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
18 snips
Jan 31, 2026 • 1h 5min
SI385: When Volatility Becomes the Signal ft. Katy Kaminski
Katy Kaminski, researcher and systematic investing specialist focused on trend following and managed futures. She discusses the comeback of commodity and metals trends. They explore volatility estimation as a hidden driver. Conversation covers diversification across markets and speeds, replication limits, and why trend thrives during market regime shifts.
34 snips
Jan 28, 2026 • 1h 4min
GM95: When Consensus Gets the Cycle Wrong ft. Dario Perkins
Dario Perkins, Managing Director of Global Macro at TS Lombard and former Treasury adviser, challenges the consensus on growth and inflation. He argues policy stimulus, supply constraints and term‑premia shifts could reaccelerate growth and spark overheating. Discussions cover Fed credibility, Japan’s yield normalization, Europe’s fiscal pivot and China’s cautious rebalancing.
12 snips
Jan 24, 2026 • 1h 1min
SI384: Building an Inflation-Proof Portfolio ft. Yoav Git
Yoav Git, Head of fixed income and commodity research at Gresham, explains why bonds can break down in inflationary regimes and how commodity trend strategies can act as a structural ballast. They discuss geopolitics, supply shocks, deglobalization, and why building robust portfolios matters more than forecasting. Short, sharp takes on commodities, bond fragility, and constructing inflation-resilient allocations.
13 snips
Jan 21, 2026 • 54min
IL45: Where Markets Reveal Human Error ft. Alex Imas
In this engaging conversation, Alex Imas, a behavioral economist and professor at the University of Chicago, dives into the complexities of human decision-making around money. He explores mental accounting, revealing how we treat different types of wealth and the impact on spending habits. Alex also introduces the concept of the 'winner's curse,' discussing its effects in auctions and IPOs. He highlights the importance of stimulus design in influencing financial behavior and provides actionable insights for making better financial choices.
37 snips
Jan 17, 2026 • 60min
SI383: When Signals Matter More Than Stories ft. Nick Baltas
Join quantitative investor Nick Baltas as he delves into the evolving world of trend following. With insights on why signals can overshadow narratives, he highlights the unexpected impact of trading speed and universe choice on performance in 2025. Nick cautions against overreacting to past results and underscores the value of discipline in strategy. He also unpacks new research on nonlinear momentum and the mechanics of trend-following during market stress, revealing the critical role of timing and diversification.
53 snips
Jan 14, 2026 • 1h 8min
GM94: When Capitalism Reboots and Crashes Again ft. Mark Blyth
Mark Blyth, Professor of International Economics at Brown University, dives into the evolving landscape of capitalism, likening it to a software crash. He discusses how past crises have shaped today’s economic environment, touching on populism, inflation, and the failures of austerity. Blyth critiques the central bank's focus on inflation while neglecting real-world issues and proposes state-led industrial policies as a potential solution. He also examines the implications of demographics and geopolitical dynamics, all while warning us of a return to 19th-century rivalries.
40 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.
46 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.
