Top Traders Unplugged

SI382: The End of Globalization, the Rise of Trends ft. Richard Brennan

31 snips
Jan 10, 2026
Guest
Richard Brennan
Richard Brennan, an experienced trend-following practitioner, delves into the shifting landscape of globalization. He argues that geopolitical fragmentation creates market imbalances that favor trend-following strategies. Richard discusses the dangers of relying on backtests, the importance of trading with humility, and how the future is shaped in real-time. He introduces the concept of emergence, emphasizing the need for responsiveness over predictions. Throughout, he advocates for robust systems that manage emotional decision-making in trading.
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ANECDOTE

Holiday Heat And Too Many Cherries

  • Richard Brennan described an Australian heat wave and joked about eating too many cherries during the holidays.
  • The short personal anecdote humanizes him before the market discussion begins.
INSIGHT

Deglobalization Favors Trend Following

  • A regionalized, less coordinated world creates slow-moving, persistent imbalances that favor trend following strategies.
  • Richard Brennan says trends get room to run because release valves like coordinated central bank action weaken.
INSIGHT

Concentration And The Value Of Diversification

  • 2025 showed concentration where a few persistent trends (metals) did most of the work for trend portfolios.
  • Brennan emphasizes diversification across markets to capture unpredictable outliers that pay for losses elsewhere.
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