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
Oct 8, 2025 • 59min
GM88: Cycles of Promise and Pain: Argentina’s Unfinished Lesson ft. Nicolas Dujovne
Nicolas Dujovne, former Finance Minister of Argentina and now CIO of Tenac Asset Management, shares his insights on Argentina's turbulent economic history. He discusses the challenges of fiscal reform amidst political constraints and evaluates the potential of dollarization for stability. Dujovne also highlights emerging markets' improved resilience, driven by local financing and central bank independence. With a keen eye on geopolitics and demographic trends, he offers a cautiously optimistic view on AI's role in raising productivity and wages.
116 snips
Oct 4, 2025 • 1h 5min
SI368: Valuation Has Left the Room ft. Cem Karsan & Alan Dunne
Cem Karsan, a market strategist known for his insights into liquidity and macro changes, discusses the current market landscape with Alan Dunne. They explore how structural liquidity and political incentives are reshaping asset valuation, dissecting why it's less about traditional fundamentals and more about positioning. Karsan draws parallels to the late '90s, emphasizing the rise of non-correlated assets like gold and crypto. They also tackle AI's nuanced role in the market and the expanding realm of options trading amidst increasing volatility.
15 snips
Oct 1, 2025 • 1h 3min
IL42: Redefining Sovereignty in a Borderless Financial System ft. Zoe Liu
Dr. Zoe Liu, an expert in Chinese state finance and author of 'Sovereign Funds', dives deep into China's evolving financial strategies. She discusses the fading appetite for U.S. Treasuries and how China is diversifying its dollar reserves. Zoe highlights the rise of stablecoins and how they challenge monetary sovereignty, especially in China, where anonymous dollar flows threaten government controls. She also explores China's unique approach to programmable money and the delicate balance of innovation versus state oversight.
78 snips
Sep 27, 2025 • 1h 7min
SI367: Portfolio Design in a Distorted World ft. Andrew Beer
Andrew Beer, a seasoned allocator and hedge fund commentator, joins to dissect today’s perplexing market dynamics. Despite equities soaring, the global backdrop feels unstable. They dig into Bouchard’s inelastic market hypothesis, examine CalPERS' shift towards Total Portfolio thinking, and discuss the structural intricacies within multi-strategy hedge funds. The conversation highlights why multi-strats continue to succeed against the odds, while exploring market complacency and the quiet shifts that could reshape investing landscapes.
7 snips
Sep 24, 2025 • 41min
UGO06: Democratizing the Asymmetric Trade ft. Vlad Tenev
Vlad Tenev, CEO of Robinhood, shares insights on democratizing trading tools traditionally reserved for institutions. He reflects on his family's experience with hyperinflation in Bulgaria and discusses Robinhood's new features, including 24-hour options and AI-driven trade simulations. Vlad highlights the importance of introducing short selling for retail investors and prepares for a significant wealth transfer with expanded products. He emphasizes a social component by connecting verified trades to user posts, creating a dynamic trading community.
52 snips
Sep 20, 2025 • 1h 2min
SI366: The Strategy Didn’t Fail. The Investors Did. ft. Rob Carver
Rob Carver shares insights on how despite strong performance, poor investor outcomes often stem from timing issues. They discuss the recent trend of asset management giants investing in managed futures and ponder if the current underperformance of CTAs indicates a structural change. The conversation highlights the crucial difference between a strategy's success and its execution. With a reflection on the Lehman Brothers' collapse anniversary, they shed light on investor behavior, emphasizing that knowing what works doesn’t guarantee successful investing.
24 snips
Sep 17, 2025 • 1h 4min
ALO31: What If the Illiquidity Premium Was Never Real? ft. Richard Tomlinson
Richard Tomlinson, CIO of LPPI, expertly manages £27 billion in pension assets, focusing on practical portfolio strategies. He discusses the declining relevance of terms like 'illiquidity premium' and the necessity of clear-eyed thinking in an evolving market. The conversation covers inflation's structural drivers, fiscal dominance's quiet rise, and the challenges in traditional investment assumptions. Tomlinson also details the complexities in local authority pension schemes and the critical balance needed in risk management and asset allocation.
39 snips
Sep 13, 2025 • 56min
SI365: Design or Luck: Why Trend Following Results Diverge ft. Katy Kaminski
Katy Kaminski, an expert in systematic investing and trend following, dives into the divergent results of trend-following strategies. She highlights how design choices, like signal pace and portfolio tilts, impact performance outcomes. The conversation also connects current market dynamics, including the Fed's decisions and Europe's bond issues, to the intricacies of risk management. Katy emphasizes the significance of understanding return dispersion and the challenges posed by crowding in alternative markets, offering a clear perspective on evolving systematic strategies.
50 snips
Sep 10, 2025 • 1h 5min
GM87: Who Really Sets Policy Now? ft. Anna Wong
Anna Wong, Chief U.S. Economist at Bloomberg and former economist at the Federal Reserve, shares vital insights into today’s economic landscape. She warns of a slow-burning inflation that markets might be underestimating. Anna tackles the unexpected effects of tariffs and discusses how AI is transforming the labor force, particularly impacting youth employment. The conversation also dives into the evolving culture at the Fed and the potential implications of a politically influenced central bank.
14 snips
Sep 6, 2025 • 1h 12min
SI364: What makes an Alternative Investment Truly Valuable? ft. Moritz Seibert
Moritz Seibert, a former co-host of the Systematic Investor Series and current co-host of the Open Interest Series, dives deep into what truly makes alternative investments valuable. He discusses the nuances of diversification and emphasizes how manager size and incentives shape the investment landscape. The conversation explores carbon trading markets, trading strategy optimizations, and the trade-offs between simplicity and complexity in investment systems. Moritz also sheds light on historical performance of various hedge fund strategies, urging listeners to rethink portfolio approaches.
