Top Traders Unplugged

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.
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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 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
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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

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

Manoj Pradhan returns to Top Traders Unplugged to explain why the forces that kept inflation and interest rates low for decades are now reversing. Drawing on themes from The Great Demographic Reversal and his new book The Unanchored Central Banker, he argues that aging populations, labor shortages, rising fiscal deficits, and the changing role of central banks are creating a very different macroeconomic landscape. The conversation explores why demographics matter more than many models assume, whether AI can offset labor shortages, and why central banks may increasingly be forced to choose between controlling inflation and maintaining fiscal stability.
-----
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 Kevin on SubStack & read his Book.
Follow Manoj on LinkedIn and Read his Book.
Episode TimeStamps:
00:00 - Why demographics matter for inflation and central banks
03:05 - The demographic sweet spot that lowered inflation and rates
06:28 - Why labor supply is now reversing
12:15 - Global birth rates and the replacement rate problem
17:03 - The fiscal blind spot in conventional economic models
20:31 - Housing, urbanization, and real interest rates
27:03 - Can AI offset labor shortages?
37:24 - Policy ideas to increase labor supply and manage aging
45:40 - Why central banks may become “unanchored”
50:40 - The tension between inflation control and debt stability
54:49 - Could high rates trigger a crisis and force policy reversal?
58:28 - Final thoughts on demographics, debt, and the future of inflation
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

Trend following investors are constantly searching for ways to improve performance, but not every improvement survives contact with reality. Rob Carver joins Niels Kaastrup-Larsen to explore whether investors should chase the strongest trends, how different asset classes contribute to returns across market cycles, and why overfitting remains one of the biggest dangers in systematic investing. They also discuss the rise of AI generated trading strategies, the debate around perpetual futures, the changing role of economic data, and what diversification really means when markets become driven by a handful of dominant forces.
-----
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 Rob on Twitter.
Episode TimeStamps:
00:00 - Introduction and summer optimism in the UK
02:10 - Middle East developments, SpaceX and the new Fed Chair
06:13 - Concerns about economic data and market transparency
10:38 - Trend following performance and current market positioning
14:39 - How Rob evaluates strategies and portfolio construction
19:57 - The factor zoo and true sources of return
22:37 - What trend following adds beyond traditional risk premia
29:54 - The rise of perpetual futures and exchange concerns
42:35 - Quantica research on trend performance across asset classes
55:01 - Why commodities have become a dominant source of trend returns
56:06 - AI generated trading strategies and the risk of overfitting
01:05:48 - Drawdowns, diversification and lessons from recent research
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

Michael Pettis joins Alan Dunne for a wide ranging conversation on trade imbalances, globalization and the future of the world economy. Drawing on decades of research into China, Europe and financial history, Pettis argues that persistent trade surpluses are ultimately rooted in domestic income imbalances rather than national competitiveness. The discussion explores why China struggles to rebalance, why Europe may face its biggest challenge yet, and how US reindustrialization could reshape global trade. From Bretton Woods to modern tariffs, this episode offers a provocative framework for understanding the forces driving the next phase of the global economy.
-----
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 Michael on X.
Episode TimeStamps:
00:00 - Michael Pettis warns that the real trade reckoning may still lie ahead
01:07 - Introduction to Michael Pettis and his background in finance and economics
06:34 - Why trade imbalances are ultimately driven by income imbalances
09:59 - Germany’s Hartz reforms and the roots of European imbalances
17:22 - Competitiveness versus productivity and the hidden costs of wage suppression
27:48 - China’s growth model and why rebalancing has proved so difficult
35:54 - Who will absorb China’s trade surplus if the US closes its deficit?
40:24 - Can the United States successfully reindustrialize?
45:31 - Why Europe may eventually turn toward protectionism
52:17 - The US deficit, global capital flows and the burden of dollar dominance
01:01:50 - Why the renminbi is unlikely to replace the dollar
01:10:45 - Historical trade imbalances and how painful adjustments unfold
01:16:21 - What Japan’s experience reveals about China’s future
01:21:02 - Final reflections on debt, globalization and economic adjustment
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