Top Traders Unplugged
Niels Kaastrup-Larsen
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 https://toptradersunplugged.com
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 https://toptradersunplugged.com
Episodes
Mentioned books
72 snips
Nov 8, 2025 • 1h 3min
SI373: Why Trend Thrives When Inflation Returns ft. Yoav Git
Yoav Git, a quantitative investor specializing in systematic and trend strategies, joins the conversation to explore intriguing market dynamics. He discusses the inelastic markets hypothesis, revealing how a single dollar of inflow can amplify valuations dramatically. Yoav critiques efficient market assumptions and delves into the power of trend following during inflationary periods. The impact of flows on price movements, alongside the peculiarities of managed futures as inflation hedges, highlights the evolving narrative of today’s financial landscape.
30 snips
Nov 5, 2025 • 1h 11min
GM90: The Quiet Repricing of Reality ft. Adam Rozencwajg & Cem Karsan
Adam Rozencwajg, a seasoned natural resources and commodities investor, brings profound insights into the current economic landscape. He discusses the hidden fractures in monetary systems and the potential resurgence of inflation. The conversation explores the decline of US shale and Venezuela's untapped oil reserves. Adam highlights why commodities, particularly oil and metals, remain undervalued despite geopolitical pressures. Additionally, he unpacks the cyclical nature of markets and the looming risks of debt monetization.
49 snips
Nov 3, 2025 • 41min
OI19 BONUS: Living With Ed Seykota ft. David Druz
David (Dave) Druz, a former commodity trader, shares his fascinating journey of living with legendary trader Ed Seykota for six months. He highlights Seykota's unique, psychology-focused approach to trading, emphasizing instinct and presence over systems. Dave recounts successes and psychological struggles while mimicking Seykota's style, revealing the pressures of performance in trading. The conversation also explores optimal bet sizes, emotional resilience, and the importance of aligning trading strategies with personal psychology.
48 snips
Nov 1, 2025 • 59min
SI372: QIS Unboxed: Rules, Wrappers, and Reality ft. Nick Baltas
Nick Baltas, a quantitative product specialist at Goldman Sachs, shares insights on the $1.3 trillion QIS industry. He discusses how trading speed affects strategy results and the importance of understanding market resilience versus fragility. Nick highlights the dominance of equities in QIS allocations and the diverse client base from pensions to hedge funds. The conversation also touches on the challenges of designing QIS products for scale and the complexities of index wrappers, revealing the nuanced dynamics that drive this fascinating sector.
57 snips
Oct 29, 2025 • 1h 37min
OI19: The Trader Who Never Spoke...Until Now ft. David Druz
In this intriguing conversation, Dave Druz, a veteran commodity trader and Ed Seykota's first apprentice, breaks his decades-long silence. He shares his unique approach to trading, emphasizing the importance of portfolio construction over following trends. Druz discusses trading against commercial hedgers, explains the psychology behind coping with volatility, and the practice of precise position sizing. He also reflects on his choice to run a small, investor-focused firm and the reasons behind its recent closure, offering valuable insights for traders and investors alike.
112 snips
Oct 25, 2025 • 1h 17min
SI371: Trends Don’t Form Randomly. They Form Reflexively ft. Richard Brennan
Rich Brennan, an experienced systematic investor and trend follower, delves into market dynamics, arguing that movements arise from impact and memory rather than randomness. He explores the concept of reflexivity, explaining how single trades reshape market structures. Rich also discusses the significance of fractals in understanding market trends and the implications of non-ergodicity. Position sizing strategies come to the forefront as he highlights the importance of survival in a fractal market over traditional statistical methods.
58 snips
Oct 22, 2025 • 1h 7min
UGO07: The Illusion of Safety: How Markets Became the Economy ft. Keith DeCarlucci, Patrick Kazley & Hari Krishnan
Keith DeCarlucci, Chief Investment Officer of Melcart Macro Fund, discusses cross-asset derivatives and finds opportunity in emerging market FX. Patrick Kazley, President at One River Asset Management, dives into managing two-tailed market risks and questions the relevance of the 60/40 portfolio model. Hari Krishnan, author and derivatives expert, highlights AI's potential to reshape options trading but warns about its limitations in tail event modeling. Together, they explore the interplay of new intelligence and market instincts.
65 snips
Oct 18, 2025 • 1h 2min
SI370: Sharpe Ratios, Tail Risks, and the Cost of Comfort ft. Nigol Koulajian & Alan Dunne
Nigol Koulajian, founder of AlphaQuest and expert in systematic strategies, joins to delve into the intricate dance between market perception and reality. He highlights how political influence has distorted traditional risk signals and emphasizes hidden fragilities behind high Sharpe ratios. The conversation explores the danger of complacency in what seems like stability, the impact of behavior on market dynamics, and the threats posed by skew and convexity. Koulajian also discusses how to turn market fragility into opportunity amidst shifting conditions.
15 snips
Oct 15, 2025 • 1h 1min
GM89: When Credibility Becomes the Risk Premium ft. Maurice Obstfeld
Maurice Obstfeld, a Senior Fellow at the Peterson Institute and former Chief Economist at the IMF, shares his insights on the evolving global monetary landscape. He highlights how political pressures and tariffs are eroding trust in the dollar, examining the risks of payment system fragmentation. Obstfeld warns that U.S. policy changes could undermine the dollar's credibility while discussing the potential consequences of domestic industrial policies. He also explores AI's role in addressing fiscal challenges, striking a hopeful yet cautious note.
47 snips
Oct 11, 2025 • 1h 17min
SI369: Liquidity, Leverage, and the End of Safety ft. Mark Rzepczynski
Mark Rzepczynski, a seasoned finance academic and market expert, joins to explore the evolving landscape of safe assets. He discusses how central banks’ shift towards gold is reshaping trust in sovereign debt. The conversation delves into the influence of retail trading on market noise and liquidity. Rzepczynski also touches on the complexities of modern financial systems, emphasizing the importance of adaptive strategies over mere asset safety. With insights into market plumbing and participant dynamics, he reveals the fragile intricacies of today’s financial environment.
