Top Traders Unplugged

Niels Kaastrup-Larsen
  • 4.8 (563)
  • INVESTING
  • UPDATED WEEKLY
Top Traders Unplugged

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. ALO30: The Quiet Rewire of Portfolio Construction ft. Cian Walsh

    1D AGO

    ALO30: The Quiet Rewire of Portfolio Construction ft. Cian Walsh

    Cian Walsh, Head of Hedge Funds and Private Debt at Formue, joins Alan Dunne to explore what it means to allocate capital when the macro regime, client expectations, and the structure of markets are all in flux. He explains why the 60/40 model obscures more than it reveals, how he is adapting institutional frameworks for thousands of private clients, and what changes when you view hedge funds not as a bucket, but as a function. From the discipline of sizing trend in a sideways regime to the slow shift from vintage private credit to evergreen, this is a conversation about building portfolios that can hold together when the ground moves. ----- 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 Cian on LinkedIn. Episode TimeStamps: 02:12 - Introduction to Cian Walsh 05:30 - How does institutional asset allocation stand out? 06:39 - Asset allocation in a shifting regime 09:33 - A move towards mass customization 10:26 - The 60/40 portfolio is dying - what is next? 13:28 - The challenges of implementing a total portfolio approach 17:16 - Dealing with underperforming strategies 20:09 - More growth or more all-weather? 23:30 - Why Walsh believes in systematic trading 28:51 - Do Walsh hold any long volatility strategies? 30:04 - Walsh's process for selecting managers 36:55...

    1h 5m
  2. SI355: Drawdowns Don’t Lie, But They May Mislead ft. Alan Dunne

    5D AGO

    SI355: Drawdowns Don’t Lie, But They May Mislead ft. Alan Dunne

    Markets have recovered fast - maybe too fast. Alan and Niels unpack what sits beneath the surface: a bond market brushing off record deficits, volatility draining from asset prices, and trend followers caught between sharp reversals and shrinking conviction. They explore how sentiment, structure, and speed are shaping today’s trading environment, and what most investors still underestimate about liquidity, macro policy, and risk. With fresh research in hand, they ask whether drawdowns are misunderstood, if diversification has become an illusion, and why clarity often emerges only after the pain. We do recognize that we had some technical issues with this recording and appreciate you for sticking with us. ----- 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: 00:57 - What has caught our attention recently? 04:38 - Industry performance update 07:38 - Is trend thriving? 09:57 - Dunne's global macro overview 16:33 - A catastrophic year for the dollar 18:12 - Is this time different for trend following drawdowns? 27:26 - The value of long term track records 34:30 - Is trend following flawed? 37:48 - What are investors actually interested in? 44:32 - What is up for next week? Copyright © 2024 – 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

    46 min
  3. OI17: The End of the Bull Market: What’s Next for Equities? ft. Asim Ghaffar

    JUL 2

    OI17: The End of the Bull Market: What’s Next for Equities? ft. Asim Ghaffar

    In this episode, Moritz Seibert speaks with Asim Ghaffar, the founder and CIO of AG Capital, a Boston-based macro hedge fund. Asim explains why he believes insourcing rather than outsourcing the organizational processes of running a hedge fund business is critical and how it can add long-term value to the business. He also describes why sales and branding are key components to a successful investment management business, and how AG Capital connects with clients and prospective investors. In the second part of the conversation, Asam and Moritz speak about AG Capital’s style of trading, how they position size, why they take concentrated positions, how their methods differ from those of systematic trend following funds, and what their current long-term and short-term investment themes are, touching on gold, Bitcoin, copper, natural gas, and some other markets. ----- 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 Twitter. Episode TimeStamps: 02:13 - Introduction to Asim Ghaffar and AG Capital 06:48 - What defines a great hedge fund? 12:13 - How do you find clients as a hedge fund? 18:32 - Creating world class in-house operations 25:32 - Ghaffar's framework for building portfolios 35:05 - How Ghaffar differs from a classical trend follower 39:16 - Why Ghaffar enforces a  fixed number of positions 41:40 - What is so cool about stocks? 46:16 - Why Ghaffar sometimes decreases an exposure 51:36 - How Ghaffar approaches gold 54:05 - Why AG Capital stays away from Bitcoin 01:01:54 - Is China actually more democratic than the US? Copyright © 2024 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can

    1h 9m
  4. SI354: Everyone’s Different. Until They’re Not ft. Rob Carver

    JUN 28

    SI354: Everyone’s Different. Until They’re Not ft. Rob Carver

    With markets drifting and conviction thinning, Rob Carver joins Niels to take stock of a moment that feels suspended... not quite crisis, not quite calm. They discuss why recent rule changes around bank capital and crypto assets may carry more weight than headlines suggest, and what falling shipping volumes might be whispering about global demand. Rob breaks down the math of drawdowns, the tension between Kelly sizing and real-world volatility, and how systematic managers can fool themselves into thinking they’re diversified. It’s a conversation about structure, discipline, and why most edges today come from avoiding mistakes rather than discovering secrets. ----- 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: 01:07 - What has caught out attention recently? 01:23 - Rob and Niels have done the unthinkable 02:59 - Fed is rolling back important capital rules 05:22 - What the shipping industry reveals about the economy 07:33 - Industry performance update 16:00 - Q1, William: Is it possible to apply the concept of decomposing returns in commodity trading? 27:24 - Q2, Raphael: About estimating the full sharpe and Kelly of trend following 37:03 - Q3, Dom: Has Rob come across any useful frameworks, research, or resources for designing systems that intentionally combine systematic structure with discretionary judgment? 41:52 - Are all managers the same, although we all claim to be different? 52:26 - Why are bond...

    1h 13m
  5. GM84: What Everyone Saw, but No One Priced ft. Bob Elliott

    JUN 25

    GM84: What Everyone Saw, but No One Priced ft. Bob Elliott

    Bob Elliott joins Cem Karsan and Niels Kaastrup-Larsen for a conversation about what happens when strong economic data masks a deeper structural shift. The income engine still runs, but tariffs, labor scarcity, and immigration limits are quietly rewiring the system. Inflation may not fall the way people expect. Profit margins may not hold. And capital may start flowing away from the US for the first time in a generation. This isn’t a cycle call. It’s a question of what kind of economy we are becoming—and whether portfolios built for the past can survive what’s coming. ----- 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 Bob on Twitter. Episode TimeStamps: 02:58 - Revisiting the Income Driven Expansion 12:30 - Inflation Dynamics and Economic Policy 15:31 - The Dynamics of Labor and Immigration 27:58 - Strategic Decoupling and Its Implications 32:04 - The Economic Implications of Manufacturing in China 42:13 - Economic Growth and Market Dynamics 48:28 - The Evolving Landscape of Investment Strategies 53:25 - Understanding Alpha Strategies and Portfolio Diversification 01:01:10 - The Dynamics of Hedge Fund Strategies and Correlation 01:09:34 - Global Macro Trends and Financial Decoupling Copyright © 2024 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help

    1h 15m
  6. SI353: You Don’t Buy It for Returns. You Buy It Because It Works! ft. Yoav Git

    JUN 21

    SI353: You Don’t Buy It for Returns. You Buy It Because It Works! ft. Yoav Git

    Some of the most effective portfolio components may generate little or no return on their own. In this episode, Niels Kaastrup-Larsen and Yoav Git explore that discomfort - why allocators often overlook strategies that offer the most structural value. Through a series of new research papers, they examine how negative correlation, volatility, and capital efficiency can outweigh standalone performance, and why trend following continues to challenge conventional assumptions. It’s a conversation about construction over conviction, contribution over headline returns, and the gap between what improves a portfolio and what investors are willing to own. ----- 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 Yoav on LinkedIn. Episode TimeStamps: 00:13 - Introduction and latest update 07:57 - Trend Following score card 12:38 - Latest paper from R.G. Niederhoffer 26:45 - Latest insights from Quantica Capital 36:55 - Review of Soc Gen's latest report on the state of the CTA Industry 44:52 - The Science and Practice of Trend-following Systems paper by Artur Sepp Resources discussed in this Episode: LINK SI353: From Tariffs to TrendsLINK SI353: Keeping up with the Trend-FollowersLINK SI353: The Science & Practice of Trend-Following Systems Copyright © 2024 – CMC...

    1h 9m
  7. GM83: The Risk We Forgot to Price ft. Barry Eichengreen

    JUN 18

    GM83: The Risk We Forgot to Price ft. Barry Eichengreen

    Barry Eichengreen joins Alan Dunne for a clear-eyed look at a system losing its anchors. The dollar’s standing, long insulated by trust and habit, now faces a different kind of test... one shaped less by challengers abroad than by fractures at home. They explore how rising debt, political entropy, and institutional strain are converging in ways that markets are only beginning to price. From the quiet retreat of safe haven flows to the uneasy future of central bank independence, this is a conversation about slow shifts with fast consequences, and what happens when credibility, not currency, becomes the liability. ----- 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 Barry on Twitter. Episode TimeStamps: 00:09 - Introduction to Barry Eichengreen 03:51 - The Future of the Dollar: Concerns and Predictions 14:29 - Fiscal Challenges and Policy Responses 33:04 - Analyzing Economic Policies and Their Impacts 49:18 - Global Economic Perspectives: Trade Wars and Currency Alternatives 56:46 - The Future of Global Currency Systems Copyright © 2024 – 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...

    1h 2m
  8. SI352: Trend Systems Under Strain ft. Nick Baltas

    JUN 14

    SI352: Trend Systems Under Strain ft. Nick Baltas

    Nick Baltas is back with Niels for a conversation that sits at the intersection of technology, uncertainty, and discipline. As AI-generated data floods the system and market reversals grow sharper, the challenge isn’t just strategy design — it’s deciding what still counts as signal. They explore how systematic managers are rethinking volatility targets, why certain constraints persist in institutional portfolios, and what recent underperformance may actually be revealing. This episode is less about solutions than about orientation: how to stay aligned when the tools evolve faster than the terrain, and when conviction must coexist with doubt. ----- 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. Episode TimeStamps: 00:01 - Introduction to Systematic Investing 02:11 - The Impact of AI and Machine Learning on Data Analysis 07:05 - The Impact of AI on Education and Examination Policies 12:06 - Transitioning Perspectives on Democracy and Markets 21:49 - Dynamic Volatility Targeting in Portfolio Management 24:24 - Exploring Volatility and Leverage 29:50 - Understanding Investor Behavior and Market Dynamics 36:29 - Exploring Investment Constraints and Strategies 45:04 - Rethinking Investment Constraints 49:36 - Strategic Allocations and Market Timing 56:11 - Market Dynamics and Trend Following 01:00:09 - The Evolution of Systematic Investing Copyright © 2024 – CMC AG – All Rights...

    1h 4m
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Hosts & Guests

4.8
out of 5
563 Ratings

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
    840
  • 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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