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
31 snips
Jan 10, 2026 • 1h 8min
SI382: The End of Globalization, the Rise of Trends ft. 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.
29 snips
Jan 7, 2026 • 1h 5min
GM93: The Calm Before a Systemic Reckoning ft. William White
William White, a seasoned economist and former central banker, offers keen insights on the looming systemic risks in today's economy. He discusses how shifts from globalization to rising inflation are exposing vulnerabilities in public and private debt levels. White warns that policymakers face a tough balancing act between controlling inflation and maintaining debt sustainability. He also explores the risks of an AI-driven credit boom and the potential fragmentation of global currencies, all while questioning the reliability of current economic models.
31 snips
Jan 3, 2026 • 1h 4min
SI381: Process Over Pain: Trend Following in an Unforgiving Market (Group Conversation Part 2)
Join Joav, a seasoned trend-following CTA manager, as he dives into critical discussions on market behavior and model integrity. The conversation covers whether current drawdowns are harbingers of structural change or just a cost of discipline. They explore the impact of AI in portfolio management, emphasizing the need for transparency in design choices to build trust with allocators. Joav also highlights the importance of understanding the causes of underperformance before making model adjustments. Don't miss their bold predictions for 2026!
10 snips
Dec 31, 2025 • 1h 3min
IL44: From AI Hype to Transformative AGI ft. Aubrie Pagano
Aubrie Pagano, a venture capitalist and former founder at Alpaca VC, discusses the evolution from AI hype to transformative AGI. She highlights major barriers like energy demands, data gaps, and coordination issues between AI and humans. Aubrie introduces the concept of the 'Aquarius Economy,' where human agency becomes a scarce asset. She suggests we may need one to two capital cycles to achieve true AGI, emphasizing that these delays present unique investment opportunities in areas like skilled labor and energy solutions.
33 snips
Dec 27, 2025 • 1h 13min
SI380: Dispersion Is the Story This Year (Group Conversation Part 1)
Join a lively roundtable where experts dissect a tumultuous year in trading. Explore how the Liberation Day shock created unexpected return dispersion and the critical impact of market selection. Learn why faster or slower trend systems outperformed mid-speed ones and the implications of rapid risk adjustments during volatility. Delve into the surge of non-correlated assets like crypto and structured products, and uncover how allocator behaviors shape market dynamics. The conversation is rich with insights into design choices, manager selection, and the evolving landscape of investment strategies.
Dec 24, 2025 • 48min
OI20: Why Commodities Refuse to Trend Forever ft. Doug King
Doug King, an experienced commodities trader and hedge fund manager, shares insights from his extensive career at Cargill and his own Mergent Commodity Fund. He discusses why commodities resist long-term trends, emphasizing that innovation curbs scarcity narratives. Doug highlights how physical market knowledge is crucial for successful trades and reflects on significant positions in oil and nickel. He stresses the importance of risk control, the need for patience, and staying aware of market distortions to capitalize on sudden opportunities.
97 snips
Dec 20, 2025 • 1h 11min
SI379: The Illusion of Safety in a Fully Invested Market ft. Cem Karsan
Cem Karsan, a renowned options and macro strategist famous for his insights into market volatility and structure, discusses the hidden fragility in today's bullish market. He highlights how record low cash levels can mask significant risks and explains why the VIX may not be a reliable measure of fear. Cem also critiques traditional 60/40 portfolio strategies, advocating for a more nuanced approach to risk management that includes tail exposure and non-correlated assets. The conversation explores the impact of geopolitical factors and generational shifts on market dynamics.
10 snips
Dec 17, 2025 • 1h 10min
GM92: Politics in an Age of Hard Borders and Rising Hegemons ft. Gary Gerstle
In this engaging discussion, historian Gary Gerstle dives into the shifting landscape of global politics and the declining influence of the neoliberal order. He underscores a rise in nationalism and authoritarian tendencies, challenging democratic values. Gary analyzes the implications of a Trump 2.0 landscape, including economic policies and their impacts on the affordability crisis. He warns of the risks entailed in politicizing institutions and considers the future of U.S. national security amid a backdrop of regional hegemons. Expect insights that provoke thought on democracy's resilience.
47 snips
Dec 13, 2025 • 1h 3min
SI378: When Prices Stop Making Sense ft. Mark Rzepczynski
Mark Rzepczynski, an experienced market strategist and academic, dives deep into the complexities of today's financial markets. He discusses how uncertainty, rather than predictability, shapes investing decisions, especially in light of recent Federal Reserve actions. The conversation covers the challenges of distinguishing signals from noise, the implications of market narratives, and the risks of bubbles fueled by analyst optimism and rising leverage. Rzepczynski also touches on the evolving landscape of safe assets and the momentum behind market trends.
13 snips
Dec 10, 2025 • 1h 14min
TTU151: What Comes After 60/40? Systematic Thinking, BlackRock Style ft. Jeff Rosenberg
Jeff Rosenberg, Managing Director at BlackRock Systematic, dives into how the post-COVID world is reshaping investment strategies. He discusses the shift from bonds as mere diversifiers to vital income sources amidst rising inflation. The conversation also touches on the impact of government debt and soft financial repression on interest rates. With a focus on systematic investing, Rosenberg highlights the emergence of liquid alternatives and the necessity for whole-portfolio approaches to navigate growing equity concentration risks.
