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Top Traders Unplugged is where the world’s best investors come to share how they think - not just what they trade.
Hosted by Niels Kaastrup-Larsen, the show goes deep into systematic trend following, global macro, and the principles that drive long-term success.
No forecasts. No fads. Just real conversations with hedge fund managers, economists, authors, and allocators - revealing the timeless ideas, mental models, and risk frameworks behind robust performance.
If you're building resilient portfolios, allocating capital, or simply looking to cut through the noise - this is your edge.
Clear thinking. Deep insights. Real experience.
🎧 New episodes weekly. Explore all episodes at toptradersunplugged.com toptradersunplugged.com
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SI424: Can Your Portfolio Survive the AI Hangover? ft. Alan Dunne
How resilient is your portfolio if stocks and bonds fall together? Alan Dunne joins Niels Kaastrup-Larsen to examine what stock–bond correlations can conceal and why owning more assets may leave investors exposed to the same risks. They exp
GM109: Why Buffett Finally Went All In on Japan ft. Andrew McDermott
Alan Dunne is joined by Mission Value Partners founder Andrew McDermott to challenge some of the conventional thinking around Japan. Andrew argues that Japan’s supposed “lost decades” look very different when viewed beyond GDP and stock mar
SI423: Why Trend Following Might Outlast the AI Arms Race ft. Mark Rzepczynski
Niels Kaastrup-Larsen and Mark Rzepczynski explore why the changing structure of global markets may be creating a very different environment for trend followers. They discuss why today’s bond selloff may represent a return to normal rather
GM108: Maybe Japan Is Finally Changing for Real ft. Jesper Koll
Alan Dunne is joined by longtime Japan strategist Jesper Koll to explore why Japan may be entering one of its most important economic shifts in decades. Jesper explains why demographics and government debt are less threatening than many inv
SI422: Why Trend Following Rewards Patience ft. Katy Kaminski
Niels Kaastrup-Larsen and Katy Kaminski explore why geopolitical risk and structural inflation may be changing some of the assumptions behind traditional portfolios. Katy revisits her recent Copenhagen presentation on crisis alpha, explaini
UGO13: How Much Longer Can AI Carry the Market ft. Christian Mueller-Glissmann
Cem Karsan is joined by Goldman Sachs’ Christian Mueller-Glissmann to ask how much longer the AI boom can keep supporting markets as the bond market becomes increasingly difficult to ignore. They discuss whether today’s extraordinary earnin
SI421: Taking CTAs Mainstream ft. Andrew Beer
How reliable is 60/40 when stocks and bonds fall together? Andrew Beer joins Niels Kaastrup-Larsen to question the return forecasts and diversification assumptions behind traditional asset allocation. They explore how a systematic, non-emot
IL54: Why Smart Investors Keep Making Crazy Decisions ft. Alex Edmans
In today’s episode we talk with London Business School professor Alex Edmans. He has spoken at Davos, testified in the UK House of Commons and reached millions through his TED Talks. He joins the show to discuss his new book, THE MADNESS OF
SI420: The Market Might Be More Fragile Than It Looks ft. Cem Karsan
Alan Dunne is joined by Cem Karsan to examine the forces pushing bond yields higher and why he believes markets are becoming increasingly fragile. Cem argues that refinancing pressures, persistent inflation, declining foreign demand for Tre
TTU153: Why Investors Keep Getting Trend Following Wrong ft. Patrick Welton
Niels Kaastrup-Larsen and Alan Dunne are joined by Welton Investment Corporation founder Patrick Welton to explore what four decades in markets have taught him about trading, risk and managing other people’s money. Pat shares lessons from h
SI419: What Happens When AI Starts Building the Portfolio ft. Nick Baltas
Alan Dunne is joined by Nick Baltas to discuss a strong period for trend following and what the latest research says about adapting systematic strategies to changing markets. They examine whether volatility can help determine how quickly tr
OI24: Why Power Trading Is 10 Times Crazier Than Crypto ft. Cory Paddock
Moritz Seibert is joined by GBE Energy co-founder Cory Paddock for a look inside the unusual world of proprietary power trading. Cory explains how electricity markets combine weather, physics and economics, and why understanding supply and
SI418: Why Markets Are More Alive Than We Think ft. Richard Brennan
Niels Kaastrup-Larsen and Richard Brennan explore what the science of complex adaptive systems can teach us about markets and trend following. Drawing on research from the Santa Fe Institute, they examine why markets may be better understoo
IL53: How Bonds Quietly Built the Modern World ft. Robin Wigglesworth
Today we talk with the editor of the Financial Times’ Alphaville blog, Robin Wigglesworth. Robin is the author of A Fabulous Debt - the Epic Story of How Bonds Built the Modern World. He tells the story of the bond market’s beginnings in Ve
SI417: What Happens When AI Starts Trading the Markets ft. Rob Carver
Niels Kaastrup-Larsen and Rob Carver discuss a market that feels unusually calm despite growing pressure beneath the surface. They look at rising concerns around government debt and bond yields, recent changes to a major managed futures ETF
GM107: What If AI Actually Pushes Interest Rates Higher? ft. Matt Klein
Alan Dunne is joined by Matt Klein to discuss whether the excitement around AI is getting ahead of the economic reality. Matt explains why the parallels with the 1990s productivity boom may be misleading and why stronger productivity could
SI416: 137 Years of Trend: What the Evidence Really Shows ft. Yoav Git
Niels Kaastrup-Larsen and Yoav Git examine why trend following continues to endure despite decades of changing markets and persistent skepticism. They revisit AQR’s 137-year study of trend following, exploring diversification, volatility sc
GM106: What Happens When the Debt Finally Matters ft. Marvin Barth
Marvin Barth joins Niels Kaastrup-Larsen and Cem Karsan for a wide-ranging debate about the Fed, inflation and the growing pressures on the US economy. Barth argues that central bankers have become too confident in models that cannot fully
SI415: Maybe This Is Just What Normal Markets Look Like ft. Alan Dunne
Niels Kaastrup-Larsen and Alan Dunne examine how a changing macro regime is reshaping markets and the role of trend following. They discuss unusual U.S. intervention in the yen, mounting sensitivity around Treasury yields, and questions sur
IL52: Why Staying Calm Is the Ultimate Investing Edge ft. David Booth
In today’s episode we talk with a pioneer of modern asset management, Dimensional Fund Advisors founder David Booth. David founded Dimensional in 1981 and it has since grown to over $1 trillion in assets, making it one of the most successfu
SI414: The Hidden Risks Beneath the Treasury Market ft. Mark Rzepczynski
Niels Kaastrup-Larsen and Mark Rzepczynski examine the warning signs emerging beneath seemingly calm markets, from extreme single-stock moves and commodity shortages to growing strains in the U.S. Treasury market. They explore how leveraged
ALO38: Why the Old Rules of Diversification Are Changing ft. Mike Pyle
Alan Dunne is joined by Mike Pyle, Deputy Head of BlackRock’s Portfolio Management Group, to explore how a supply-driven world is reshaping markets and portfolio construction. They discuss the transition from the demand-constrained 2010s to
SI413: Why Trend Following Is More Than Crisis Alpha ft. Andrew Beer & Tom Wrobel
Niels Kaastrup-Larsen is joined by Andrew Beer and Tom Wrobel to examine a remarkable period for systematic investing. They discuss how CTAs have navigated volatile moves across equities, commodities, currencies and rates while preserving s
ALO37: Investing in the New World Order ft. Charles-Henry Monchau
Charles-Henry Monchau joins Alan Dunne to discuss how geopolitics, artificial intelligence and structural economic shifts are reshaping global investing. They explore the AI supercycle, the changing balance between the US, China and Europe,
SI412: Portable Alpha: Asking the Questions That Matter ft. Harry Moore
Niels Kaastrup-Larsen and Harry Moore explore the latest developments in trend following, the AI investment boom and why diversification matters most when markets come under pressure. They discuss CTA performance, market dispersion, portabl
ALO36: The Endowment Playbook for Long-Term Investing ft. Paul Chai
Paul Chai joins Alan Dunne to discuss what it takes to manage a perpetual investment portfolio designed to support future generations. As CIO of the Kansas State University Foundation, Paul explains how disciplined asset allocation, thought
SI411: Why the Best Portfolios Are Built to Be Wrong ft. David Dredge & Richard Brennan
The future isn’t hidden. It hasn’t been written yet. That idea anchors this foundational conversation between Dave Dredge, Richard Brennan and Niels Kaastrup-Larsen, on what risk really means in markets. They challenge the mathematics behin
IL51: Why Most Recessions Are Completely Misunderstood ft. Tyler Goodspeed
Why do recessions happen? Tyler Goodspeed joins Kevin Coldiron to challenge some of the most deeply held beliefs in economics. Drawing on more than three centuries of data from the United States and the United Kingdom, he argues that recess
SI410: The Next Evolution of Trend Following ft. Nick Baltas
Niels Kaastrup-Larsen and Nick Baltas explore how artificial intelligence, thematic investing and narrative momentum are beginning to reshape systematic investing. Alongside a review of recent CTA performance, they discuss new research on e
OI23: Why Capital Efficiency Is the Next Edge in Investing ft. Charlie McGarraugh
Charlie McGarraugh joins Moritz Seibert to discuss how systematic investing is evolving beyond traditional trend following. Drawing on experience from Goldman Sachs, crypto and machine learning, Charlie explains why adaptive portfolios, cap
