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
56 snips
Jun 28, 2025 • 1h 13min
SI354: Everyone’s Different. Until They’re Not ft. Rob Carver
Rob Carver and Niels dive into the current market's uncertain state, analyzing the impacts of recent changes in banking regulations and shipping volumes on global demand. They explore the math behind drawdowns and the complexities of position sizing, as well as the common misconceptions about diversification. The discussion highlights the value of avoiding mistakes in a highly competitive environment and examines how fresh perspectives from traders can invigorate strategies. It's a thought-provoking look at maintaining an edge in trading.
85 snips
Jun 25, 2025 • 1h 15min
GM84: What Everyone Saw, but No One Priced ft. Bob Elliott
Bob Elliott, an investment strategist renowned for his expertise in macroeconomics, joins the discussion to unravel the complexities of today's financial landscape. He emphasizes that while strong economic data seems promising, it conceals deeper structural shifts in the economy. Topics include the potential for inflation to defy expectations, the impact of tariffs and labor shortages, and the prospect of capital flowing out of the U.S. for the first time in decades. Elliott urges a rethink of traditional investment strategies to adapt to this evolving reality.
6 snips
Jun 21, 2025 • 1h 9min
SI353: You Don’t Buy It for Returns. You Buy It Because It Works! ft. Yoav Git
Yoav Git, a financial expert currently visiting his parents in Israel, dives into the complexities of the global crisis and the oil market. He discusses how portfolios can benefit from negatively correlated assets, even if they yield little in returns. The conversation touches on the ongoing challenges in volatility and how trend-following strategies defy traditional investment wisdom. Git emphasizes the importance of risk management and diverse approaches over superficial performance metrics, urging listeners to reconsider their investment strategies.
Jun 18, 2025 • 1h 2min
GM83: The Risk We Forgot to Price ft. Barry Eichengreen
Barry Eichengreen, a renowned Professor of Economic and Political Science at UC Berkeley, dives into the precarious state of the U.S. dollar. He discusses rising debt and domestic fractures that are altering market perceptions. The conversation highlights the challenges facing central bank independence and how credibility, over currency, may become a liability. Eichengreen also draws parallels to historical trade wars, exploring how these lessons apply to current global economic dynamics. The potential rise of digital currencies further complicates this evolving financial landscape.
31 snips
Jun 14, 2025 • 1h 4min
SI352: Trend Systems Under Strain ft. Nick Baltas
Nick Baltas, a systematic investor, dives deep into the intersection of technology and trading challenges. He discusses the overwhelming influence of AI on data and signals, revealing how market reversals are complicating strategy design. The conversation highlights the struggle of adapting volatility targets while maintaining conviction amidst uncertainty. Baltas reflects on the performance of trend-following strategies during volatile markets and the constraints institutional investors face, urging a rethinking of traditional investment practices in an evolving landscape.
63 snips
Jun 11, 2025 • 46min
UGO03: This Isn’t 2008. That’s the Problem ft. Benn Eifert
Benn Eifert, CIO and Managing Partner at QVR, offers deep insights into today’s volatility regime. He discusses how market structure influences outcomes more than macroeconomic factors. Eifert highlights the fragmented liquidity and the breakdown of correlations, stressing that the path of market movements is more significant than their magnitude. The conversation dives into the rise of zero-day options and their implications on trading strategies, while also examining the unique dynamics of retail trading and the evolving landscape of financial markets.
42 snips
Jun 7, 2025 • 1h 9min
SI351: The Two Tribes of Trend ft. Richard Brennan
Rich and Niels delve into the choppy waters of trend following, tackling the rift between standalone market behavior and portfolio-level strategies. They discuss how tariff policies and institutional positioning are reshaping assumptions. There's a fascinating look at AI’s growing influence in trading and the hidden costs of poor data. The episode also explores the essential nature of robust backtesting and the pressing need for adequate capital to navigate today's challenging market landscape.
33 snips
Jun 4, 2025 • 1h 7min
OI16: Return Stacking: Form, Function & Friction ft. Corey Hoffstein and Adam Butler
Corey Hoffstein, co-founder of Return Stack Portfolio Solutions and a pioneer in quantitative investment strategies, and Adam Butler, Chief Investment Officer at Resolve Asset Management, dive into the mechanics of return stacking in ETFs. They reveal how blending top-down and bottom-up strategies can enhance diversification and performance. The duo discusses the pitfalls of mutual funds compared to ETFs, liquidity challenges, and the intricate dynamics of trend-following strategies, unpacking what it truly means to package active strategies for public investment.
19 snips
May 31, 2025 • 1h 5min
SI350: Why All Roads Lead to Higher Yields ft. Alan Dunne
Alan Dunne, an investment professional and insightful writer, joins the conversation to unravel the complexities of today's bond markets. He argues that we're already in a new era of structurally higher yields, driven by high debt levels and evolving economic policies. Dunne highlights how complacency among investors may blind them to the risks of outdated models. The discussion spans Japan's bond signals to America's fiscal discipline, pushing listeners to rethink their strategies in an ever-changing financial landscape.
28 snips
May 28, 2025 • 56min
IL39: Is Trump Making Europe Great Again? ft. Koen De Leus & Philippe Gijsels
Join economists Koen De Leus, Chief Economist at BNP Paribas, and Philippe Gijsels as they dive into how Trump's leadership might stimulate European innovation and independence. They discuss multi-globalization, emphasizing emerging markets like Vietnam in a shifting global trade landscape. The talk delves into the bullish future of copper amid supply challenges and the evolving role of AI in job markets. Listeners will also appreciate insights on Energy Return on Investment and how Europe must respond to geopolitical shifts.
