Top Traders Unplugged

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.

Craig Mundie, former Microsoft CTO and AI policy advocate, joins to discuss his book Genesis. He explores how AI may outpace human understanding, become a scientific partner, and redefine work and energy. Topics include machines as polymaths, institutional lag in adoption, strategic competition between countries, and possible paths toward symbiosis or a new hybrid human-AI future.

Nick Baltas, quantitative researcher focused on systematic investing and multi-asset QIS, joins to dissect recent market shifts. They probe commodity curve drawdowns, why gas and oil diverge, and how options flows can reshape short-term behavior. The discussion covers trend-following speed regimes, core vs broad universes, and how AI and research workflows are changing quantitative practice.

In this episode, Alan Dunne speaks with Dan Mikulskis, CIO of People’s Partnership, about the evolution of large pension funds and what it means to think like an asset owner. Managing over £40 billion for millions of members, Dan explains how scale changes the way portfolios are constructed, managers are selected, and partnerships are built. The conversation explores the balance between passive and active strategies, diversification beyond equities, and the growing role of private markets. Dan also shares insights on governance, investment philosophy, and why humility is essential when making asset allocation decisions in complex global markets.-----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.comAnd 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 Twitter.Follow Dan on LinkedIn.Episode TimeStamps: 01:33 - Introduction to the global macro series02:18 - Introducing Dan Mikulskis and his background03:38 - From actuarial science to investment consulting05:45 - The history and growth of People’s Partnership08:18 - Auto-enrolment and the rise of large UK pension schemes11:12 - What it means to operate as an asset owner13:24 - Building the investment team and ownership model18:34 - Scale advantages in manager relationships and partnerships23:24 - How large asset owners select external managers28:58 - Balancing core partnerships and specialist managers34:25 - Macro insights and quarterly investment forums37:34 - Portfolio construction and diversified growth strategies43:19 - Concentration risk and global equity allocations50:44 - Factor investing and style diversification53:30 - The role of hedge funds and alternative strategies56:08 - Total portfolio approach in pension investing58:56 - Measuring performance and evaluating investment teams01:03:18 - Career advice for future CIOsCopyright © 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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer

Richard Brennan, author and researcher on market microstructure and trend following, explains why trends arise from how markets work. He discusses oil shocks, long-range market memory, fat tails, volatility clustering, feedback loops, and a regime that favors trend-following rules over predictions. Short, sharp conversation about structural market behavior and its implications.

Aoifinn Devitt, an investment professional with pensions, hedge fund advisory and private wealth experience, joins to discuss resilient portfolio design. She explores diversification across shifting macro regimes. Private markets, private credit risks, outcome-based allocation and manager selection are covered in short, sharp conversations.

Alan Dunne, a systematic investor and trend-following specialist, offers macro commentary and portfolio perspective. He unpacks a sharp bond-market reversal. He explains how options flows can pin equity indices. He discusses trend following as crisis diversification, recent CTA performance, Miami hedge-fund takeaways, and AI’s influence on macro policy.

Neil Howe, author and historian behind the Fourth Turning generational theory, outlines why we may be in a generational winter. He discusses regime shifts reshaping rates, inflation, debt and political power. The conversation covers the pivot from globalization to industrial policy, the rise of commodities and cash, and portfolio approaches pairing equities, real assets and disciplined tail protection.

Cem Karsan, market practitioner known for options and macro risk analysis. He and Alan unpack how index pinning hides rising single-stock dispersion and sector rotation. They explore dealer option flows, structured-product mechanics, timing effects from expiries, AI’s narrative and political friction, and why calm markets may be masking growing systemic risk.

Mark Roberts, founder of Off Wall Street and pioneer of investigative short-selling research, shares his unconventional path from Berkeley to spotting major market mispricings. He discusses why broken business models, not just accounting, topple companies. Fieldwork, management language, timing challenges, and how today’s passive flows shape opportunities are explored in concise, surprising stories.