SI397: The Market Isn’t Free Anymore, It’s Being Managed ft. Cem Karsan
Top Traders Unplugged
Underpriced Risks and Sumo Market Concept
Cem warns markets underprice long-term inflation, supply shocks and rising commodity scarcity.
Today Cem Karsan and Niels Kaastrup-Larsen examine a market environment where politics, geopolitics and liquidity are becoming harder to separate. Cem argues that recent market strength is not just a reaction to better news, but part of a broader effort to manage risk, support collateral values and prepare for deeper geopolitical stress. From rising military spending and the Strait of Hormuz to treasury demand, QIS growth, AI and the next inflation wave, this conversation is about what happens when markets stop being passive observers and become tools in a larger strategic contest.
-----
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:
00:00:01 - Introduction to Top Traders Unplugged
00:00:35 - Niels and Cem reconnect and set the stage
00:01:51 - Truth, narratives and the blurring of reality
00:04:15 - Fed independence, politics and credibility
00:07:45 - The rise of QIS and demand for alternative strategies
00:12:52 - Trend following update and current market performance
00:15:23 - Framing the disconnect between markets and reality
00:20:09 - Liquidity, market rallies and strategic positioning
00:25:08 - Are markets being actively managed
00:34:51 - The real geopolitical battle and the role of China
00:40:32 - What investors may be underpricing
00:52:55 - Why markets can rise despite growing risks
00:55:56 - Treasury demand, intervention and future policy paths
00:58:04 - Inflation, debt monetization and long term outlook
01:02:16 - AI, deflation and the political response
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
The AI-powered Podcast Player
