Top Traders Unplugged With Niels Kaastrup-larsen | Engaging Conversations With The Top Traders & Investors

Today, Rob Carver joins us to reflect on a market environment that appears calm on the surface but feels increasingly fragile underneath. From oil market distortions and muted reactions to geopolitical risk to the steady resilience of equities, the conversation questions whether price action is telling the full story. Rob shares insights from his own performance, including why slower trend signals have recently dominated and why he is running lower risk despite positive returns. The discussion moves into portfolio construction, return stacking, and the growing role of ETFs, alongside a candid look at where complexity adds value in systematic investing and where it does not.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free

Markets are not stable systems. They evolve, adapt, and quietly erode the edges traders rely on. In this episode, Toby Crabel reflects on decades of experience navigating that reality, from the early days of Opening Range Breakout strategies to today’s fragmented and highly competitive landscape. He explains why momentum behaves differently now, how liquidity has shifted across sessions, and why execution has become a defining edge. The conversation also explores the limits of AI, the persistence of technical principles, and the importance of adapting without overfitting. At its core, this is a discussion about humility, uncertainty, and staying relevant as markets change.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free c

Markets are currently being shaped by geopolitical uncertainty, rapid technological change, and shifting investor behavior. In this episode, Andrew and Niels explore how these forces are influencing trend following and systematic investing. They discuss recent market volatility, the impact of global conflict on asset prices, and why traditional diversification assumptions are being tested. A key focus is the evolving structure of the CTA industry, including the rise of ETFs and the debate between complexity and simplicity in generating alpha. The conversation also examines replication strategies, implementation costs, and whether simpler approaches may deliver more efficient and consistent outcomes over time.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever writt

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, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Ad

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, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Boo

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, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free

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

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, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate

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, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy

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, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten R

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, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a f

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, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written&

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.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And

Cem Karsan sits down with Neil Howe to examine what a true regime shift means for markets and society. Howe argues that we are deep into a Fourth Turning, a generational winter that historically brings institutional fracture, geopolitical strain, and inflation that reshapes debts, assets, and political power. Cem ties that arc to today’s realities: the exhaustion of the 40 year tailwind from falling rates, record valuations meeting refinancing risk, and the uncomfortable truth that 60/40 has failed for long stretches before.They explore the growing divide between capital and labor, the pivot from globalization to industrial policy, and the rising appeal of commodities, cash, and convex hedges in a world where outcomes are less linear. Howe also details how his Fourth Turning ETF reflects that view, pairing thematic equities with real assets and disciplined tail protection.This is a conversation about preparing, not predicting, when history starts to rhyme a little louder.-----50 YEARS OF TREND FOLLOWING BOOK

In this episode, Alan Dunne and Cem Karsan explore a market that appears calm on the surface yet increasingly unstable underneath. As indices move sideways, they discuss how options flows and structured products are reshaping market behavior, driving rotation rather than direction. From the weakening of former leaders to the rise of defensives, the conversation turns to what these shifts may signal about a broader topping process. They also examine the growing influence of AI narratives, political incentives, and global tensions, not as isolated shocks but as forces building pressure within the system. The result is a discussion about how markets evolve when structure, policy, and sentiment begin to move out of sync.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ev

In today’s episode we talk to Mark Roberts, founder of Off Wall Street, a legendary provider of short selling research to hedge funds. Seven months before Enron became the biggest bankruptcy in US corporate history, Off Wall Street published a report recommending the shares be sold. The success of this call made Mark and Off Wall Street synonymous with original and rigorous research. We talk to Mark about his unusual personal background, how being a hippie in Berkeley in the 1960s prepared him for identifying overvalued companies two decades later. He explains why questionable accounting and high valuations are the “symptoms, not the disease” and compares today’s markets with those of the Dotcom era. His new book, Off Wall Street How To Win At Short Selling By Betting Against The Crowd was just released in February 2026.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most

Today Alan and Mark step back from the noise to examine a market environment that feels subtly but meaningfully different. From AI euphoria giving way to harder questions, to gold’s steady rise and a surprising divergence between US and emerging market inflation, the conversation centers on rotation, uncertainty, and shifting assumptions about safety. They explore whether Treasuries still anchor portfolios the way they once did, how fiscal pressures could reshape monetary policy, and why regime thinking matters for systematic investors. Beneath it all is a reminder that correlations change, narratives evolve, and adaptability remains the most durable edge in uncertain markets.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a fr

The global order is shifting in plain sight. In this Global Macro conversation, Steen Jakobsen, inventor of the Outrages Predictions, joins Niels Kaastrup-Larsen and Alan Dunne to examine the slow grind reshaping productivity, debt, currencies, and political stability. From dollar regime risk to state capitalism, from market concentration to commodity repricing, the discussion moves beyond headlines to structural fault lines. Is gold signaling debasement? Can the U.S. sustain its debt path? Does AI lift productivity or hollow it out? Rather than predict collapse, Jakobsen outlines a drawn-out transition where capital reallocates, volatility hides beneath the surface, and political systems are tested long before markets finally react.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best In

Today, we examine a year that looked chaotic but felt familiar to trend followers. Gold surged, equities rotated globally, and non-US markets quietly gained momentum. Yet beneath strong returns lies a deeper debate about model design, short versus long horizon signals, and whether innovation in liquid alternatives serves investors or sales desks. From AI disruption to product engineering and allocator behavior, this episode explores where systematic strategies truly create value and where structural incentives distort outcomes. In a changing macro regime, clarity of purpose may matter more than ever.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfoli

A familiar portfolio map is being redrawn. Ian Harnett traces the regime shift from disinflation and reliable bond hedges to a world where inflation pressures linger, supply chains shorten, and capital becomes a policy tool. The conversation moves from China’s exported deflation to Europe’s structural constraints, then into America’s strategy of attracting investment with tariff leverage. Beneath it all sits a political question: what happens if the governing coalition fractures ahead of the midterms. Harnett argues that is the moment the dollar turns from anchor to risk.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the