300 episodes

Join Niels Kaastrup-Larsen as he explores the world of finance and investing, through weekly conversations with the most interesting and experienced investors, economists, traders & thought leaders. Learn from their experiences, their successes, and their failures. We don't want you to think like them...but we do want to make you think! Stay up-to-date on https://toptradersunplugged.com

Top Traders Unplugged Niels Kaastrup-Larsen

    • Business
    • 4.8 • 366 Ratings

Join Niels Kaastrup-Larsen as he explores the world of finance and investing, through weekly conversations with the most interesting and experienced investors, economists, traders & thought leaders. Learn from their experiences, their successes, and their failures. We don't want you to think like them...but we do want to make you think! Stay up-to-date on https://toptradersunplugged.com

    SI168: The Trading Secrets of Trend Followers ft. Mark Rzepczynski

    SI168: The Trading Secrets of Trend Followers ft. Mark Rzepczynski

    Mark Rzepczynski joins us today to discuss how markets will react to the likely upcoming tapering policies of central banks around the world, how Trend Followers overcome uncertainty, the reasons for and against overriding trading models, the historically optimum balance between bonds, stocks, and Trend Following, how trading non-correlated assets usually results in profitable long-term performance, and why longer-term trading systems tend to achieve the highest returns over time.
    In this episode, we discuss:
    Overcoming the uncertainty in markets
    When to override your system, if ever
    Balancing between difference asset classes
    The need to trade non-correlated assets
    Why longer-term systems achieve higher win percentages
    Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website).
    Follow Mark on https://twitter.com/mrzepczynski (Twitter).
    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 https://bit.ly/36bzny2 (here).
    And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/book (here).
    Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here).
    Send your questions to info@toptradersunplugged.com
    And please share this episode with a like-minded friend and leave an honest rating and review on https://itunes.apple.com/us/podcast/top-traders-unplugged-niels/id888420325?mt=2%22%20%5Ct%20%22_blank (iTunes) so more people can discover the podcast.
    Episode TimeStamps:
    00:00 – Intro
    02:03 – A huge thank you to listeners of the show for leaving your 5-star reviews on iTunes, and feel free to share our link with 3 of your like-minded friends: https://top-traders-unplugged.captivate.fm/listen (https://top-traders-unplugged.captivate.fm/listen)
    02:26 – Macro recap from Niels
    03:50 – Weekly review of performance
    09:12 – Q1; Glen: Can you give me some feedback on my equities Trend Following system?
    18:00 – Discussion on Central bank tapering
    42:15 – Clearing up some of the current discourse around inflation
    55:19 – Discussion on overriding models
    01:07:52 – Discussion on overriding models
    01:11:46 – Benchmark performance update

    • 1 hr 14 min
    VOL005: Maintaining Liquidity & Cash Efficiency ft. Zed Francis

    VOL005: Maintaining Liquidity & Cash Efficiency ft. Zed Francis

    Jason Buck is joined today by Zed Francis to discuss the benefits of adding volatility strategies to your portfolio, achieving a negative a correlation to equities during market downturns, what Zed calls the ‘3 trading levers’, profiting from institutional volatility players, problems with some long-volatility strategies, when a discretionary approach is needed, how to adjust a portfolio if volatility is persisting, some thoughts on the VIX ETF, helping clients to achieve capital efficient accounts, maintaining liquidity for rebalancing during a selloff, and the deeper insight into the global macro landscape that being a volatility expert gives you.
    In this episode, we discuss:
    The benefits of volatility strategies to a portfolio
    How to profit from large stock market selloffs
    Some of Zed Francis’s unique approaches to volatility trading
    Profiting from institutional volatility traders
    When to apply a discretionary approach
    The VIX ETF
    Helping clients to be cash efficient in their portfolios
    The need for liquidity during large market moves
    Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (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 https://www.toptradersunplugged.com/Ultimate (here).
    And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here).
    Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here).
    Send your questions to info@toptradersunplugged.com
    And please share this episode with a like-minded friend and leave an honest Rating and Review on https://www.toptradersunplugged.com/reviewttu (iTunes) so more people can discover the podcast.
    Episode TimeStamps:
    00:00 - Intro
    01:41 - Why should somebody add volatility or tail-risk strategies into their portfolio?
    03:10 - Seeking a negative correlation to equities
    06:16 - Can you explain what you call your ‘3 trading levers’?
    08:11 - Can you breakdown your approach to combining ‘long gamma’ and ‘short Vega’?
    13:40 - Do you aim to profit off institutional volatility sellers?
    15:16 - Tell us about the short-vega side of your approach?
    28:34 - The problems with some common long-volatility strategies?
    36:24 - How do you think about the ratio between your long-gamma trades and your short-Vega trades?
    38:02 - Do you want to explain your ‘Price is Right’ gameshow anology for long gamma strategies?
    40:57 - Do you think that a discretionary approach is always needed at times?
    50:27 - How do you adjust if volatility persists longer-term?
    55:36 - What are your thoughts on the VIX?
    57:50 - How to help clients to achieve capital efficient accounts?
    59:37 - How do you maintain capital efficient overlays and also maintain liquidity for rebalancing during a selloff?
    1:04:18 - Does being a volatility expert give you a deeper insight into the global macro landscape?

    • 1 hr 9 min
    SI167: The Road to Profits is Bumpy ft. Jerry Parker

    SI167: The Road to Profits is Bumpy ft. Jerry Parker

    Jerry Parker joins us today to discuss trading single stocks while maintaining a systematic approach, the benefits of trading a broad universe of assets, how investors naturally gravitate toward strategies with lesser returns, but hidden risks, why you need volatility in order to gain maximum returns, what to do with dividends as a Trend Follower, and diversifying Trend Following models versus diversifying look-back periods.
    In this episode, we discuss:
    A systematic approach to trading single stocks
    Why you should trade a broad universe of assets
    Why the best thing to do is often the hardest thing to do as investors
    Why volatility is our friend, especially when it's directional
    How to manage dividends as a Trend Following trader
    The best methods of diversification
    Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website).
    Follow Jerry on Twitter.
    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 https://www.toptradersunplugged.com/Ultimate (here).
    And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here).
    Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here).
    Send your questions to info@toptradersunplugged.com
    And please share this episode with a like-minded friend and leave an honest Rating and Review on https://www.toptradersunplugged.com/reviewttu (iTunes) so more people can discover the podcast.
    Episode TimeStamps:
    00:00 - Intro
    01:41 - Feel free to share this podcast with like-minded friends using this link: https://top-traders-unplugged.captivate.fm/listen (https://top-traders-unplugged.captivate.fm/listen) and a big thank you to those who have left a rating or review on iTunes
    02:03 - Macro recap from Niels
    03:10 - Weekly review of returns
    06:44 - Q1; Robert: How does Jerry select his single stocks to trade?
    16:27 - Q2; Brian: What does Jerry do with the dividends from the singles stocks he trades?
    20:20 - Discussion on recent New York Times article, https://www.nytimes.com/2021/11/15/opinion/risk-investing-market-hedge.html?searchResultPosition=2 (‘The Risk-Return Trade-Off Is Phony’)
    31:34 - Trend Following and asset selection
    37:40 - Why the right thing to do is often the hardest thing to do
    45:36 - The need for asymmetry rather than low-volatility
    48:48 - Diversifying Trend Following models versus diversifying TF look-back periods
    57:57 - How Trend Following thrives during inflationary environments
    01:01:10 - Benchmark performance update

    • 1 hr 3 min
    VOL004: Profiting from Short-Term Volatility ft. Bastian Bolesta

    VOL004: Profiting from Short-Term Volatility ft. Bastian Bolesta

    Special guest, Bastian Bolesta, joins Jason Buck today to discuss why volatility strategies should be added to our portfolios, how to keep improving as a trader while not over-optimising your systems, how recent large equity selloffs have affected Bastian’s approach to the markets, the average duration of his long volatility trades, how to weight recent data versus long-term data, trading VIX contracts intra-day, shorter-term Trend Following, momentum trading, mean-reversion strategies, and the cash efficiency of intraday models.
    In this episode, we discuss:
    Why we should be invested in volatility strategies
    Improving over time but not over-tinkering
    How much markets may have changed in recent years
    The average duration of volatility trades
    Recent data versus long-term data
    Shorter-term Trend Following
    The benefits of cash-efficiency within intraday models
    Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (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 https://bit.ly/36bzny2 (here).
    And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/book (here).
    Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here).
    Send your questions to info@toptradersunplugged.com
    And please share this episode with a like-minded friend and leave an honest Rating and Review on https://www.toptradersunplugged.com/reviewttu (iTunes) so more people can discover the podcast.
    Episode TimeStamps:
    00:00 - Intro
    02:09 - Why should somebody add volatility strategies into their portfolio?
    04:09 - How do you overcome the problem of getting better but not wanting to tinker too much?
    11:03 - How has recent market behaviour affected your approach to volatility trading?
    22:05 - What is the average duration of your long volatility trades?
    28:02 - How do you weight recent data versus long-term data?
    31:07 - How do you look at trading intra-day VIX contracts?
    37:39 - What gave you the confidence to be able to execute short-term Trend Following?
    48:58 - How do you approach momentum trading?
    56:16 - Why do you take some of the long-sided trades during equity selloffs?
    01:01:38 - Tell us about the mean-reverting products you deal with?
    01:07:52 - Talk to us about the cash efficiency of intraday strategies

    • 1 hr 14 min
    SI166: Riding the Waves of Volatility ft. Hari Krishnan

    SI166: Riding the Waves of Volatility ft. Hari Krishnan

    We’re joined by Hari Krishnan today, to discuss the ways in which Volatility strategies can complement Trend Following as a source of portfolio protection, how to manage expectations of investors, some experiences and thoughts from the large volatility events of 2018 and 2020, how to best protect yourself from large market selloffs, how to allocate between Trend Following and Volatility across different timeframes, and the possible effects of sustained inflation may have on volatility strategies.
    In this episode, we discuss:
    Complementing Trend Following portfolios with Volatility strategies
    Maintaining composure during different market environments
    The sharp selloffs of 2018 and 2020
    Sound approaches for re-allocating money at appropriate times
    The resilience of Trend Following
    Volatility strategies during long periods of sustained inflation
    If you would like to leave us a voicemail to play on the show, you can do so https://www.speakpipe.com/ttuvoicemail (here).
    Check out our series on Volatility https://www.toptradersunplugged.com/podcasts/volatility/ (here), and our Global Macro series https://www.toptradersunplugged.com/category/global-macro/ (here).
    Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here).
    IT's TRUE 👀 - most CIO's read 50+ books each year - get your copy of the Ultimate Guide to the Best Investment Books ever written http://bit.ly/36bzny2 (here).
    And you can get a free copy of my latest book "The Many Flavors of Trend Following" http://www.toptradersunplugged.com/book (here).
    Send your questions to info@toptradersunplugged.com
    Follow Niels and Hari on Twitter:
    https://twitter.com/TopTradersLive (@TopTradersLive) and https://twitter.com/HariPKrishnan2 (@HariPKrishnan2)
    And please share this episode with a like-minded friend and leave an honest rating and review on https://itunes.apple.com/us/podcast/top-traders-unplugged-niels/id888420325?mt=2 (iTunes) so more people can discover the podcast.
    Top Traders Unplugged wins award for https://www.theinvestorspodcast.com/podcasts/the-20-best-investing-podcasts-in-2020/ (‘Best Trading Podcast’ and features among the ‘Top 20 Best Investing Podcasts in 2020’ by The Investors Podcast) 🏆
    Episode TimeStamps:
    00:00 - Intro
    02:28 - Feel free to share this podcast with like-minded friends using this link: https://top-traders-unplugged.captivate.fm/listen (https://top-traders-unplugged.captivate.fm/listen) and a big thank you to those who have left a 5-star rating or review on iTunes
    02:38 - Macro recap from Niels
    05:11 - Weekly review of returns
    11:09 - The ways in which Volatility strategies complement a Trend Following portfolio
    21:33 - Managing investors’ expectations
    27:57 - Some experiences and thoughts from the large volatility events of 2018 and 2020
    29:44 - Look out for Hari’s new book
    30:34 - How to protect yourself from large market selloffs
    42:17 - How to allocate between different strategies across different timeframes
    44:35 - The relative strength of Trend Following during flash crashes
    54:55 - How the landscape and returns dispersion for volatility strategies looks like in 2021
    58:06 - The possible effects of sustained inflation on volatility strategies
    01:05:28 - Benchmark performance update

    • 1 hr 8 min
    VOL003: The Evolution of the VIX ft. Stefan Wintner

    VOL003: The Evolution of the VIX ft. Stefan Wintner

    In today’s episode, Jason Buck is joined by Stefan Wintner of https://dunncapital.com/ (DUNN Capital), to discuss volatility as an asset class, the evolution of the VIX from its inception until now, some of the mechanics behind the VIX, the relationship between the VIX and the SandP 500, some thoughts on ‘volatility relative-value’ trading, the reliability of the VVIX, building and running models during different market environments, thoughts on kurtosis and skew, and volatility as a necessary component for a large Trend Following firm.
    In this episode, we discuss:
    Volatility as an asset class of its own
    The journey of the VIX from its early days until now
    Analysing the relationship between the VIX and the SandP 500
    What’s known as volatility relative-value trading
    The usefulness of the VVIX
    Operating models during different market and economic environments
    Kurtosis and skew
    The need for Volatility strategies as part of a diversified investment portfolio
    Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (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 https://bit.ly/36bzny2 (here).
    And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/book (here).
    Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here).
    Send your questions to info@toptradersunplugged.com
    And please share this episode with a like-minded friend and leave an honest rating and review on https://itunes.apple.com/us/podcast/top-traders-unplugged-niels/id888420325?mt=2%22%20%5Ct%20%22_blank (iTunes) so more people can discover the podcast.
    Episode TimeStamps:
    00:00 - Intro
    02:05 - Why should somebody add volatility strategies into their portfolio?
    04:48 - Do you consider Volatility to be an asset class of its own?
    05:58 - What was it like during the early days of the VIX market?
    08:28 - What is the VIX, and what is the calculation that goes into the VIX?
    14:07 - Tell us a little bit about the relationship between the VIX and SandP 500
    19:37 - How does volatility risk premium relate to other datasets you use?
    25:03 - What is ‘volatility relative-value’ trading?
    27:37 - How do you think about the ratio that you combine between the SandP 500 and the VIX?
    30:31 - Is it true that if you see a spike in the VIX, you’ll look to take advantage via the front-month volatility in that spike?
    33:29 - Do you think VVIX is a good measure for the volatility of volatility?
    35:09 - How do you use options in a creative way in your portfolio?
    37:22 - How do you identify and think about possible mispricings in the market?
    40:40 - Do you try to track both the normal price and OTC prices?
    42:00 - How do you approach building and running volatility models during different market environments?
    47:22 - Describe what volatility traders experienced during the ‘volmaggedon’ of February 2018
    55:06 - How did you trade through the ‘known risks’ 2020 election?
    59:15 - How much can you rely on market history as a predictor for the future?
    01:02:49 - Is it true you’re likely to experience long periods of flat to negative performance while waiting for those huge, profitable moves in volatility?
    01:06:09 - How do you think about kurtosis and skew, and how they relate to other strategies?
    01:08:56 - Do you view what you do as a necessary component of a large Trend Following firm?

    • 1 hr 14 min

Customer Reviews

4.8 out of 5
366 Ratings

366 Ratings

DUShock ,

The Absolute Best Podcast in Systematic Trading

Niels and his partners Moritz, Jerry, and Rob bring more than a century of experience through booms, bubbles, busts, crashes, and creeping rallies. This podcast series in all of its iterations should appeal to all types of market participants; investors, traders, or the casual observer. This not your average trend following podcast! Thank you Niels, Moritz, Jerry, Rob, and podcast guests for giving so freely of your time to help make us better market participants!

Dhkenj ,

A great show…!0

A great show that is packed full of useful knowledge, market insights and smart advice. This is a show for professionals as well as novices who are interested in systematic trading. Don’t miss an episode!

ProbTrader ,

Notes on Top Traders Unplugged

I am remiss to have waited this long to give a review for this excellent show. It is by far my favorite of the several good podcasts now available. As it happens, my tool kit from a PhD in applied math make me very amenable to the space of medium-long trading that they have adopted. As you might expect, the words they sling around (such as back-testing) are very comfortable for me, since I have spent a lot of time in machine learning and model-based estimation. Having spent my life managing r

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