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
30 snips
Nov 15, 2025 • 59min
SI374: When the Data Goes Dark: Trend Following, Turbulence & Total Portfolios ft. Katy Kaminski
What happens when essential economic data disappears? The conversation dives into how markets can remain steady while price reveals hidden truths. Katy explains how trend following adapts to inflation instability, and they discuss how total portfolio approaches can enhance diversification. The struggle of short-term strategies this year is highlighted, alongside the potential of alternatives in private wealth. Finally, the benefits of integrating managed futures into target date portfolios are examined to mitigate retirement risks.
29 snips
Nov 12, 2025 • 1h 1min
GM91: Inside China’s Growth Dilemma ft. George Magnus
George Magnus, a seasoned economist and China expert from the China Centre at Oxford University, navigates the intricate landscape of China’s economy. He sheds light on the striking divide between advanced manufacturing and economic stagnation. Magnus discusses the challenges of rebalancing towards consumer-led growth due to political constraints, the significant debt burdens faced by local governments, and trade frictions, especially regarding rare-earth elements. His insights provide a captivating glimpse into the complexities of China’s present and future.
72 snips
Nov 8, 2025 • 1h 3min
SI373: Why Trend Thrives When Inflation Returns ft. Yoav Git
Yoav Git, a quantitative investor specializing in systematic and trend strategies, joins the conversation to explore intriguing market dynamics. He discusses the inelastic markets hypothesis, revealing how a single dollar of inflow can amplify valuations dramatically. Yoav critiques efficient market assumptions and delves into the power of trend following during inflationary periods. The impact of flows on price movements, alongside the peculiarities of managed futures as inflation hedges, highlights the evolving narrative of today’s financial landscape.
30 snips
Nov 5, 2025 • 1h 11min
GM90: The Quiet Repricing of Reality ft. Adam Rozencwajg & Cem Karsan
Adam Rozencwajg, a seasoned natural resources and commodities investor, brings profound insights into the current economic landscape. He discusses the hidden fractures in monetary systems and the potential resurgence of inflation. The conversation explores the decline of US shale and Venezuela's untapped oil reserves. Adam highlights why commodities, particularly oil and metals, remain undervalued despite geopolitical pressures. Additionally, he unpacks the cyclical nature of markets and the looming risks of debt monetization.
49 snips
Nov 3, 2025 • 41min
OI19 BONUS: Living With Ed Seykota ft. David Druz
David (Dave) Druz, a former commodity trader, shares his fascinating journey of living with legendary trader Ed Seykota for six months. He highlights Seykota's unique, psychology-focused approach to trading, emphasizing instinct and presence over systems. Dave recounts successes and psychological struggles while mimicking Seykota's style, revealing the pressures of performance in trading. The conversation also explores optimal bet sizes, emotional resilience, and the importance of aligning trading strategies with personal psychology.
45 snips
Nov 1, 2025 • 59min
SI372: QIS Unboxed: Rules, Wrappers, and Reality ft. Nick Baltas
Nick Baltas, a quantitative product specialist at Goldman Sachs, shares insights on the $1.3 trillion QIS industry. He discusses how trading speed affects strategy results and the importance of understanding market resilience versus fragility. Nick highlights the dominance of equities in QIS allocations and the diverse client base from pensions to hedge funds. The conversation also touches on the challenges of designing QIS products for scale and the complexities of index wrappers, revealing the nuanced dynamics that drive this fascinating sector.
57 snips
Oct 29, 2025 • 1h 37min
OI19: The Trader Who Never Spoke...Until Now ft. David Druz
In this intriguing conversation, Dave Druz, a veteran commodity trader and Ed Seykota's first apprentice, breaks his decades-long silence. He shares his unique approach to trading, emphasizing the importance of portfolio construction over following trends. Druz discusses trading against commercial hedgers, explains the psychology behind coping with volatility, and the practice of precise position sizing. He also reflects on his choice to run a small, investor-focused firm and the reasons behind its recent closure, offering valuable insights for traders and investors alike.
112 snips
Oct 25, 2025 • 1h 17min
SI371: Trends Don’t Form Randomly. They Form Reflexively ft. Richard Brennan
Rich Brennan, an experienced systematic investor and trend follower, delves into market dynamics, arguing that movements arise from impact and memory rather than randomness. He explores the concept of reflexivity, explaining how single trades reshape market structures. Rich also discusses the significance of fractals in understanding market trends and the implications of non-ergodicity. Position sizing strategies come to the forefront as he highlights the importance of survival in a fractal market over traditional statistical methods.
58 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.
65 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.
