Top Traders Unplugged
Niels Kaastrup-Larsen
Discover the fascinating world of investing with Niels Kaastrup-Larsen and his remarkable co-hosts. Each week, we bring you compelling conversations with legendary investors, leading economists, masterful traders, and forward-thinking thought leaders. From Trend Following and Global Macro to Geo-Politics, Commodities, Quant Investing, Crypto, and Volatility, we uncover the strategies, stories, and lessons behind their success. Gain actionable insights from industry veterans as we celebrate their achievements and learn from their challenges. Stay ahead in the ever-evolving landscape of investing - tune in weekly and elevate your financial knowledge. For the latest episodes and expert insights, visit https://toptradersunplugged.com
Episodes
Mentioned books
20 snips
Oct 22, 2025 • 1h 7min
UGO07: The Illusion of Safety: How Markets Became the Economy ft. Keith DeCarlucci, Patrick Kazley & Hari Krishnan
Keith DeCarlucci, Chief Investment Officer of Melcart Macro Fund, discusses cross-asset derivatives and finds opportunity in emerging market FX. Patrick Kazley, President at One River Asset Management, dives into managing two-tailed market risks and questions the relevance of the 60/40 portfolio model. Hari Krishnan, author and derivatives expert, highlights AI's potential to reshape options trading but warns about its limitations in tail event modeling. Together, they explore the interplay of new intelligence and market instincts.
35 snips
Oct 18, 2025 • 1h 2min
SI370: Sharpe Ratios, Tail Risks, and the Cost of Comfort ft. Nigol Koulajian & Alan Dunne
Nigol Koulajian, founder of AlphaQuest and expert in systematic strategies, joins to delve into the intricate dance between market perception and reality. He highlights how political influence has distorted traditional risk signals and emphasizes hidden fragilities behind high Sharpe ratios. The conversation explores the danger of complacency in what seems like stability, the impact of behavior on market dynamics, and the threats posed by skew and convexity. Koulajian also discusses how to turn market fragility into opportunity amidst shifting conditions.
15 snips
Oct 15, 2025 • 1h 1min
GM89: When Credibility Becomes the Risk Premium ft. Maurice Obstfeld
Maurice Obstfeld, a Senior Fellow at the Peterson Institute and former Chief Economist at the IMF, shares his insights on the evolving global monetary landscape. He highlights how political pressures and tariffs are eroding trust in the dollar, examining the risks of payment system fragmentation. Obstfeld warns that U.S. policy changes could undermine the dollar's credibility while discussing the potential consequences of domestic industrial policies. He also explores AI's role in addressing fiscal challenges, striking a hopeful yet cautious note.
45 snips
Oct 11, 2025 • 1h 17min
SI369: Liquidity, Leverage, and the End of Safety ft. Mark Rzepczynski
Mark Rzepczynski, a seasoned finance academic and market expert, joins to explore the evolving landscape of safe assets. He discusses how central banks’ shift towards gold is reshaping trust in sovereign debt. The conversation delves into the influence of retail trading on market noise and liquidity. Rzepczynski also touches on the complexities of modern financial systems, emphasizing the importance of adaptive strategies over mere asset safety. With insights into market plumbing and participant dynamics, he reveals the fragile intricacies of today’s financial environment.
Oct 8, 2025 • 59min
GM88: Cycles of Promise and Pain: Argentina’s Unfinished Lesson ft. Nicolas Dujovne
Nicolas Dujovne, former Finance Minister of Argentina and now CIO of Tenac Asset Management, shares his insights on Argentina's turbulent economic history. He discusses the challenges of fiscal reform amidst political constraints and evaluates the potential of dollarization for stability. Dujovne also highlights emerging markets' improved resilience, driven by local financing and central bank independence. With a keen eye on geopolitics and demographic trends, he offers a cautiously optimistic view on AI's role in raising productivity and wages.
104 snips
Oct 4, 2025 • 1h 5min
SI368: Valuation Has Left the Room ft. Cem Karsan & Alan Dunne
Cem Karsan, a market strategist known for his insights into liquidity and macro changes, discusses the current market landscape with Alan Dunne. They explore how structural liquidity and political incentives are reshaping asset valuation, dissecting why it's less about traditional fundamentals and more about positioning. Karsan draws parallels to the late '90s, emphasizing the rise of non-correlated assets like gold and crypto. They also tackle AI's nuanced role in the market and the expanding realm of options trading amidst increasing volatility.
15 snips
Oct 1, 2025 • 1h 3min
IL42: Redefining Sovereignty in a Borderless Financial System ft. Zoe Liu
Dr. Zoe Liu, an expert in Chinese state finance and author of 'Sovereign Funds', dives deep into China's evolving financial strategies. She discusses the fading appetite for U.S. Treasuries and how China is diversifying its dollar reserves. Zoe highlights the rise of stablecoins and how they challenge monetary sovereignty, especially in China, where anonymous dollar flows threaten government controls. She also explores China's unique approach to programmable money and the delicate balance of innovation versus state oversight.
78 snips
Sep 27, 2025 • 1h 7min
SI367: Portfolio Design in a Distorted World ft. Andrew Beer
Andrew Beer, a seasoned allocator and hedge fund commentator, joins to dissect today’s perplexing market dynamics. Despite equities soaring, the global backdrop feels unstable. They dig into Bouchard’s inelastic market hypothesis, examine CalPERS' shift towards Total Portfolio thinking, and discuss the structural intricacies within multi-strategy hedge funds. The conversation highlights why multi-strats continue to succeed against the odds, while exploring market complacency and the quiet shifts that could reshape investing landscapes.
7 snips
Sep 24, 2025 • 41min
UGO06: Democratizing the Asymmetric Trade ft. Vlad Tenev
Vlad Tenev, CEO of Robinhood, shares insights on democratizing trading tools traditionally reserved for institutions. He reflects on his family's experience with hyperinflation in Bulgaria and discusses Robinhood's new features, including 24-hour options and AI-driven trade simulations. Vlad highlights the importance of introducing short selling for retail investors and prepares for a significant wealth transfer with expanded products. He emphasizes a social component by connecting verified trades to user posts, creating a dynamic trading community.
52 snips
Sep 20, 2025 • 1h 2min
SI366: The Strategy Didn’t Fail. The Investors Did. ft. Rob Carver
Rob Carver shares insights on how despite strong performance, poor investor outcomes often stem from timing issues. They discuss the recent trend of asset management giants investing in managed futures and ponder if the current underperformance of CTAs indicates a structural change. The conversation highlights the crucial difference between a strategy's success and its execution. With a reflection on the Lehman Brothers' collapse anniversary, they shed light on investor behavior, emphasizing that knowing what works doesn’t guarantee successful investing.
