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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:
    SI315: Preparing for a Pivotal Time in Global Markets ft. Cem Karsan Sep 28, 2024
    Show notes

    In this week’s episode, Cem Karsan joins Alan Dunne to discuss the interplay between market flows and global macro developments as we enter a pivotal time of year for markets. They explore the potentially favourable setup for equities in the coming weeks, driven by flow dynamics and dealer positioning, while considering how recent policy moves in China could support the near-term bullish outlook. As the U.S. election approaches, Cem outlines how different outcomes could impact policy, the economy, and geopolitics—ultimately shaping the post-election market landscape. Despite recent U.S. inflation data showing lower prints, Karsan reaffirms his view of a structurally inflationary period ahead and shares key trades that could capitalize on this outlook in the current market environment.

    -----

    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:

    01:17 - Industry performance update

    05:36 - Seasonality in markets

    17:49 - Are China losing the ability to protect their assets?

    21:44 - A dangerous path for Chinese assets

    25:36 - A structural downtrend in inflation?

    35:30 - Is the market looking through the rate cuts?

    39:37 - Trump vs. Harris - how will it impact markets?

    46:19 - A global conflict perspective

    50:40 - How the election might impact commodities

    52:06 - Migration policy and its effect on inflation

    53:57 - How markets might trade right after the election is over

    57:13 - Dangerous periods ahead?

    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


    GM71: The Carry Risk Lurking in Your Portfolio ft. Kevin Coldiron Sep 25, 2024
    Show notes

    In this episode, I’m joined by Alan Dunne and Kevin Coldiron, a co-author of "The Rise of Carry", for an in-depth discussion on the recent unwinding of the Yen carry trade and a broader exploration of how carry trades are becoming more embedded in both our financial decisions and everyday lives. We revisit key insights Kevin took from his book, published in 2019, and explore where things have unfolded differently than anticipated. Kevin also breaks down how the S&P 500 might be central to the current carry regime and offers thoughts on how we could assess the risk of a ‘deflation shock’ or ‘carry crash.’ We round out the conversation by considering the future of carry and the role geopolitics might play in shaping its course.

    -----

    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.

    Follow Kevin on Twitter.

    Episode TimeStamps:

    03:02 - How carry trading has evolved since "The Rise of Carry" was published

    06:04 - How carry is related to the COVID-19 crisis

    09:12 - Has anything surprised Kevin since he wrote the book?

    17:02 - Was SVB a lucky escape?

    23:15 - S&P 500 - the essence of a carry trade?

    30:16 - Short-term moves are being exacerbated

    32:30 - VIX inversions and structural changes

    34:23 - What are the characteristics of a carry trade?

    37:58 - A change in carry = a change in the monetary system?

    45:09 - How could you make money from a carry unwind?

    49:13 - Will we ever get away from the Fed Put?

    53:47 - A new way of treating the S&P 500

    56:33 - How the carry regime impacts the economy

    59:15 - The impact of geopolitics on carry

    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


    SI314: Algo Anxiety... Can AI Resolve This? ft. Mark Rzepczynski Sep 21, 2024
    Show notes

    Together with Mark Rzepczynski we dive deep into the outlook for trend following and discuss what may drive trends in the coming years. We analyze the role that the Fed plays in the rise of carry trading and we discuss how the so-called KuU framework can be used for in your strategy. We also discuss the use of AI when it comes to forecasting and building models and why systematic managers should be better at explaining what they do, how to use the 3 C’s to better understand markets, the pros and cons of buying an index and more.

    -----

    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 Mark on Twitter.

    Episode TimeStamps:

    01:03 - What has caught our attention recently?

    04:18 - Industry performance update

    09:58 - Who is responsible for the rise of carry?

    16:30 - The markets are the real voting machine

    18:34 - Reviewing Powell's speech

    23:39 - The KuU framework

    29:13 - The difference between AI generated and human-made forecasts

    38:15 - The flaws of systematic managers

    47:05 - Working with the 3 C's

    57:13 - "What was it like to be in a bear market?"

    01:01:42 - The pros and cons of buying an index

    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


    GM70: The State of the Commodity Super Cycle ft. Adam Rozencwajg Sep 18, 2024
    Show notes

    This week you are in for a real treat, as Adam Rozencwajg rejoins Cem Karsan and me for a deep dive into the latest developments in the Commodity markets. It's been 15 months since Adam last appeared on the show, and he's back to share his updated perspectives on the highly anticipated next Commodity Super Cycle. Adam even unveils a fascinating and little-known fact about what often coincides with the start of a Super Cycle. We also take a closer look at key markets like Gold, Copper, and the entire Energy Complex—topics at the heart of debates surrounding the US Dollar and the Green Transition. Packed with fresh insights and thought-provoking discussions, we hope you will enjoy this 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 Cem on Twitter.

    Follow Adam on Twitter.

    Episode TimeStamps:

    02:14 - Catching up

    05:00 - What has happened since we last spoke?

    12:58 - The state of the metal sector

    22:06 - Thoughts on positioning in commodity trading

    28:41 - Getting the timing right

    42:51 - It's all about volatility

    44:38 - Playing the long game

    47:46 - Are investors positioning wrong?

    52:40 - A carry trade bubble

    54:29 - Why are many investors bullish on copper?

    01:01:12 - Why are copper prices going down?

    01:05:13 - Demographics - a bizarre kind of beast

    01:08:40 - An over-demand of assets in China?

    01:12:54 - Thoughts on the recent decline in oil

    01:15:44 - What is the current level of the U.S strategic reserve?

    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


    SI313: The Paradox of High-Volatility Alternatives ft. Alan Dunne Sep 14, 2024
    Show notes

    In this episode, Alan Dunne and I explore Mario Draghi's latest vision for Europe and discuss an insightful interview with Kenneth Rogoff, titled "We Will See More Spikes in Inflation," which covers key macroeconomic issues. We also explore the recent Goldman Sachs reports, highlighted by the Financial Times, showing significant outflows from multi-strategy funds. Alan shares his perspective on the current macro landscape and why he believes we may witness more “flash crashes and extreme market moves” in the near future. Finally, we dig into two articles by Cliff Asness—"The Less Efficient Market Hypothesis" and "In Praise of High-Volatility Alternatives"—which challenge traditional thinking on market efficiency and make a compelling case for considering higher volatility versions of strategies like Trend Following over their low-volatility cousins.

    -----

    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:

    00:42 - What has caught our attention recently?

    05:04 - Draghi's vision for Europe

    08:09 - Keneth Rogoff's outlook for inflation

    14:02 - Clients withdrawing money from multi-strat funds

    19:58 - The big macro picture

    27:33 - Is monetary policy still loose?

    29:11 - Industry performance update (Finally!)

    34:11 - The carry unwind

    41:20 - Are people underestimating trend following?

    44:51 - Are markets becoming less efficient?

    48:30 - Why higher volatility funds may be good for your portfolio

    56:52 - A historical perspective on volatility

    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


    IL30: How To Evaluate True Macro Risk? ft. Philipp Carlsson-Szlezak Sep 11, 2024
    Show notes

    Our guest on this episode is Philipp Carlsson-Szlezak, the Global Chief Economist at BCG and author of a new book: Shocks, Crises and False Alarms: How to Assess True Macroeconomic Risk. He explains why it’s wrong to put focus on extreme “doom mongering” predictions - which often turn out to be false alarms. We discuss his intuitive framework for evaluating economic predictions and use it to evaluate the risk of inflation and debt in the coming years.

    -----

    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 Philipp on LinkedIn and read his book.

    Episode TimeStamps:

    02:07 - Introduction to Philipp Carlsson

    03:08 - What motivated Carlsson to write his book?

    05:13 - A framework for assessing macro risk

    09:00 - How do we react to doomsayings?

    11:18 - Covid19 - the perfect example of a false alarm

    15:15 - The new area of tightness

    18:27 - It is all about labour cost

    23:46 - The deflationary power of technology

    26:46 - The outlook of the labour market

    32:22 - Why inflation expectations will stay achored in a world of tightness

    39:38 - What happens in a world with an upward bias to inflation?

    43:26 - The difference between existential and tactical crises

    46:56 - Carlsson's framework for assessing the risk of debt

    52:04 - Carlsson's outlook for the economy 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 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


    SI312: Should You Just Buy a CTA Index? ft. Rob Carver Sep 07, 2024
    Show notes

    Rob Carver is back this week to discuss the importance of being able to detach yourself from the markets and taking “real” breaks from time to time and we also hear from Rob what it is like to let his systematic trading system run by itself whilst he enjoys a long summer holiday. We also discuss the underlying theory of macro momentum and how you can apply it to your own system, how he targets volatility in his portfolio and why Rob does not like using stop-losses to exit trades. We also touch on whether it’s a good idea for Trump to create a U.S. Bitcoin strategic reserve, how ETFs really work and what they can bring to your portfolio, and whether or not buying one of the new CTA replication products is really the same as buying the underlying CTA index based on a recent paper from Transtrend.

    -----

    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.

    Episode TimeStamps:

    01:18 - What has caught our attention recently?

    02:59 - How it feels to let your system run without you during holidays?

    10:45 - Industry performance update

    14:30 - Q1, Luis: What are your thoughts on Macro Momentum for retail traders?

    21:00 - Q2, Roman: How to best target portfolio volatility

    24:24 - Q3, Joshua: Which risk manament approach is best ATRs vs actual % of capital

    31:22 - Would a Bitcoin strategic reserve be a good idea?

    39:05 - A deep dive into ETFs

    48:52 - An example of a worst case scenario ETF

    53:13 - Can't we just buy a CTA index?

    59:29 - The best way to think about indices

    01:07:41 - Turning a backtest into an index

    Resources discussed in this Episode:

    • LINK: Just Buy the Index!

    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


    GM69: The Global Economy from a Liquidity Perspective ft. Michael Howell Sep 04, 2024
    Show notes

    Michael Howell, Managing Director of Crossborder Capital and Author of the Capital Wars Substack, returns in this episode to speak with Alan Dunne about the liquidity cycle’s influence on global markets. Michael outlines how he sees rising liquidity growth providing a favourable backdrop for risky assets and that the conventional narrative that the Fed has been tightening liquidity via quantitative tightening is misplaced. They discuss how the requirement to refinance $70 trillion in debt every year, and the prospect of double digit growth in debt, will inevitably lead to monetary inflation with profound implications for assets like gold and equities. In contrast, although tactical duration issuance by the US Treasury has supported US Treasuries the longer term outlook is less favourable. The conversation also touches on global FX markets, the recent unwinding of the JPY carry trade, and Michael’s perspective on a possible tacit agreement to weaken the US dollar, which could have far-reaching consequences for liquidity and asset markets.

    -----

    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.

    Follow Michael on LinkedIn.

    Episode TimeStamps:

    02:12 - Introduction to Michael Howell

    03:15 - Howell's framework for looking at markets

    06:32 - How Asian central banks impact U.S equities

    09:17 - Do different types of liquidity have different effects?

    12:17 - The last 15 years from a liquidity perspective

    18:19 - Is liquidity the driver of the bond yield moves?

    23:08 - Why has the quantitative tightening not been more disruptive?

    32:44 - Is a debt crisis in sight?

    39:48 - Howell's advice for allocating assets

    42:45 - What has caused the reversal of the Yen?

    48:02 - How to distinguish between capital flows and hedging activity

    49:44 - Why are the G10 currencies so stable?

    51:18 - A risk point on the radar

    52:23 - The implications of the shift towards private credit financing

    55:02 - A favorable environment for risk assets?

    59:15 - Is Howell skeptical about the Chinese currency?

    01:00:11 - The outlook of the liquidity cycle

    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


    SI311: BREAKING: New CTA Index being revealed ft. Andrew Beer Sep 01, 2024
    Show notes

    As August comes to an end, we discuss this month of extremes for the trend-following community, marked by significant dispersion in performance and unusual price activity across multiple asset classes as well as the economy in general. We address the strengths and limitations of replication strategies and Andrew shares insights into how he thinks about appropriate correlations levels between the benchmark and the replication strategy. We discuss the challenges of the due diligence process in replication strategies including team size, why you should start allocating to managed futures and finally Andrew reveals an exciting world premiere that he and his team has been part of.

    -----

    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.

    Episode TimeStamps:

    00:49 - What has been on our radar recently?

    04:17 - Industry performance update

    08:07 - Just another August?

    12:35 - Q1, Martin: How to reduce drawdowns in the managed futures ETF space?

    14:54 - Has replication become obsolete?

    25:14 - Andrew's guidelines for correlation

    31:56 - Staying in sync

    35:47 - How to deal with the simplicity of replication strategies

    43:42 - A world premiere!

    51:05 - An index madness

    53:05 - Beware of the shiny new things

    56:02 - How the new index works

    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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    GM68: Chief Strategist: “Most Scenerios Point to Recession” ft. Peter Berezin Aug 28, 2024
    Show notes

    Peter Berezin Chief Strategist and Research Director at BCA Research returns in this episode to discuss with Alan Dunne why he believes the US economy will soon enter recession and the S&P 500 will fall as low as 3750. Peter highlights the leading indicators in the housing market, labour market and in manufacturing that suggest to him that the economy is on a weakening trend and why he expects the unemployment rate to rise from here. They discuss current equity valuations, the Mag 7 and why investors may be overly optimistic on AI - Peter believes his base case of a fall in the S&P 500 to 3750 might be optimistic given the elevated level of profit margins. They also delve into what a Fed easing cycle will look like in the next downturn, Peter’s call for 3% 10 year yields in the US and the implications for fixed income, the US dollar and 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.

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    Episode TimeStamps:

    02:19 - What has changed since our last conversation?

    07:29 - Signs of weakness?

    09:31 - The key indicators of weakness

    12:15 - Are we actually becoming more wealthy?

    15:26 - Assessing the savings rate

    17:02 - Berezin's model for analyzing the economy

    20:04 - Is the lag kicking in now?

    22:00 - Challenges in the banking system

    24:37 - Are we seeing a tail wind from fiscal support?

    27:11 - Why Berezin thinks the stock market is 50% overvalued

    29:26 - Are AI companies in trouble?

    35:51 - The long term economic impacts of AI

    37:46 - Boosts in inventories: A tipping point to the economy?

    40:17 - Berezin's outlook for Fed policy

    42:47 - Rate cuts = recession?

    45:42 - The state and outlook of the U.S housing market

    47:25 - An unsustainable budget outlook

    50:44 - Will we see a strengthening of the dollar?

    52:19 - An upside for the yen

    53:53 - A collective cutting of rates

    55:06 - Has globalization run its course?

    56:40 - The structural outlook for commodities

    58:51 - What should you focus on?

    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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