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 • 375 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

    VOL08: Adaptation To Change ft. Jean-Philippe Bouchaud

    VOL08: Adaptation To Change ft. Jean-Philippe Bouchaud

    Hari Krishnan is joined today by Co-Founder and Chairman of Capital Fund Management (CFM) Jean-Philippe Bouchaud, to discuss how news drive price action, and some of the science behind the large price movements, how we should think about adapting to changing dynamics such as correlations, Jean-Philippe’s background in physics and journey into finance, the effectiveness of the Bloomberg terminal, using dimensional analysis for research purposes, the inelastic market hypothesis, differentiating yourself as a Trend Follower, and the connection between volatility strategies and high frequency data.
    In this episode, we discuss:
    The extent to which news drives price action
    How to look at ever-changing market dynamics, such as correlations
    Jean-Philippe's journey into finance
    The reliability of the Bloomberg terminal
    Dimensional analysis
    The inelastic market hypothesis
    Standing out in the Systematic Investor space
    Volatility strategies and if they have any connection to high-frequency data
    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 Hari on https://twitter.com/HariPKrishnan2 (Twitter).
    Follow Jean-Philippe on https://www.linkedin.com/in/jean-philippe-bouchaud-bb08a15/ (LinkedIn).
    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
    02:38 - What area of physics did you work in, and how did you come into finance?
    05:04 - Can you elaborate the paper you worked on, where you where you investigated the endogeneity of large price moves?
    15:24 - How timely do you consider the Bloomberg feed to be? Is it quick enough?
    19:18 - How do we stitch together the two ideas of micro market data
    28:20 - Do you the believe in the research that is carried out using dimensional analysis?
    32:58 - Do you think that the inelastic market hypothesis was driven by flows into passive vehicles?
    37:13 - Regarding the biggest stocks in the SandP 500, is it true that if one stock is 10 times bigger than another stock, and it gets 10 times the dollar allocation, that the price impacts will be the same?
    40:13 - Can you tell us about your journey so far with CFM?
    50:21 - Do you still do Trend Following, and if so, how do you do it different from a standard Trend Follower?
    52:08 - If you kill the beta in a Trend Following program, do you lose the convexity?
    52:38 - What’s the relation between volatility and higher-frequency momentum systems, in your view?

    • 1 hr 2 min
    SI175: A Winning Approach to Risk ft. Rob Carver

    SI175: A Winning Approach to Risk ft. Rob Carver

    Rob Carver joins us today to discuss the different ways that Trend Following is perceived by investors, the optimum amount of positions to trade at once, rating the riskiness of various investment strategies, Trend Following on the VIX, suitable risk amounts per market, what to do with the free cash in your futures account, if Trend Followers pyramid positions, trading CFDs and dealing with transaction costs, and the best lookback period when measuring correlations.
    In this episode, we discuss:
    The perception of Trend Following among various types of investors
    How many positions to trade at once
    The ‘riskiness’ of various investment strategies
    Combining Trend Following and Volatility strategies
    Risk-per-futures contract
    How much cash to keep on the sidelines and what to do with it
    Pyramiding positions
    CFD trading and navigating commissions
    Measuring correlations effectively
    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 Rob on https://twitter.com/InvestingIdiocy (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://www.toptradersunplugged.com/reviewttu (iTunes) so more people can discover the podcast.
    Episode TimeStamps:
    00:00 - Intro
    03:24 - A huge thank you to those who have left a rating or review on iTunes. 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)
    04:47 - Macro recap from Niels
    08:17 - Weekly review of returns
    11:01 - How has your new approach been working out, Rob?
    19:33 - Q1; John: How should I approach risk-per-contract?
    27:41 - Q2; Patrick: What is your opinion on using a fixed percentage of free-cash balance?
    34:30 - Q3; Frederick: How do professional Trend Followers pyramid into a position?
    46:24 - Q4; Michael: Which full-size contract would you say is a ‘must-have’?
    01:01:19 - Q5; Rene: When it comes to trading CFDs, how can I deal with changing transaction fee percentages?
    01:09:55 - Q6; Michael: Do you have any advice for a 34-year old who wants to enter the managed futures industry? Has Rob ever considered starting his own fund?
    01:15:52 - Q7; James: How far back should we look when measuring correlations?
    01:23:27 - Benchmark performance update

    • 1 hr 26 min
    VOL07: Participate & Protect ft. Dave Dredge

    VOL07: Participate & Protect ft. Dave Dredge

    Hari Krishnan is joined today by Dave Dredge, to discuss how long-volatility strategies can improve on the traditional 60/40 portfolio, the concept of ‘participate and protect’, the importance of understanding why compounding is the ultimate goal, the ‘always good weather’ portfolio, trading Bitcoin volatility, being a ‘value buyer’ of volatility, mechanisms for taking profits, and how to size portfolio allocations properly.
    In this episode, we discuss:
    How to improve on the traditional 60/40 portfolio
    Dave’s concept of ‘participate and protect’
    The importance of compounding
    Dave’s ‘always good weather’ portfolio
    Long-volatility Bitcoin strategies
    Value investing in the volatility space
    Methods for taking profits
    Sizing portfolio allocations
    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 Hari on https://twitter.com/HariPKrishnan2 (Twitter).
    Follow Dave on https://www.linkedin.com/in/david-dredge-9493ba1b/ (LinkedIn).
    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
    02:01 - How did you end up in the long-volatility sector?
    04:55 - How options used to be considered as a redundant trading method
    07:53 - Do you have any idea why the Bitcoin skew is so high and flat?
    08:56 - What does it mean when you say you consider yourself a value-buyer of volatility?
    10:15 - Do you have any notion how to mix the various positions you warehouse?
    15:46 - How do you source good ideas, and has living in Singapore given you an edge for this?
    27:12 - Can you talk about the Taliban’s use of the ‘Sandpile Theory’?
    33:13 - Are there more opportunities for you globally now, then there used to be?
    40:51 - What are your mechanisms for taking profits?
    47:19 - What’s your view on paying for convexity in your positions?
    51:13 - Do you engage in skew trades?
    52:41 - How do you think about low-vol?
    55:49 - How do you size allocations to your long-vol strategy?
    01:01:49 - Closing thoughts from Dave?

    • 1 hr 6 min
    SI174: The Future of Trend Following ft. Alan Dunne

    SI174: The Future of Trend Following ft. Alan Dunne

    Today, Alan Dunne joins us to discuss what the future could look like without central bank liquidity being pumped into the markets, macro versus quantitative trading approaches, how to avoid crowded strategies, some post analysis of a trend following research paper, whether CTAs are being gamed by other participants, analysing the various methods of price trend measurements, what may have caused a more difficult trading environment for Trend Following strategies in the 2010s, and the economic factors that lead to great periods for Trend Following.
    In this episode, we discuss:
    What markets could look like without Federal Reserve liquidity injections
    Macro versus quantitative approaches
    Avoiding crowded strategies
    What it was like to trade through 2018
    How market participants may try to game Trend Followers
    Measuring the strength of price trends
    Reviewing the performance of Trend Following during the 2010s
    Which economic factors could drive strong Trend Following performance
    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 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/book (here).
    Send your questions to info@toptradersunplugged.com
    Follow Niels and Alan on Twitter:
    https://twitter.com/TopTradersLive (@TopTradersLive) and https://twitter.com/alanjdunne (@alanjdunne)
    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.
    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
    00:58 - 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
    02:34 - Macro recap from Niels
    05:02 - Weekly review of returns
    12:22 - Q1: Brett; How do you define a drawdown?
    13:48 - Alan, what is your background and path to the CTA industry?
    19:32 - Announcement of new Top Traders Unplugged ‘Allocator’ series
    20:49 - What inspired you to write your highly-regarded paper on Trend Following?
    01:04:08 - Benchmark performance update

    • 1 hr 6 min
    VOL06: Finding True Value in the World of Volatility ft. Benn Eifert

    VOL06: Finding True Value in the World of Volatility ft. Benn Eifert

    On today’s episode, Hari Krishnan is joined today by Benn Eifert, to discuss running a volatility fund, the benefits that Benn gets from using Twitter, how to effectively serve clients as a volatility trader, the drawbacks of hedging via ETFs, monitoring market flows, the popularity of short-dated options, implied volatility versus realised volatility, how correlations change over time, balancing family-life with managing a fund, and the new normalisation of working from home.
    In this episode, we discuss:
    A behind the scenes look at running a volatility fund
    How to use Twitter as an investor
    Bringing value to clients as a volatility trader
    Hedging via ETFs
    Market flows
    Options
    Implied volatility
    Finding a good work and life balance
    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 Hari on https://twitter.com/HariPKrishnan2 (Twitter).
    Follow Benn on https://twitter.com/bennpeifert (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
    02:20 - How did you end up running a Volatility fund?
    06:39 - Why did you join a Vol fund instead of a Global Macro fund?
    09:30 - What do you gain from being on Twitter?
    11:50 - Explain some of the methods behind how you serve your clients
    16:19 - What are some of the weaknesses of hedging via ETF products?
    19:44 - Do you find a lot of value in monitoring the flows into various markets?
    23:34 - Why is it people are so eager to sell shorter-dated options?
    26:17 - How do you counter the argument that it’s a good idea to write calls against short positions?
    30:05 - What are some of the issues with looking at implied volatility versus realised volatility?
    33:13 - What challenges do you face as a Volatility pro, when it comes to the extreme moves up and down?
    37:37 - What do you do when you expect large volatility but the direction is unknown?
    40:30 - How would you react if you knew that there was a huge amount of open interest, 5% down in the SandP, with a few weeks to go?
    42:52 - Do you have any thoughts on the recent dislocation between the VIX and the SandP 500?
    46:04 - What are the changes in dispersion dynamics and implied correlations that you’ve noticed over the years?
    55:03 - Is it fair to say that if you’re long enough Volatility, and there’s a large enough systemic shock, then you’re going to make money?
    56:48 - Do you have anything to say about the 10-year note futures options surface? Are there persistent distortions there?
    59:25 - If you see a distortion in the skew, how do you approach it?
    01:02:56 - Balancing family life and managing a fund
    01:05:12 - The recent legitimisation of working from home

    • 1 hr 8 min
    SI173: ‘Trend Following + Nothing’ Part Two ft. Jerry, Moritz, Rob, Mark & Rich

    SI173: ‘Trend Following + Nothing’ Part Two ft. Jerry, Moritz, Rob, Mark & Rich

    Today we continue our special Part 2 end-of-year episode featuring all co-hosts of the show, together at the same time, to discuss why you should be invested in numerous different markets, why more Trend Following firms should be trading single stocks, the optimum amount of systems to run at the same time, whether diversifying across markets or diversifying across systems is more important, some thoughts on positive skew, and defining outliers. We also review how 2021 went for each us, including our best and worst markets to trade, the lessons we learned, and the biggest surprises.
    In this episode, we discuss:
    The reasons for trading different markets
    Why Trend Following firms should trade single stocks
    The optimum amount of systems to run at the same time
    Diversification across markets versus across systems
    Skewness
    How to define outliers
    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 https://twitter.com/rjparkerjr09 (Twitter).
    Follow Moritz on https://twitter.com/moritzseibert (Twitter).
    Follow Rob on https://twitter.com/InvestingIdiocy (Twitter).
    Follow Mark on https://twitter.com/mrzepczynski (Twitter).
    Follow Rich on https://twitter.com/RichB118 (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
    01:20 - Would you rather trade 100 markets with 1 system, using 10 different timeframes? or would you rather trade 50 markets, using 3 different systems, using 5 different timeframes?
    08:33 - How much ‘positive skew’ do we need?
    27:04 - Diversification as a means of risk control, versus as a method of finding outliers
    36:14 - Defining outliers and some thoughts on the number of expected outliers per year
    45:03 - Can be momentum traders be placed in the same category as Trend Followers?
    48:13 - Should we care that bubbles exist, or just enjoy the profitable trends? Have the markets gotten any smarter over the years?
    52:52 - How Trend Following and Systematic Investing narratives and terms have changed over the years
    01:12:55 - A review of our best and worst markets to trade during 2021
    01:16:10 - The lessons we learned from 2021, the biggest surprises, and our most regrettable decision from the year

    • 1 hr 33 min

Customer Reviews

4.8 out of 5
375 Ratings

375 Ratings

thisisnotenjoyabke ,

Conversations with colleagues

At an Austrian bank in where I worked years ago, at the end of particularly eventful days, my colleagues and I would often gather at a favorite table at a favorite restaurant and recount the events of the recent days. This recounting over a good meal regularly led to insights and plans for going forward, and always led to a wonderful sense of camaraderie. That is the feeling I get when I listen to a podcast here. The colleagues here are professional, reflective and always considering what may come tomorrow.

FluxCapacitorMoshe ,

Truth

I have never written a review for any podcast yet I have been listening to many of them just as most of you all who will read this have also and I must say- I am pleased to allot my first review to this podcast. On this podcast you will encounter only professionalism, you will become far more educated than you currently are (regardless of market experience or knowledge base, in my view), you will enjoy interviews with some very interesting people and take from them valuable lessons on life and it’s journey, and most of all you will enjoy your time invested in listening to it all. I am giving this podcast a 5 star rating without hesitation; I have been listening to it for a few years now.

bbbhdjsj ,

Best Trading Podcast

I started learning trading about two years ago with the help of a relative who had been on your show as a guest. He told me about this podcast and I started listening. At first, I didn’t know any of the lingo or any of the content. Two years later and I have my first job in the field and listen to your podcast daily on the commute to work. There isn’t another podcast that is as easy to listen to (great communicators) with as much good content. Keep up the good work.

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