Top Traders Unplugged

Markets continue to evolve, and so do the strategies designed to navigate them. Alan Dunne joins Niels Kaastrup-Larsen to explore why changes in market structure may have permanently altered short term trend following, and what that means for systematic investors. They discuss a fascinating new research paper on market microstructure, the changing role of liquidity, the rise of high frequency trading and why faster no longer necessarily means better. Along the way they examine the Federal Reserve's evolving communication strategy, the outlook for commodities, and why regime change continues to create both risks and opportunities for trend followers.
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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 Alan on Twitter.
Episode TimeStamps:
00:00 - Summer reading, Jeremy Grantham and lessons from early quantitative investing
05:22 - Shrinking retail products, smaller futures contracts and the rise of retail trading
12:18 - First half performance review for CTAs and trend followers
15:36 - Commodity markets, Middle East tensions and the AI driven demand story
20:09 - Kevin Warsh, Fed communication and a new era for monetary policy
30:34 - Why regime change strengthens the case for trend following
38:34 - The research behind the decline of short term trend following
46:44 - Tick size, liquidity and what changed in market microstructure
49:43 - Alternative explanations for why fast trend has struggled
55:35 - Execution, market participants and the future of systematic trading
01:00:45 - Final thoughts on the next evolution of trend following
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer

The US dollar has become so familiar that most investors rarely stop to ask how it became the world's dominant currency or why that dominance has endured. Brendan Greeley joins Alan Dunne to trace the dollar's remarkable journey from a silver coin in sixteenth century Europe to the foundation of modern global finance. Along the way they explore the hidden mechanics of money creation, the evolution of offshore dollars, the Federal Reserve's expanding role, and why the institutions supporting the dollar may matter far more than politics. It is a conversation that challenges many of the assumptions investors hold about money, banking and monetary policy.
-----
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 LinkedIn.
Follow Brendan on X.
Episode TimeStamps:
00:00 - Why the Fed's balance sheet deserves far more scrutiny
00:57 - Brendan Greeley's journey from journalism to monetary history
06:36 - How studying financial history changed his view of economics
11:38 - The hidden difference between big money and small money
17:43 - How the dollar existed before the United States
26:40 - Why the dollar became the world's reserve currency
29:36 - The birth of the Eurodollar market and offshore money creation
34:53 - What really supports the dollar's global dominance
40:09 - Could global finance split into competing currency blocs
44:21 - Has the Federal Reserve become too powerful
50:01 - Why QE, the Fed's balance sheet and future reforms matter
52:53 - Brendan Greeley's essential book recommendation
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

Markets may be entering one of the most important regime shifts in decades. Cem Karsan joins Niels Kaastrup-Larsen to argue that the United States is moving away from traditional free market capitalism towards a far more strategic model where government, markets and technology become increasingly intertwined. They discuss why positioning continues to dominate market behaviour, the growing role of sovereign investment, the future of AI driven capital spending, and why the next major turning point may arrive after the US midterm elections. It is a conversation that challenges conventional market thinking and explores how politics, policy and capital are becoming inseparable.
-----
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.
Episode TimeStamps:
00:00 - America at 250 and why major turning points often arrive after two and a half centuries
03:43 - Why positioning matters more than headlines in today's markets
07:53 - Soft US jobs data and the disconnect between markets and the economy
09:15 - June performance review for trend followers and CTAs
15:14 - Why America may be adopting a more strategic form of capitalism
19:14 - The case for a US sovereign wealth fund and reshaping the financial system
30:31 - Why the US dollar remains America's greatest strategic advantage
37:52 - AI investment, capital spending and why this cycle may be different
45:46 - Kevin Warsh, Scott Bessent and the changing relationship between the Fed and Treasury
50:03 - The Summer of George and why market positioning dominates the summer months
52:22 - Why the US midterm elections could become the next major market catalyst
57:59 - Looking ahead to the second half of 2026
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

While much of the world is focused on geopolitical conflict, inflation and rising global tensions, Pippa Malmgren argues that a very different future may already be taking shape. Joining Niels Kaastrup-Larsen and Cem Karsan, she explores how artificial intelligence, advanced energy, shifting diplomacy and technological innovation could reshape the global economy and even reduce the risk of war. From the future of the US dollar and China to nuclear energy, robotics and non human intelligence, this conversation challenges conventional thinking and offers an unusually optimistic perspective on one of the most consequential periods in modern history.
-----
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 Pippa on X.
Episode TimeStamps:
00:00 - Why Pippa believes the future is far more optimistic than most expect
01:05 - Reuniting after four years and revisiting major geopolitical themes
03:11 - Digital finance, transparency and the changing role of the US Treasury
06:40 - Ukraine, foreign policy and the debate over hidden funding networks
12:01 - Why Pippa believes the world is moving toward a superpower rapprochement
22:17 - The US dollar, China and competing visions of global leadership
30:49 - Lessons from history, diplomacy and the search for lasting peace
39:38 - Nuclear energy, AI and the race toward technological abundance
45:48 - Populism, inequality and whether AI will widen or close the wealth gap
55:32 - How societies can prepare for an AI driven future
58:10 - Greenland, the Arctic and the strategic battle for space infrastructure
01:04:20 - Pippa's father, diplomacy and the lessons that shaped her worldview
01:09:28 - Non human intelligence, AI and the profound questions facing humanity
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

Markets rarely move in straight lines, but periods of uncertainty often create the biggest opportunities for systematic investors. Niels Kaastrup-Larsen and Mark Rzepczynski examine why geopolitical shocks, changing Federal Reserve leadership and shifting market regimes continue to shape trend following performance. They explore why only a handful of markets often drive returns, how diversification really works when correlations suddenly rise, and why managed futures have historically stood apart during periods of elevated volatility. Along the way, they discuss the future of monetary policy, economic data, AI driven productivity and what investors should watch as the second half of the year unfolds.
-----
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 Mark on Twitter.
Episode TimeStamps:
00:00 - Boston's World Cup beer shortage and remembering Alan Greenspan
05:14 - Greenspan's legacy, interest rates and lessons from 1994
10:45 - Trend following performance and the markets driving returns
14:14 - Why diversification matters and how many markets are enough
20:47 - Looking ahead to the second half of the year
23:10 - What defines a market regime change
27:49 - The new Fed Chair and five major policy priorities
39:12 - Why monetary policy changes matter for trend followers
48:28 - Research into hedge fund strategies and risk regimes
56:06 - Why managed futures stand out during periods of market stress
01:02:30 - Portfolio construction and the role of managed futures in uncertain markets
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