Top Traders Unplugged

Trend following has long promised and delivered diversification, crisis protection and uncorrelated returns. Yet many investors still struggle to hold it through difficult periods. In this conversation, Andrew Beer and Eric Crittenden explore why that gap exists and how combining trend following with equities may create a more durable portfolio. Together with Niels Kaastrup-Larsen discuss the rise of managed futures ETFs, the debate between simplicity and complexity in systematic investing, and why algorithmic discipline allows investors to act when intuition fails. The episode also examines portfolio construction, product design and the evolving role of alternatives in a changing investment landscape.
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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, 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 Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Follow Andrew on Twitter.
Follow Eric on LinkedIn.
Episode TimeStamps:
00:00 - Introduction to the Systematic Investor series and the week's guests
02:19 - Eric reflects on recent market trends and challenging periods for trend followers
03:15 - Andrew shares optimism about AI, innovation and technological progress
06:25 - Elon Musk, SpaceX and the future of technological disruption
09:22 - The evolution of managed futures ETFs and the growing demand for alternative strategies
15:58 - How ETF liquidity works and why portfolio construction matters
19:40 - The case for combining equities and trend following into one portfolio
21:37 - Eric explains the philosophy behind his multi asset approach
31:15 - Product design, allocator behavior and why diversification often fails in practice
40:44 - Simplicity versus complexity in systematic investing
46:58 - Why elegant models often fail in real world markets
57:05 - Sharpe ratios, diversification and combining multiple return streams
59:52 - Andrew introduces the idea of Contrarian Tactical Alpha
01:02:55 - Eric on algorithmic discipline and why trends are uncomfortable to follow
01:05:26 - Final thoughts on trend following, risk management and portfolio construction
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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Disclaimer

As Kevin Warsh prepares to take the reins at the Federal Reserve, a deeper question emerges: has the Fed reached the limits of what monetary policy can achieve? Cem Karsan sits down with Danielle DiMartino Booth to explore the growing tensions between inflation, debt, financialization, and political pressure. From the future of quantitative easing and Treasury market risks to the rise of populism and the long term consequences of decades of intervention, this conversation examines whether the United States is approaching a turning point that could redefine the relationship between markets, government, and the Federal Reserve.
-----
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 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 Danielle on X.
Episode TimeStamps:
00:00 - Introduction and why Kevin Warsh's arrival at the Fed matters
02:25 - Warsh steps into a divided Federal Reserve
05:13 - The debt problem and the pressures facing policymakers
07:52 - Can Warsh avoid another era of quantitative easing?
10:00 - Interest rates, inflation, and the limits of Fed policy
17:53 - Revisiting Arthur Burns and the lessons of the 1970s
23:02 - Treasury buybacks, debt monetization, and market stability
29:27 - Populism, demographics, and the future inflation outlook
37:34 - Is the Fed’s mandate shifting toward managing government debt?
43:06 - Sovereign wealth funds and the possibility of equity market intervention
45:56 - Would merging Treasury and the Fed end central bank independence?
49:59 - Has the Federal Reserve broken the natural business cycle?
51:22 - Final thoughts on crisis, reform, and America’s economic future
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

Geopolitical tensions, inflation shocks, and shifting market regimes are reshaping the investment landscape. Marat Molyboga and Katy Kaminski joins us to explore why managed futures have historically performed well during periods of geopolitical stress and why investors often misunderstand the role of crisis alpha in a portfolio. The conversation examines inflation driven market disruptions, diversification, short term versus long term trend following, portfolio construction, and the behavioural mistakes that prevent many investors from capturing the full benefits of trend strategies. It is a wide ranging discussion about risk, uncertainty, and adapting to a changing world.
-----
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 Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Follow Katy on LinkedIn.
Episode TimeStamps:
00:00 - Introduction and welcome to the Systematic Investor series
01:13 - Marat Molyboga's background and Efficient Capital's investment philosophy
05:29 - World Cup excitement, soccer stories, and thoughts beyond markets
11:36 - AI, market concentration, energy trends, and major macro headlines
15:16 - Trend following performance review and key market drivers in 2026
23:36 - Understanding crisis alpha and the role of managed futures in portfolios
33:24 - Diversification, portfolio construction, and avoiding investor mistakes
44:08 - Geopolitical risk research and its connection to inflation
53:01 - Why managed futures have historically benefited from geopolitical uncertainty
59:01 - Commodities, inflation shocks, and the mechanics behind crisis alpha
01:06:47 - The case for short term trend following and execution challenges
01:20:31 - Final thoughts and lessons for navigating an uncertain investment landscape
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

How do quantitative investors adapt when markets, technology and macro regimes are constantly changing? In this conversation, Alan Dunne sits down with George Patterson, CIO of PGIM Quant Solutions, to explore the evolution of systematic investing from the 1990s to today’s AI driven landscape. They discuss regime detection, inflation risk, portfolio construction, machine learning, private markets, volatility overlays and the growing role of language models in investment research. George also shares insights from decades in quant investing, including lessons from Covid, the importance of model discipline and why communication skills matter as much as technical expertise.
-----
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 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 George on LinkedIn.
Episode TimeStamps:
00:00 - Introduction to George Patterson and his journey from physics to quantitative investing
03:12 - Why multidisciplinary teams matter in modern quant investing
04:13 - Inside PGIM Quant Solutions and the evolution of multi asset investing
06:03 - How markets and macro investing have changed since the 1990s
09:12 - The future of the 60/40 portfolio and institutional portfolio construction
12:11 - Private markets, liquidity challenges and institutional investor concerns
13:25 - Inflation, commodities and building modern inflation hedges
19:33 - Detecting macro regimes using quantitative models
23:26 - The hardest part of systematic investing: trusting the process
27:00 - Covid, model failures and managing regime shifts in real time
30:07 - Portfolio protection, options strategies and volatility overlays
32:01 - How AI and large language models are transforming quantitative research
40:02 - Fiscal risks, inflation concerns and the changing rate environment
44:26 - Simplicity versus complexity in quantitative model design
48:05 - Why markets evolve faster today and how models must adapt
51:08 - Retail investors, meme stocks and market distortions
53:33 - Emerging markets and where long term opportunities may exist
55:08 - The future of quant investing and the limits of AI hype
57:10 - George Patterson’s career advice for aspiring quants
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

What happens when markets stop behaving like machines and start behaving like living systems? In this episode, Richard Brennan joins Niels to explore passive investing, complex adaptive systems, volatility suppression, and the hidden forces reshaping modern market structure. From structured products and reflexive flows to demographics, trend following, and the fragile illusion of equilibrium, this conversation asks whether markets are becoming more unstable precisely because investors believe they have become safer. A thoughtful and layered discussion about why price discovery may be weakening, why trends persist, and why systematic strategies may be more relevant in a world increasingly shaped by feedback loops.
-----
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 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 episode and overview of today’s discussion
02:22 - Richard Brennan breaks down passive investing through the lens of complex adaptive systems
06:51 - What “complex adaptive systems” actually means in markets
14:53 - Why passive investing changes market structure without individual investors realizing it
24:06 - Niels discusses structured products, volatility suppression, and market fragility
29:23 - How demographic shifts could eventually reshape passive investing trends
35:37 - Trend following performance update and the TTU Trend Barometer
38:48 - Listener question on variance, volatility, and correlation in systematic trend following
42:04 - The “murmuration” analogy and why markets behave like flocks instead of machines
48:31 - Why equilibrium theory survives despite failing to explain real markets
51:17 - The endogenous engine of markets and the mechanics of reflexivity
57:47 - How trend followers align with the architecture of modern markets
01:03:12 - Why passive investing weakens balancing forces and strengthens trends
01:13:43 - The statistical evidence showing markets structurally trend over time
01:21:18 - Why trend following may become even more effective in the future
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