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    Business

    Top Traders Unplugged

    Top Traders Unplugged is where the world’s best investors come to share how they think – not just what they trade.
    Hosted by Niels Kaastrup-Larsen, the show goes deep into systematic trend following, global macro, and the principles that drive long-term success.
    No forecasts. No fads. Just real conversations with hedge fund managers, economists, authors, and allocators – revealing the timeless ideas, mental models, and risk frameworks behind robust performance.
    If you’re building resilient portfolios, allocating capital, or simply looking to cut through the noise – this is your edge.
    Clear thinking. Deep insights. Real experience.
    🎧 New episodes weekly. Explore all episodes at toptradersunplugged.com https://toptradersunplugged.com

    Advertise

    Copyright: © Copyright 2024 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.

    • Apple Podcasts
    • Google Play
    • Spotify

    Latest Episodes:
    SI340: ETFs, Size, and the Commodity Problem ft. Alan Dunne Mar 22, 2025
    Show notes

    In today’s episode, Alan Dunne and I take a step back - and a step forward - by exploring 125 years of hard-earned market wisdom, courtesy of the Global Investment Returns Yearbook, the definitive source of long-term asset class performance. What does this rich dataset tell us about equities, bonds, diversification, and the underrated role of patience in investing? And how relevant are these lessons for investors navigating today’s high-concentration markets, stubborn inflation, and the potential cracks in the classic 60/40 portfolio?

    But that’s not all - we also dive into one of the most overlooked challenges facing systematic trend followers today: capacity constraints, especially in commodities. Drawing on Quantica’s latest research, we examine why commodities have historically been critical to CTA performance, how liquidity limits silently erode returns as strategies scale, and why the explosive growth of trend following ETFs may come at a hidden cost investors rarely see.

    -----

    50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

    -----


    Follow Niels on Twitter, LinkedIn, YouTubeor 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:

    00:41 - What has caught our attention recently?

    04:14 - A new era for Germany?

    10:02 - The ETF space is on fire

    11:21 - The Nordic countries are on a roll

    12:18 - Dunne's global macro perspective

    21:39 - Industry performance update

    27:07 - An analysis of the Global Investment Returns Yearbook

    34:29 - Why are expected returns so far off real returns in the Pension Fund space?

    41:07 - The cycle of returns

    46:07 - When trend following hits capacity

    53:56 - Why Niels is concerned about new replication products

    58:52 - Can trading few markets actually provide more diversification than trading many markets?

    01:03:40 - What is up for next week?

    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 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 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

    2. Daily Trend Barometer and Market Score

    One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

    3. Other Resources that can help you

    And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

    Privacy Policy

    Disclaimer


    TTU148: CTAs - The Good, The Bad, and The Misunderstood ft. Rob Carver, Graham Robertson and Yoav Git Mar 19, 2025
    Show notes

    Today, we’re diving deep into the world of CTAs and their role in investment portfolios. We discuss the balance between focusing on a single asset class versus a multi-asset approach, emphasizing that different asset classes offer unique utilities to investors. Our guests share insights from their experiences, highlighting the importance of tailored execution strategies and how technology can enhance trading performance. We also explore the growing interest from major players like Fidelity and BlackRock in trend-following strategies, raising questions about the future of CTAs in institutional portfolios. Join us as we unpack these themes and share our thoughts on the evolving landscape of systematic trading.

    -----

    50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

    -----


    Follow Niels on Twitter, LinkedIn, YouTubeor 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.

    Follow Graham on LinkedIn.

    Follow Yoav on LinkedIn.

    Find out more about DUNN Capital

    Episode Timestamps:

    04:02 - Introduction to Yoav Git

    06:16 - The background behind Graham, Rob and Yoav's relationship

    12:15 - What is common about people working at Man AHL?

    15:47 - Should you focus on single or multi asset classes?

    24:58 - The state and outlook for fixed income and

    29:47 - Liquidity and how it plays a role in alternative markets

    36:09 - Are investors misunderstanding liquidity?

    37:28 - How do you actually measure and think about liquidity?

    39:50 - Why are CTAs not widely represented in portfolio?

    49:14 - How to understand and master execution

    58:01 - Research and technology in systematic trading

    01:02:36 - "My love for you is like a magnitude 6 earthquake, your sharpe ratio makes me tremble in size"

    01:05:00 - Are we at a turning point for trend following?

    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 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 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

    2. Daily Trend Barometer and Market Score

    One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

    3. Other Resources that can help you

    And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

    Privacy Policy

    Disclaimer


    SI339: CTAs vs ETFs: The Showdown That Could Change Everything ft. Andrew Beer and Tom Wrobel Mar 15, 2025
    Show notes

    Andrew Beer and Tom Wrobel joins us to talk about the current state of global markets and the pivotal changes affecting our industry. We’re all feeling the shift in dynamics, and we’re here to unpack how that impacts our investing approaches. From the rise of new ETFs to the ongoing debate about the future of managed futures, we’ll cover it all. So grab your headphones and get ready for some straight talk on trends, volatility, and what it means for all of us as investors.

    -----

    50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

    -----


    Follow Niels on Twitter, LinkedIn, YouTubeor 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.

    Follow Tom on LinkedIn.

    Episode TimeStamps:

    00:47 - What has caught our attention recently?

    06:11 - Industry performance update

    14:30 - Wild moves in markets

    16:55 - Trump dumps on Trump trade

    26:23 - A wealth of products - is it just a phase?

    35:16 - The developments in the CTA space

    36:21 - Are we trying to engineer the impossible?

    41:45 - The pros and cons of inflection points vs short term models

    50:28 - Why do CTAs replicate the way they do?

    57:36 - Are the new ETFs threatening the CTA franchise?

    01:01:56 - Discussing performance in the CTA space

    01:09:22 - The use of QIS strategies in trend following

    01:13:52 - Final thoughts

    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 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 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

    2. Daily Trend Barometer and Market Score

    One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

    3. Other Resources that can help you

    And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

    Privacy Policy

    Disclaimer


    ALO29: What Every Investor Should Know About Valuations ft. David Giroux Mar 12, 2025
    Show notes

    Leveraged loans combined with treasuries create a solid strategy for navigating today’s fixed income market. These two asset classes work like a peanut butter and jelly sandwich, balancing each other out—leveraged loans shine when interest rates rise, while treasuries thrive when rates drop. In our chat today with David Giroux, portfolio manager at T. Rowe Price, we dive into how this mix helps manage risk and enhance returns in uncertain market conditions. Giroux shares his insights on the current investment landscape, emphasizing the importance of evaluating management quality and capital allocation strategies. Join us as we unpack these ideas and explore what they mean for the future of investing.

    -----

    50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

    -----


    Follow Niels on Twitter, LinkedIn, YouTubeor 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 David here.

    Episode TimeStamps:

    02:20 - Introduction to David Giroux and T. Rowe Price

    09:00 - Are mostly sectors overvalued?

    11:43 - What has driven the change in valuations?

    13:48 - How Giroux determines how much risk to allocate in markets

    18:19 - The outlook for equity returns and Giroux stance on AI

    21:42 - The relationship between market meltdowns and interest rates

    23:29 - Giroux's outlook for inflation

    28:32 - How Giroux uses his past experience to predict markets

    31:37 - How Giroux constructs stock portfolios

    35:35 - Giroux's view on today's capital allocation

    37:26 - Key advice for how to think about valuations

    40:47 - What kind of investors are T. Rowe Price

    44:50 - How the microstructure of the markets has changed over time and how it has impacted their investment strategy

    50:03 - The cyclicality of markets the implications of it

    53:34 - Do geographical funds even make sense?

    54:40 - How AI impacts the investing world

    57:56 - How would Giroux run a longer term portfolio?

    58:56 - Advice for other investors

    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 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 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

    2. Daily Trend Barometer and Market Score

    One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

    3. Other Resources that can help you

    And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

    Privacy Policy

    Disclaimer


    SI338: Politics, Markets & Power Plays: An Unfiltered Look ft. Cem Karsan Mar 08, 2025
    Show notes

    Together with Cem Karsan, we take a serious look at how the shifting political landscape and economic pressures are impacting global markets. We discuss the implications of a potential (engineered) recession and what it means for various asset classes, especially in relation to current U.S. policies. With the conversation turning to Europe, we analyze the region's military rearmament and its potential effects on the global balance of power. We also touch on the evolving dynamics regarding Turkey's economic challenges and geopolitical significance. Buckle up for a straightforward discussion filled with insights and practical implications for investors navigating this complex landscape.

    -----

    50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

    -----


    Follow Niels on Twitter, LinkedIn, YouTubeor 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:

    01:03 - What has caught our attention recently?

    05:40 - We are at a populism crossroads

    07:09 - Industry performance update

    09:02 - The current state and outlook for the global economy

    21:03 - The absurdity of lowering yields to maintain a strong dollar

    28:47 - The Mar-a-Lago accord - realistic or pure speculation?

    35:42 - Are we seeing a new new world order?

    42:20 - How the TSMC deal with the US will impact the conflict between Taiwan and China

    50:28 - A perfect storm for the Turkish economy

    57:20 - The importance of Turkey's position and military power

    58:49 - Oil is in a weird spot at the moment

    01:03:00 - Could extreme market drops cause policy changes?

    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 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 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

    2. Daily Trend Barometer and Market Score

    One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

    3. Other Resources that can help you

    And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

    Privacy Policy

    Disclaimer


    GM80: Doomsday Clock Ticks: Are We Close to a Monetary Shift? ft. Adam Rozencwajg Mar 05, 2025
    Show notes

    Today Cem Karsan and I are diving into a pretty intense topic today: the looming potential for a monetary regime change that feels like it's right around the corner. We're talking to Adam Rozencwajg about how the shifts in global commodity dynamics, particularly in natural resources like oil and gas, are becoming a lot clearer as supply constraints tighten up. It's all about recognizing the signs, and we believe that the next six to nine months will be crucial for investors looking to ride this wave. We’re also throwing around some serious thoughts on how geopolitical factors are impacting these markets, especially regarding energy security. So grab a seat, because we're about to unpack why you should be paying attention to these developing trends and what they could mean for the future of commodities.

    -----

    50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

    -----


    Follow Niels on Twitter, LinkedIn, YouTubeor 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 Adam on LinkedIn.

    Episode TimeStamps:

    02:32 - A big picture framework - what has changed since our last conversation?

    09:32 - Why are commodities so cheap today?

    17:03 - Why is now the moment to go long?

    31:04 - We are in a huge carry trade

    47:04 - Commodities are taking over another role

    51:15 - Where are the greatest opportunities in rare metals?

    58:40 - It will end badly for millennials

    01:04:09 - Conspiracy theories in the gold industry

    01:06:55 - The outlook for the U.S energy market

    01:14:02 - Europe is in a difficult energy spot

    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 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 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

    2. Daily Trend Barometer and Market Score

    One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

    3. Other Resources that can help you

    And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

    Privacy Policy

    Disclaimer


    SI337: How Best to "Replicate" Managed Futures Returns ft. Katy Kaminski Mar 01, 2025
    Show notes

    In this episode, Katy Kaminski helps us explore the latest trends in managed futures and how different approaches to replication can impact performance and correlation. We explore the pros and cons of index versus mechanical replication, highlighting how each method reacts differently in various market conditions. Plus, we touch on the most recent developments in the ETF space and how they're reshaping access to CTAs, but also question if all of the new products are truly worthy of the "CTA" label. Stick around as we break down these ideas and share insights that can help shape your investment strategies.

    -----

    50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

    -----


    Follow Niels on Twitter, LinkedIn, YouTubeor 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:

    01:50 - What has caught our attention recently?

    06:09 - Industry performance update

    13:06 - Q1, Rick: Has Katy done any work on Co-Movement Factor and "offsides" systems?

    18:12 - Q1.2, Rick: Katy's work shows us the dispersion between "slow" and "fast" systems w/ an optimal window of 10mo: How does this "optimal window" differ by year?

    25:54 - Q2, Brian: Are there more individual investors than institutional investors?

    28:43 - Q2.2: Are investors holding the ETF “long term”, or do they “chase performance”?

    32:25 - Q3, Niels: How should we think about future returns in trend following?

    36:24 - The beta of trend following and how to access it

    44:05 - Combing index- and mechanical replication

    50:58 - The pitfalls of replication strategies

    52:32 - What does managed futures/CTAs mean to Katy?

    59:14 - Why is mechanical replication often simplified versions of a full trend following system?

    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 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 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

    2. Daily Trend Barometer and Market Score

    One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

    3. Other Resources that can help you

    And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

    Privacy Policy

    Disclaimer


    IL35: The New Age of Economic Warfare: Are We Ready? ft. Edward Fishman Feb 26, 2025
    Show notes

    Our guest on this episode is Edward Fishman, a world expert on the modern art of economic warfare. Edward is author of the new book Chokepoints: American Power In The Age of Economic Warfare. He currently teaches at Columbia University and prior to that advised the US Secretary of State, Joints Chiefs of Staff and Treasury Department on the deployment of economic sanctions. We discuss the details of how the US uses its dominant position in the world’s financial markets and technology software to pressure countries like Iran, Russia and China. Most importantly this episode explains why these tools used to influence these chokepoints are permanent and are starting to form the contours of the new global economy that will persist for the coming decades.

    -----

    50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

    -----


    Follow Niels on Twitter, LinkedIn, YouTubeor 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 Edward on X and read his book.

    Episode TimeStamps:

    02:14 - Introduction to Edward Fishman

    08:24 - The failures of economic warfare

    14:04 - What Stuart Levy can teach us about economic

    19:26 - Who even want to work at banks nowadays?

    22:10 - The most successful sanction in modern times

    27:02 - The dangers of sanctions, export controls and tarifs

    32:56 - What is a denial order and why is it such a powerful tool?

    37:52 - What is the entity list and what is it used for?

    38:55 - Technology chokepoints and the challenges they pose

    46:08 - The secret to the American success

    48:29 - Is the price cap on Russian oil actually working as intended?

    53:31 - The oil market is changing

    55:17 - Where is the global economy heading?

    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 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 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

    2. Daily Trend Barometer and Market Score

    One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

    3. Other Resources that can help you

    And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

    Privacy Policy

    Disclaimer


    SI336: How to Invest in Turbulent Times? ft. Graham Robertson Feb 22, 2025
    Show notes

    With global market dynamics shifting rapidly and geopolitical noise reaching new heights, how can investors adapt and thrive? In this episode, we explore why an adaptive approach is crucial for navigating today’s turbulent financial landscape. Our conversation delves into the challenges investors face when competing against dominant market players and how trend-following strategies can shine in times of crisis. We also examine the often-overlooked disconnect between price and value - and how this mismatch might actually present fresh opportunities. Join us for an insightful discussion with Graham Robertson from Man AHL, as we unpack these critical insights and explore why trend following remains a powerful tool for generating "crisis alpha." Buckle up for a fascinating conversation!

    -----

    50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

    -----


    Follow Niels on Twitter, LinkedIn, YouTubeor 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 Graham on LinkedIn.

    Episode TimeStamps:

    01:11 - What has caught our attention recently?

    03:27 - Are kids too worried about the state of the world?

    05:58 - Our current observations on trend

    10:54 - How to capture the moves in the European energy markets

    13:05 - Valuable insights on alternative markets

    17:11 - Are alternative markets trending better?

    23:02 - The state of liquidity in the industry

    25:52 - How Man AHL approaches crypto

    29:47 - Industry performance update

    31:42 - Q1, Rick: Is a cross-over system typically the primary tool for Trend?

    37:14 - The origins of breakout systems

    41:36 - The taxi driver problem

    46:15 - Using trend as a alternative defensive strategy

    50:27 - Are investors expecting more from trend following?

    53:35 - Defensive equities and the impact of Deepseek

    57:59 - The disconnect between price and value

    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 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 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

    2. Daily Trend Barometer and Market Score

    One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

    3. Other Resources that can help you

    And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

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    OI14: Behind the Scenes of a Crypto Hedge Fund ft. Michael Hall & Anatoly Crachlilov Feb 19, 2025
    Show notes

    In this episode, Moritz Seibert speaks with Anatoly Crachilov and Michaell Hall from Nickel Digital, a prominent London-based crypto hedge fund. Anatoly (CEO) and Michael (CIO) founded the company in 2019 with an initial focus on in-house arbitrage and basis trading strategies. Over the years, their business model has evolved and adapted to the fast-changing world of digital assets. Today, Nickel Digital operates as a multi-strategy, multi-manager setup with more than $250 million in AUM, making it one of the largest and longest-standing crypto hedge funds globally.

    Anatoly, Michael and Moritz speak about the opportunities and challenges of operating a multi-PM digital asset hedge fund, how they differ from traditional asset hedge fund pod shops, and how the attract and find new PMs to work with them.

    -----

    50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

    -----


    Follow Niels on Twitter, LinkedIn, YouTubeor 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.

    Follow Michael on LinkedIn.

    Follow Anatoly on LinkedIn.

    Episode TimeStamps:

    02:13 - Introduction to Nickel Digital and how they found their way to crypto

    08:10 - A trip down memory crypto lane

    12:25 - Why is the basis still so wide on crypto?

    15:07 - The state of alpha in the crypto space

    18:23 - What kind of portfolio does Nickel Digital run?

    19:56 - How they take advantage of automation to carry out a 24/7 365 trading strategy

    22:24 - How they manage the managers

    25:22 - How they approach netting cost

    27:40 - Their process for paying managers

    30:59 - Their manager onboarding process

    38:41 - Why traders make more money at Nickel Digital than anywhere else

    40:52 - What is the average sharpe ratio in the crypto space?

    43:19 - The tech backbone - how Nickel Digital is connected to exchanges

    46:08 - FTX collapse - The most stressful period for their business

    49:46 - How they manage price and risk in 24 hours/day markets

    54:06 - How crypto differ from regular markets

    57:09 - The pitfalls of trading crypto

    01:02:35 - What is their long term vision for Nickel Digital?

    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 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 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

    2. Daily Trend Barometer and Market Score

    One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

    3. Other Resources that can help you

    And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

    Privacy Policy

    Disclaimer


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