Top Traders Unplugged

SI393: The Illusion of Control in Modern Markets ft. Yoav Git

Mar 28, 2026
Guest
Yoav Git
Yoav Git, a fixed-income and systematic investing practitioner and researcher, breaks down why markets feel controllable in hindsight but chaotic in real time. He talks about flows and positioning overpowering fundamentals. He explores broken bond-equity relationships, volatility’s impact on execution, machine learning links, and why diversification and risk rules matter when narratives fail.
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ANECDOTE

Denmark Election Showed Narrative Unpredictability

  • Niels recounts Denmark's election where unexpected topics like animal welfare and clean water dominated over geopolitics.
  • He uses this anecdote to illustrate markets and narratives are unpredictable and don't always follow obvious headlines.
INSIGHT

Geopolitics Triggers Positioning Not Pure Fundamentals

  • Market moves after geopolitical shocks combine narrative and positioning rather than pure fundamentals.
  • Yoav Git shows bonds, gold and oil moved in inconsistent ways because flows, positioning and curve segments dominated immediate price action.
INSIGHT

Execution Timing Became A Key P&L Driver

  • Volatility spikes and surprise moves in March ranked among the largest from 1998 onward, creating execution and timing sensitivity.
  • Yoav Git notes oil traded $20–$25 ranges intraday so execution time materially changed P&L for similar signals.
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