Top Traders Unplugged

SI359: Trend Following in a World That Loves Bubbles ft. Mark Rzepczynski

25 snips
Aug 2, 2025
Mark Rzepczynski, an expert in trend following and global macro strategies, dives into the fragile nature of today's markets. He discusses how recent disruptions, like copper's price collapse, indicate a shift from fundamental-driven behaviors to fragility. The conversation covers Federal Reserve policy challenges amidst rising equity optimism and the emerging influence of stablecoins on the financial landscape. Rzepczynski emphasizes the need for investors to focus on positioning rather than prediction, advocating for simplicity in uncertain times.
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ANECDOTE

China's Digital Economy Anecdote

  • Mark Rzepczynski shared his anecdote about visiting China for the first time in six years for his daughter's graduation.
  • He observed the country's digital economy where cash is almost absent, replaced by mobile payment platforms like Alibaba Pay and WeChat.
INSIGHT

Equity vs Fixed Income Behavior

  • Equity markets behave in an extrapolative way, trending on optimism and growth expectations.
  • Fixed income markets exhibit mean reversion, moving more toward fair valuations and reacting to economic fundamentals.
INSIGHT

Trend Following Inflation Insights

  • Trend followers often capture long-term inflation trends reflected in fixed income price movements.
  • While inflation trends are clearer ex post, predicting their timing remains a challenge for investors.
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