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. SI370: Sharpe Ratios, Tail Risks, and the Cost of Comfort ft. Nigol Koulajian & Alan Dunne

    HACE 17 H

    SI370: Sharpe Ratios, Tail Risks, and the Cost of Comfort ft. Nigol Koulajian & Alan Dunne

    Nigol Koulajian, founder of AlphaQuest rejoins Niels and Alan for a conversation about markets shaped less by fundamentals than by perception. As political influence deepens and volatility is managed rather than discovered, traditional risk signals lose meaning. Sharpe ratios climb not through edge, but through exposure to hidden fragilities. Diversification is narrowing. And while systematic strategies continue to hold their line, the forces around them are shifting - slowly, structurally, and with consequences. This episode is about recognizing imbalance in real time, resisting the comfort of consensus, and asking whether today’s apparent stability is masking tomorrow’s risk. ----- 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. Episode TimeStamps: 00:32 - Introduction to our special guest 01:57 - How did the economy end up the way it is today? 09:15 - Is it just a cycle? 19:46 - What is the end game? 23:47 - A short masterclass on skew and convexity 31:45 - How trend following has changed over time 39:18 - Should you optimize your portfolio from a short or long term perspective? 45:19 - How Nigol navigates the strong headwinds for CTAs 53:04 - Turning the risk of pod shops into opportunities 56:06 - When will we revert to a more "normal" environment? Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment...

    1 h y 2 min
  2. GM89: When Credibility Becomes the Risk Premium ft. Maurice Obstfeld

    HACE 3 DÍAS

    GM89: When Credibility Becomes the Risk Premium ft. Maurice Obstfeld

    Maurice Obstfeld joins Alan Dunne for a clear-eyed look at how the foundations of the global monetary system are shifting - and why much of the world is quietly preparing for a future without a stable dollar anchor. Drawing on decades in policy and research, Obstfeld explains how tariffs, fiscal dominance, and political interference are eroding the norms that once held the system together. They discuss the risk of fragmentation, the creeping politicization of the Fed, and why trust - not theory - is the real currency at stake. This is a conversation about power, credibility, and what happens when both start to slip. ----- 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. Read more about Maurice here. Episode TimeStamps: 02:18 - Introduction to Maurice Obstfeld 05:26 - The role and evolution of the International Monetary Fund (IMF) 08:14 - What has been the rationale for tariffs, and how has it impacted the economy? 11:13 - Has the viewpoint on tariffs shifted? 18:42 - How the changing monetary policy could undermine the dollar 27:19 - Does an alternative to the dollar even exist? 29:50 - What are the implications of moving away from the dollar? 34:20 - A possible financial repression incoming? 36:25 - The impact of an unusual approach to policy making domestically 39:16 - A fork in the road for the...

    1 h y 1 min
  3. SI369: Liquidity, Leverage, and the End of Safety ft. Mark Rzepczynski

    11 OCT

    SI369: Liquidity, Leverage, and the End of Safety ft. Mark Rzepczynski

    Gold is ripping, but it’s not about inflation. It’s about trust - or the slow erosion of it. Mark Rzepczynski returns to map out the shifting terrain as central banks quietly step away from sovereign debt and build reserves in metal, not paper. Niels presses on what this says about safe assets, liquidity, and the narratives we’ve long taken for granted. They unpack the rise of short-term options, the distortive power of retail flow, and the fragility buried inside modern plumbing. And as trend followers chase edge in crowded markets, Mark offers a glimpse into what comes next: networks, feedback loops, and systems that learn - until they break. ----- 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 Mark on Twitter. Episode TimeStamps: 01:34 - What has been on our radar recently? 05:43 - Is this time different for gold? 14:13 - Just a gold story? 16:38 - Should we redefine the definition of safe assets? 19:45 - The Fed has to change 26:08 - An overbearing uncertainty 30:25 - Our thoughts on meme stocks 35:30 - Not every innovations are good 39:02 - How narratives impact how products are sold 46:21 - Industry performance update 49:39 - Alternative vs traditional assets 01:00:43 - Every CTA is a short term trader 01:05:59 - The power of seeing the connection between markets 01:14:32 - What is up for next week? Copyright © 2025 – CMC AG – All Rights...

    1 h y 17 min
  4. GM88: Cycles of Promise and Pain: Argentina’s Unfinished Lesson ft. Nicolas Dujovne

    8 OCT

    GM88: Cycles of Promise and Pain: Argentina’s Unfinished Lesson ft. Nicolas Dujovne

    Argentina’s history is one of recurring promises and painful resets. Nicolas Dujovne has lived that cycle from the inside, serving as Finance Minister during a rare attempt at fiscal repair before markets and politics turned against it. Now, as CIO of Tenac Asset Management, he reflects with Alan Dunne on why economic reform so often falters, how short-term pain fuels long-term instability, and what it would take to finally break the trap. Beyond Argentina, the discussion widens to emerging markets at large - their hard-won stability, the new risks born of geopolitics and demographics, and the shifting fault lines of globalization. ----- 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. Read more about Nicolas. Episode TimeStamps: 02:24 - Introduction to Nicolas Dujovne 05:32 - Key reflections from Dujovne's former role as ministry of Treasury in Argentina 11:43 - How dollarization could change the overall dynamic of the economy 14:52 - How Dujovne's role as minister has shaped his investment process 16:56 - The state and outlook of emerging markets 21:13 - The relationship between central banks and emerging markets 23:33 - How the current globalization impact the investing landscape 27:43 - Evaluating the U.S from the lens of an emerging market investor 33:25 - How markets respond to fiscal...

    59 min
  5. SI368: Valuation Has Left the Room ft. Cem Karsan & Alan Dunne

    4 OCT

    SI368: Valuation Has Left the Room ft. Cem Karsan & Alan Dunne

    Cem Karsan joins Alan Dunne to chart a market running on more than just momentum. Beneath the surface: a structural liquidity engine, political incentives aligned with asset reflation, and a surge in non-correlated flows reshaping risk itself. As institutions scramble to catch up and volatility begins to rise with price, Cem draws on lessons from the late 90s to explain why the real story is not about valuation - but positioning. From AI’s misunderstood impact to the growing role of options, gold, and crypto, this is a portrait of a regime defined not by fundamentals, but by reflex and constraint. ----- 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 Alan on X Episode TimeStamps: 00:23 - What has been on our radar recently? 02:00 - Industry performance update 03:07 - Are current valuations a sign of a bubble? 12:13 - The importance of reflexivity 18:59 - The move towards non correlation is upon us 22:55 - What is driving up asset prices? 26:34 - When will the supply/demand imbalance normalize? 31:56 - Reaching an uncontrollable situation 35:47 - What are markets showing us about options? 39:38 - Precious metals is the place to be 42:26 - Is AI actually the game changer that we all expect it to be? 52:07 - Will better technology = better performance? 56:03 - A timeline for possible

    1 h y 5 min
  6. IL42: Redefining Sovereignty in a Borderless Financial System ft. Zoe Liu

    1 OCT

    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...

    1 h y 3 min
  7. SI367: Portfolio Design in a Distorted World ft. Andrew Beer

    27 SEP

    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...

    1 h y 7 min
  8. UGO06: Democratizing the Asymmetric Trade ft. Vlad Tenev

    24 SEP

    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
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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

Información

  • Creador
    Niels Kaastrup-Larsen
  • Años de actividad
    2014 - 2025
  • Episodios
    869
  • Clasificación
    Apto
  • 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.
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    Top Traders Unplugged

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