on Twitter. Episode TimeStamps: 01:14 - What has been on our radar recently? 12:09 - Industry performance update 19:23 - Q1, John: What are your recommendations for adapting a continuous forecast-based position sizing for a cash-only portfolio? 23:15 - Q2, Absolute: Is short/long symmetry optimal for a strategy in which the price of the traded instruments is measured in units (fiat currencies) that are inflated (devalued)? 30:19 - Q3, Lin: Got any ideas for trading a crypto portfolio? 32:04 - Why investors are losing money on 42% gain ETFs 39:50 - The difference between percentage return and cash return 43:24 - Debunking the persistent score card 46:19 - How the world has changed for CTAs Copyright © 2025 – CMC AG – All Rights...

    1h 2m
  5. ALO31: What If the Illiquidity Premium Was Never Real? ft. Richard Tomlinson

    17 SEPT

    ALO31: What If the Illiquidity Premium Was Never Real? ft. Richard Tomlinson

    Richard Tomlinson joins Alan Dunne for a conversation shaped by experience, not theory. As CIO of LPPI, Richard is responsible for £27 billion in pension assets - but what stands out here is the clarity with which he navigates complexity. From the fading utility of labels like “illiquidity premium” and “hedge fund” to the trade-offs between cost, alignment, and control, this episode is about building portfolios that work in the real world - not just in a model. They explore inflation’s structural drivers, the quiet rise of fiscal dominance, and why some of the industry’s most comfortable assumptions no longer hold. It’s not about being contrarian - it’s about being clear-eyed. ----- 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 Richard on LinkedIn. Episode TimeStamps: 02:14 - Introduction to Richard Tomlinson 07:07 - What makes Tomlinson and LPPI stand out from their peers? 11:52 - Who are LPPI's clients? 13:26 - The investment philosophy behind LPPI's work 18:06 - How LPPI's allocators work together 19:05 - Getting the allocation right 21:29 - Are they worried about the decline of equities? 23:37 - Tomlinson perspective on global macro 26:55 - Public vs private markets 29:05 - Their approach to allocating domestically 31:15 - How their allocation is...

    1h 4m
  6. SI365: Design or Luck: Why Trend Following Results Diverge ft. Katy Kaminski

    13 SEPT

    SI365: Design or Luck: Why Trend Following Results Diverge ft. Katy Kaminski

    Katy Kaminski returns to explore why results in trend following rarely look alike, even when the rules sound the same. Using fresh research from Man Group and Quantica, she and Niels trace the fingerprints of design choices: the pace of signals, how portfolios tilt, whether to add carry, and the impact of alternative markets. Along the way they connect these differences to today’s landscape, from the Fed’s looming decision to Europe’s bond jitters, from gas and power’s outsized role in recent Alternative CTA returns to the risks of crowding. It’s a clear-eyed discussion about how systematic strategies evolve - and why dispersion matters. Get Your FREE Copy of the latest Research Paper from DUNN Capital. ----- 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: 01:12 - What has caught our attention recently? 06:44 - Industry performance update 12:01 - How different can managers really be in the trend following space? 22:30 - Is Andrew Beer onto something about the sharpe ratio of trend indices? 24:26 - Why Katy and Alex are obsessed with return dispersion 30:34 - What drives dispersion the most? 32:41 - Designing a trend following benchmark 35:46 - Quantifying turbulence in CTAs 39:46 - The importance of simplicity as a CTA 42:30...

    56 min
  7. GM87: Who Really Sets Policy Now? ft. Anna Wong

    10 SEPT

    GM87: Who Really Sets Policy Now? ft. Anna Wong

    Anna Wong, Chief U.S. Economist at Bloomberg, joins Alan Dunne with a clear-eyed assessment of where policy and politics are headed. As markets bet on cuts and the Fed talks balance, she sees a different risk: a slow-burning inflation that’s quietly taking hold. Anna breaks down why tariffs haven’t hit as expected, how AI is already reshaping the labor force, and what’s really driving service-sector price pressures. Beyond the data, the conversation turns to Fed culture, the limits of independence, and what a Trump-aligned central bank might mean in practice. Less about what’s forecast - more about what’s misunderstood. ----- 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 Anna on Twitter. Episode TimeStamps: 02:18 - Introduction to Anna Wong 03:57 - The current state of Fed 06:35 - A potential flare up in inflation 16:19 - Wong's read on the labour market 22:50 - Fed's inflation argument makes no sense 28:59 - The outlook of the housing market 31:15 - Is AI destroying the labour market? 34:20 - The future direction of the Fed and the potential candidates 40:10 - The Fed is losing its balance 48:43 - How increasing Trump representatives could impact the Fed 51:58 - How monetary policy will unfold going forward 54:43 - How we achieve a healthy level...

    1h 5m
  8. SI364: What makes an Alternative Investment Truly Valuable? ft. Moritz Seibert

    6 SEPT

    SI364: What makes an Alternative Investment Truly Valuable? ft. Moritz Seibert

    What makes an alternative investment truly valuable? In this episode, Moritz Siebert joins Niels Kaastrup-Larsen for a conversation that moves past market moves and into the core design of systematic strategies. They explore what diversification really means, why manager size shapes more than just capacity, and how incentives - both fees and institutional expectations - quietly reshape the industry. From carbon markets and copper dislocations to volatility suppression and position sizing, this is an episode about alignment: between strategy and structure, manager and mandate, risk and resilience. At a time when most portfolios still rely on the familiar, this is a case for what’s missing. And you can get your free copy of the recent paper from DUNN Capital here! ----- 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 Moritz on LinkedIn. Episode TimeStamps: 01:34 - What has caught our attention recently? 06:26 - Industry performance update 13:20 - Building the perfect portfolio composition 17:18 - Insights on carbon markets 21:39 - Should we start to rethink how we approach markets? 28:54 - Removing complexities from a trend system 34:02 - The key aspects of designing a trend system 47:27 - More diversified = more risk? 49:00 - What is the most Valuable Alternative Investment? 57:50 - Is trend...

    1h 12m
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About

Discover the fascinating world of investing with Niels Kaastrup-Larsen and his remarkable co-hosts. Each week, we bring you compelling conversations with legendary investors, leading economists, masterful traders, and forward-thinking thought leaders. From Trend Following and Global Macro to Geo-Politics, Commodities, Quant Investing, Crypto, and Volatility, we uncover the strategies, stories, and lessons behind their success. Gain actionable insights from industry veterans as we celebrate their achievements and learn from their challenges. Stay ahead in the ever-evolving landscape of investing - tune in weekly and elevate your financial knowledge. For the latest episodes and expert insights, visit https://toptradersunplugged.com

Information

  • Creator
    Niels Kaastrup-Larsen
  • Years Active
    2014 - 2025
  • Episodes
    864
  • Rating
    Clean
  • Copyright
    © Copyright 2025 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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