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    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:
    OI21: The Hidden Edge in Markets No One Is Trading ft. Tom Babbedge Apr 08, 2026
    Show notes

    What if the real edge in markets is not in adding more assets, but in choosing fundamentally different ones? In this episode, Moritz Siebert speaks with Tom Babbedge about why alternative commodity markets offer a distinct source of diversification and trend. They explore how structural supply and demand imbalances create persistent price moves, why many financial markets behave as one during stress, and how capacity constraints shape portfolio construction. The conversation also examines how markets are selected, how execution differs from traditional CTAs, and why understanding who trades a market may matter more than any backtest.

    -----

    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 Twitter.

    Follow Tom on LinkedIn.

    Episode TimeStamps:

    00:00 - Introduction to the episode and guest

    02:04 - Why focus only on commodity markets

    03:59 - The myth of diversification through more markets

    05:01 - Structural differences within commodity markets

    06:22 - Why financial markets behave as one in crises

    07:57 - Capacity constraints and portfolio construction

    11:18 - Adding and removing markets from the portfolio

    13:28 - How to identify truly alternative markets

    16:40 - Trend quality vs trend quantity explained

    19:11 - Structural drivers behind commodity trends

    20:01 - Case study European carbon and trend persistence

    26:59 - Execution as an edge in systematic trading

    32:42 - Reducing trading costs through patience

    40:09 - Why investors allocate to alternative commodity strategies

    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


    SI394: The Quarter That Tested Every Trend Follower ft. Katy Kaminski & Harry Moore Apr 04, 2026
    Show notes

    Markets rarely offer clarity when it matters most. In this episode, together with Katy Kaminski and Harry Moore, we reflect on a first quarter defined by sharp reversals, energy shocks, and rising dispersion across strategies. They explain how trend following adapted as leadership flipped across asset classes, and why results varied more than many expected. The conversation moves beyond performance to examine portfolio construction, from market selection and speed to the growing relevance of portable alpha. Along the way, they revisit periods of drawdown, investor behavior, and the role of liquidity in crisis environments, offering a grounded perspective on how systematic strategies respond when conditions change quickly.

    -----

    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.

    Follow Harry on LinkedIn.

    Episode TimeStamps:

    00:00 - Introduction and episode framing

    01:38 - Market backdrop and Q1 volatility

    07:29 - Trend following performance through Q1

    09:36 - Diversification vs equities and bonds

    11:21 - Dispersion across managers explained

    14:32 - Trend vs non trend strategies

    18:40 - A month that tested every component of trend

    21:17 - Optimal market mix and research insights

    30:00 - Macro factors and what trend captures

    35:57 - Portable alpha and cash efficiency

    42:23 - Risks in portable alpha construction

    49:04 - Drawdowns and investor behavior

    53:37 - Why trend recovers after shocks

    01:00:51 - Measuring alpha in macro strategies

    01:06:51 - Geopolitics and future opportunities

    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


    GM98: Powerlessness Is Rising and Nobody Is Ready ft. Peter Atwater Apr 01, 2026
    Show notes

    What happens when confidence fades and power becomes concentrated in fewer hands? Together with Peter Atwater we explore a world dividing along lines of control and vulnerability. From geopolitical conflict and energy dominance to rising inequality and generational pressure, they describe a system under strain. The discussion connects investor behavior, policymaking, and social dynamics through a single lens: confidence. As those at the top grow more assertive and those at the bottom feel increasingly powerless, tensions build in ways that history suggests rarely resolve smoothly. This is an important and timely conversation about imbalance, reaction, and what may come next.

    -----

    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 Peter on X.

    Episode TimeStamps:

    01:13 - Introduction and framing the confidence discussion

    02:53 - The K shaped world and rising vulnerability

    04:43 - Behavior at the top vs nihilism at the bottom

    06:48 - Confidence and policymaker decision making

    09:27 - From hubris to desperation in global systems

    12:23 - Iran, energy, and geopolitical motives

    17:05 - Leadership confidence and timing of conflict

    19:09 - Affordability crisis and consumer pressure

    22:43 - War priorities vs economic priorities

    25:53 - Control, drafts, and growing tension

    29:11 - Authoritarian drift and system constraints

    33:51 - Speed of crises in a connected world

    39:22 - Overconfidence and blindness to risk

    48:15 - Powerlessness as the trigger for change

    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


    SI393: The Illusion of Control in Modern Markets ft. Yoav Git Mar 28, 2026
    Show notes

    Markets often appear logical in hindsight, yet behave unpredictably in real time. In this episode, Niels and Yoav explore how recent events, from geopolitical shocks to shifting narratives, reveal the limits of traditional explanations. They discuss why assets like gold and bonds no longer react as expected, how flows and positioning can dominate price action, and why dispersion across managers increases during periods of stress. The conversation also examines the role of machine learning, the impact of volatility on execution, and the challenges of managing risk in fast moving markets. At its core, this is about navigating uncertainty when structure and narrative begin to diverge.

    -----

    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 Yoav on LinkedIn.

    Episode TimeStamps:

    00:00 - Introduction to the series

    01:19 - What is on the radar: markets and recent developments

    01:19 - The EM algorithm and its relevance to machine learning

    04:12 - Election narratives and unpredictability in real world outcomes

    06:51 - Gold, war, and why markets react unexpectedly

    09:07 - Inflation narrative vs risk off reality

    14:13 - Bond equity correlation breaking down

    17:29 - Fixed income volatility and regime uncertainty

    24:58 - Oil curve dynamics and supply constraints

    27:39 - Risk management differences between discretionary and systematic

    37:23 - Market flows, positioning, and forced liquidations

    41:30 - Excess volatility and what really drives markets

    49:36 - Trend vs value vs noise traders explained

    56:34 - Diversification, capacity, and portfolio construction

    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


    IL47: The AI Revolution That Will Redefine What It Means to Be Human ft. Craig Mundie Mar 25, 2026
    Show notes

    In today’s episode we talk to Craig Mundie, formerly the Chief Technical Officer at Microsoft and a leading advocate for responsible development of artificial intelligence. He joins Kevin Coldiron to discuss his book, Genesis: Artificial Intelligence, Hope, and the Human Spirit co-authored with Eric Schmidt and Henry Kissinger. Mundie believes the timeline for AI’s impact on the economy is extremely compressed, with dramatic breakthroughs in energy and work happening in the next few years. We also discuss the long-term implications of AI-generated knowledge and solutions that will likely be beyond our understanding. What questions should we ask and what preparations should we make - both individually and collectively as citizens - to prepare this future?

    -----

    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 Craig on LinkedIn and read his book.

    Episode TimeStamps:

    00:06 - AI as a collaborator and the end of traditional human evolution

    01:41 - Introduction to the Ideas Lab series and Craig Mundie

    03:48 - How the book Genesis came together

    09:52 - AI vs human learning and the rise of machine polymaths

    17:40 - When machines discover things humans cannot understand

    20:36 - The future of the scientific method in an AI-driven world

    25:48 - From tools to a new species: redefining our relationship with AI

    27:24 - Why AI adoption may outpace institutions and society

    33:26 - Energy, infrastructure, and global competition in AI

    40:55 - Wealth, labor, and the economic impact of abundant intelligence

    50:51 - Alignment, control, and the limits of human oversight

    58:25 - The ultimate question: do humans evolve or merge with AI

    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


    SI392: The Hidden Cracks in Systematic Strategies No One Talks About ft. Nick Baltas Mar 21, 2026
    Show notes

    Markets have shifted quickly in 2026, forcing systematic investors to reassess what is signal and what is noise. In this episode, Niels and Nick explore recent drawdowns, volatility in commodities, and how geopolitical shocks ripple through quantitative strategies. They unpack the role of QIS, the evolving structure of energy markets, and why some trends are holding while others fade. The conversation also challenges common assumptions about diversification, model design, and the growing influence of options markets. Rather than reacting to headlines, this episode focuses on how systematic investors interpret changing conditions and adapt without abandoning discipline.

    -----

    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 Nick on Twitter.

    Episode TimeStamps:

    00:01 - Introduction to systematic investing and current market backdrop

    01:03 - 2026 sentiment shifts from optimism to uncertainty

    03:04 - Commodity curve trades and recent QIS drawdowns

    08:34 - Why gas and oil behave very differently in markets

    11:17 - Media narratives vs actual CTA performance

    14:03 - Rising stagflation concerns and interest rate volatility

    18:08 - Trend following performance and positioning update

    27:06 - Do options markets impact trend following models

    38:28 - Core vs broad market universes in trend strategies

    48:46 - Can AI reshape systematic research workflows

    55:23 - Quant equity resurgence and lessons from past drawdowns

    01:02:19 - Macro uncertainty and what drives trends 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


    ALO34: Building an Asset Owner Mindset in Modern Pension Investing ft. Dan Mikulskis Mar 18, 2026
    Show notes

    In this episode, Alan Dunne speaks with Dan Mikulskis, CIO of People’s Partnership, about the evolution of large pension funds and what it means to think like an asset owner. Managing over £40 billion for millions of members, Dan explains how scale changes the way portfolios are constructed, managers are selected, and partnerships are built. The conversation explores the balance between passive and active strategies, diversification beyond equities, and the growing role of private markets. Dan also shares insights on governance, investment philosophy, and why humility is essential when making asset allocation decisions in complex global 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 Dan on LinkedIn.

    Episode TimeStamps:

    01:33 - Introduction to the global macro series

    02:18 - Introducing Dan Mikulskis and his background

    03:38 - From actuarial science to investment consulting

    05:45 - The history and growth of People’s Partnership

    08:18 - Auto-enrolment and the rise of large UK pension schemes

    11:12 - What it means to operate as an asset owner

    13:24 - Building the investment team and ownership model

    18:34 - Scale advantages in manager relationships and partnerships

    23:24 - How large asset owners select external managers

    28:58 - Balancing core partnerships and specialist managers

    34:25 - Macro insights and quarterly investment forums

    37:34 - Portfolio construction and diversified growth strategies

    43:19 - Concentration risk and global equity allocations

    50:44 - Factor investing and style diversification

    53:30 - The role of hedge funds and alternative strategies

    56:08 - Total portfolio approach in pension investing

    58:56 - Measuring performance and evaluating investment teams

    01:03:18 - Career advice for future CIOs

    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


    SI391: Why Trend Following Works... the Evidence ft. Richard Brennan Mar 14, 2026
    Show notes

    What if trends in financial markets are not anomalies, but the natural consequence of how markets function? In this episode, Niels and Richard explore the structural foundations of trend following. Drawing on research spanning 68 futures markets across four decades, Richard explains why markets exhibit persistent trends, fat-tailed returns, and volatility clustering. The discussion moves from oil market shocks to deeper questions about feedback loops, participant behavior, and regime shifts in financial markets. The conclusion is striking: trend following does not rely on fragile patterns. It aligns with fundamental structural properties embedded in how markets actually evolve.

    -----

    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 Rich on Twitter.

    Episode TimeStamps:

    00:00 - Introduction to the Systematic Investor Series

    02:08 - Oil market shock and the structural setup behind the spike

    06:10 - Why calm markets can hide explosive potential

    11:47 - How oil shocks ripple through inflation and the global economy

    15:29 - Why trend followers focus on process, not predictions

    22:15 - A changing regime that may favor trend following

    24:43 - The research behind The Fractals of Finance

    25:25 - Market memory and the meaning of the Hurst exponent

    31:22 - Why trends are structural rather than random patterns

    36:25 - Fat tails and why extreme market moves are far more common than expected

    41:12 - Divergent vs convergent market participants

    45:29 - The hidden risks in traditional volatility targeting

    49:33 - Phase transitions and regime shifts in markets

    55:33 - Why trend following aligns with market structure

    59:02 - Oil shocks, inflation risks, and the next potential market regime

    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


    ALO33: The Psychology Behind Better Asset Allocation ft. Aoifinn Devitt Mar 11, 2026
    Show notes

    In this episode, Alan Dunne speaks with Aoifinn Devitt about what it really means to build resilient portfolios in a world of shifting regimes and competing narratives. Drawing on experience across pensions, hedge fund advisory, and private wealth, Aoifinn reflects on how institutional lessons translate to individual investors. The conversation explores the role of diversification, the evolving case for private markets, and the limitations of labels such as hedge funds, factors, or alternative assets. Along the way, they discuss the behavioral traps that influence allocators, the challenges of manager selection, and why outcome based investing may offer a clearer framework for navigating uncertain 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 Aoifinn on LinkedIn.

    Episode TimeStamps:

    02:16 - Introducing Aoifinn Devitt and her background

    03:14 - From corporate law to a career in finance

    05:16 - Institutional vs private wealth portfolio construction

    09:47 - How macro regimes influence asset allocation

    12:53 - Rethinking the endowment model and private markets

    15:32 - Private credit and diversification challenges

    18:13 - Total portfolio approach vs traditional allocation

    21:27 - Bonds, equities, and changing correlations

    27:52 - Concentration risk and the dominance of mega cap stocks

    37:33 - The evolving role of hedge funds in portfolios

    42:35 - Gold, commodities, and inflation protection

    46:23 - Behavioral biases and long term market cycles

    57:35 - Advice for young professionals entering finance

    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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    SI390: When Narratives Change Faster Than Markets ft. Alan Dunne Mar 07, 2026
    Show notes

    Markets can shift direction faster than the narratives used to explain them. In this episode, Niels and Alan unpack the sharp reversal in bond markets, the geopolitical tensions shaping energy prices, and the role of options flows in keeping equity indices pinned despite rising uncertainty beneath the surface. The conversation moves through recent hedge fund industry discussions in Miami, renewed interest in portable alpha and the total portfolio approach, and the growing influence of AI on economic thinking and policy debates. Along the way, they revisit the core role of trend following in portfolios, explaining why its value often appears precisely when traditional allocations struggle most.

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

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    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:

    00:00 – Introduction to the Systematic Investor Series

    01:38 – Bond market reversal and shifting macro narratives

    03:29 – Options flows and the pinning of equity indices

    10:13 – AlphaQuest closure and pressures in short term trading strategies

    15:14 – Crisis alpha and how trend differs from a 60/40 portfolio

    23:18 – Recent CTA performance and trend opportunities across markets

    25:23 – Key takeaways from the Miami hedge fund conference

    37:48 – AI, productivity, and the policy dilemma for the Fed

    46:40 – Political dynamics behind the potential Fed leadership shift

    50:13 – Trend following as the “midfield player” in portfolios

    58:08 – Building a portfolio of CTAs and the challenge of tracking indices

    01:07:20 – Is CTA beta stable enough to benchmark?

    Copyright © 2025 – CMC AG – All Rights Reserved

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    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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