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PODCAST

Top Traders Unplugged

Niels Kaastrup-Larsen

Discover the fascinating world of investing with Niels Kaastrup-Larsen and his remarkable co-hosts. Each week, we bring you compelling conversations with legendary investors, leading economists, masterful traders, and forward-thinking thought leaders. From Trend Following and Global Macro to Geo-Politics, Commodities, Quant Investing, Crypto, and Volatility, we uncover the strategies, stories, and lessons behind their success. Gain actionable insights from industry veterans as we celebrate their

business investing

All Episodes

01:07:19

UGO07: The Illusion of Safety: How Markets Became the...

Top Traders Unplugged ·

2025/10/22

Recorded amid the noise and pulse of the RMC conference in Munich, this episode of U Got Options follows a market learning to see itself anew. Cem Karsan speaks with Keith DeCarlucci on the return of macro discipline through EM carry and the quiet yield of volatility. Patrick Kazley traces the fault lines of diversification, where beta, convexity, and policy now intersect. And Hari Krishnan confronts the uneasy coexistence of human intuition and machine logic in risk. Together, they chart the

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01:01:45

SI370: Sharpe Ratios, Tail Risks, and the Cost of...

Top Traders Unplugged ·

2025/10/18

Nigol Koulajian, founder of AlphaQuest rejoins Niels and Alan for a conversation about markets shaped less by fundamentals than by perception. As political influence deepens and volatility is managed rather than discovered, traditional risk signals lose meaning. Sharpe ratios climb not through edge, but through exposure to hidden fragilities. Diversification is narrowing. And while systematic strategies continue to hold their line, the forces around them are shifting - slowly, structurally, and with

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01:01:15

GM89: When Credibility Becomes the Risk Premium ft....

Top Traders Unplugged ·

2025/10/15

Maurice Obstfeld joins Alan Dunne for a clear-eyed look at how the foundations of the global monetary system are shifting - and why much of the world is quietly preparing for a future without a stable dollar anchor. Drawing on decades in policy and research, Obstfeld explains how tariffs, fiscal dominance, and political interference are eroding the norms that once held the system together. They discuss the risk of fragmentation, the creeping politicization of the Fed, and why trust - not theory - is

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01:16:32

SI369: Liquidity, Leverage, and the End of Safety ft....

Top Traders Unplugged ·

2025/10/11

Gold is ripping, but it’s not about inflation. It’s about trust - or the slow erosion of it. Mark Rzepczynski returns to map out the shifting terrain as central banks quietly step away from sovereign debt and build reserves in metal, not paper. Niels presses on what this says about safe assets, liquidity, and the narratives we’ve long taken for granted. They unpack the rise of short-term options, the distortive power of retail flow, and the fragility buried inside modern plumbing. And as trend

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58:46

GM88: Cycles of Promise and Pain: Argentina’s...

Top Traders Unplugged ·

2025/10/08

Argentina’s history is one of recurring promises and painful resets. Nicolas Dujovne has lived that cycle from the inside, serving as Finance Minister during a rare attempt at fiscal repair before markets and politics turned against it. Now, as CIO of Tenac Asset Management, he reflects with Alan Dunne on why economic reform so often falters, how short-term pain fuels long-term instability, and what it would take to finally break the trap. Beyond Argentina, the discussion widens to emerging markets

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01:05:25

SI368: Valuation Has Left the Room ft. Cem Karsan &...

Top Traders Unplugged ·

2025/10/04

Cem Karsan joins Alan Dunne to chart a market running on more than just momentum. Beneath the surface: a structural liquidity engine, political incentives aligned with asset reflation, and a surge in non-correlated flows reshaping risk itself. As institutions scramble to catch up and volatility begins to rise with price, Cem draws on lessons from the late 90s to explain why the real story is not about valuation - but positioning. From AI’s misunderstood impact to the growing role of options, gold,

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01:03:12

IL42: Redefining Sovereignty in a Borderless...

Top Traders Unplugged ·

2025/10/01

China’s trade surplus with the US remains stubbornly large, but its appetite for Treasuries is fading. So where are the dollars going, and what does that say about the country’s evolving financial strategy? Kevin Coldiron welcomes back Dr. Zoe Liu for a nuanced look at how Beijing is managing external pressure, internal control, and the creeping disruption of dollar-backed stablecoins. Behind the headlines is a deeper story about surveillance, capital flight, and the boundaries of monetary

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01:07:19

SI367: Portfolio Design in a Distorted World ft....

Top Traders Unplugged ·

2025/09/27

Equities are up more than 50% since the April lows, yet the world feels anything but stable. In this episode, Niels Kaastrup-Larsen and Andrew Beer examine the widening disconnect between market behavior and the backdrop it’s unfolding against. From drone incursions over Denmark to political fragmentation and a rising tolerance for systemic risk, they explore why nothing seems to break - and what that complacency might be masking. Along the way, they unpack Bouchard’s inelastic market hypothesis,

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41:28

UGO06: Democratizing the Asymmetric Trade ft. Vlad Tenev

Top Traders Unplugged ·

2025/09/24

Vlad Tenev, CEO of Robinhood joins Cem Karsan at the Hood Summit in Las Vegas, for a timely conversation about the shifting edge in markets. From memories of hyperinflation in Bulgaria to unlocking tools once reserved for institutions, Vlad outlines how Robinhood is positioning retail for a different kind of market regime. Futures, short selling, 24-hour options, AI-driven trade simulation, and embedded social features aren’t just upgrades - they’re signals. With market structure evolving and a

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01:02:01

SI366: The Strategy Didn’t Fail. The Investors Did....

Top Traders Unplugged ·

2025/09/20

Rob Carver is back from summer break for a conversation that moves between past and present through the lens of lived experience. Starting with the anniversary of Lehman’s collapse, Rob and Niels unpack why strong performance often coexists with poor investor outcomes - and how timing, not strategy, remains the silent killer. They question the recent push into trend by asset management giants, weigh whether CTA underperformance marks a structural shift or a familiar cycle, and examine what the data

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01:03:51

ALO31: What If the Illiquidity Premium Was Never...

Top Traders Unplugged ·

2025/09/17

Richard Tomlinson joins Alan Dunne for a conversation shaped by experience, not theory. As CIO of LPPI, Richard is responsible for £27 billion in pension assets - but what stands out here is the clarity with which he navigates complexity. From the fading utility of labels like “illiquidity premium” and “hedge fund” to the trade-offs between cost, alignment, and control, this episode is about building portfolios that work in the real world - not just in a model. They explore inflation’s structural

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55:51

SI365: Design or Luck: Why Trend Following Results...

Top Traders Unplugged ·

2025/09/13

Katy Kaminski returns to explore why results in trend following rarely look alike, even when the rules sound the same. Using fresh research from Man Group and Quantica, she and Niels trace the fingerprints of design choices: the pace of signals, how portfolios tilt, whether to add carry, and the impact of alternative markets. Along the way they connect these differences to today’s landscape, from the Fed’s looming decision to Europe’s bond jitters, from gas and power’s outsized role in recent

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01:04:35

GM87: Who Really Sets Policy Now? ft. Anna Wong

Top Traders Unplugged ·

2025/09/10

Anna Wong, Chief U.S. Economist at Bloomberg, joins Alan Dunne with a clear-eyed assessment of where policy and politics are headed. As markets bet on cuts and the Fed talks balance, she sees a different risk: a slow-burning inflation that’s quietly taking hold. Anna breaks down why tariffs haven’t hit as expected, how AI is already reshaping the labor force, and what’s really driving service-sector price pressures. Beyond the data, the conversation turns to Fed culture, the limits of independence,

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01:11:45

SI364: What makes an Alternative Investment Truly...

Top Traders Unplugged ·

2025/09/06

What makes an alternative investment truly valuable? In this episode, Moritz Siebert joins Niels Kaastrup-Larsen for a conversation that moves past market moves and into the core design of systematic strategies. They explore what diversification really means, why manager size shapes more than just capacity, and how incentives - both fees and institutional expectations - quietly reshape the industry. From carbon markets and copper dislocations to volatility suppression and position sizing, this is an

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01:00:45

IL41: They’re Not Just Reading You... They’re...

Top Traders Unplugged ·

2025/09/03

What if knowing you isn’t the end goal... but shaping you is? In this episode, Kevin Coldiron speaks with Columbia professor Sandra Matz about how algorithms trained on our clicks, searches, and faces don’t just predict our behavior - they influence it. They unpack how personalization narrows possibility, why convenience can come at the cost of resilience, and what happens when machines learn to mirror us better than we mirror each other. From the false promise of data consent to the quiet collapse

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01:00:04

SI363: The Misreading of Trend ft. Nick Baltas

Top Traders Unplugged ·

2025/08/30

As trend following begins to reassert itself, Niels and Nick Baltas dig beneath the surface of recent CTA performance - where the signals are working, why fixed income remains unresolved, and how speed is revealing deeper structural divides. But this episode goes beyond attribution. What if the industry has mistaken correlation shifts for changes in signal speed? What if the very idea of a “trend beta” is flawed? And what if compounding durable returns isn’t about chasing performance, but protecting

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47:38

OI18: The Carbon Trade, Without the Illusion ft. Mike...

Top Traders Unplugged ·

2025/08/27

Mike Azlen joins Moritz Seibert for a frank look at carbon markets, and why much of what passes for climate action may be making things worse. While offsets dominate headlines, it's the regulated markets that deliver real emissions cuts by design, not intention. They unpack how cap-and-trade channels profit into abatement, why moral hazard plagues the voluntary space, and where long-only investors can find a real risk premium. From structural inefficiencies to measurable impact, this is a

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01:07:45

SI362: The Alpha Most Systems Miss ft. Yoav Git

Top Traders Unplugged ·

2025/08/23

Yoav Git and Alan Dunne sits down for a conversation that challenges familiar assumptions about curve trading, market structure, and the role of CTAs. They explore why dislocations across time horizons create pockets of alpha most models miss, and how breakout behavior in commodity spreads signals more than noise. Drawing on a recent Bank of England study, Yoav explains how different participants leave distinct footprints on the FX curve, and why CTAs, far from being passive allocators, can act as

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59:48

GM86: Everyone’s Watching the Fed. The Real Story’s...

Top Traders Unplugged ·

2025/08/20

Louis-Vincent Gave returns with a blunt assessment of a global order fraying at key seams. Construction is stalling. Trade policy is adrift. Capital is retreating from the U.S. And yet, markets hum along... propped up by AI euphoria and the illusion of fiscal permanence. In this conversation with Alan Dunne, Louis questions whether investors grasp the shifting ground beneath their feet: from rising tariff walls to energy fragility, from the quiet restructuring of China’s financial system to the

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01:26:51

SI361: The Four Faces of Trend Following ft. Richard...

Top Traders Unplugged ·

2025/08/15

Richard Brennan joins Niels for a conversation that redefines how trend following is understood. Behind the shared language lie four distinct archetypes - each built around a different purpose. Richard walks through them with clarity, then unpacks the trade-offs: static sizing vs. vol targeting, symmetry vs. asymmetry, speed vs. patience. A real-world portfolio test drives the point home... some strategies don’t just prefer diversification, they depend on it. This episode is about design, but more

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867 results

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