Top Traders Unplugged

The podcast discusses defining non-trend strategies, criteria for a good backtest, standing still vs evolving in trend following research, challenges of replicating returns in trading, predicting distribution of outcomes and the impact of populism, systematic trend following and geopolitics, and uncertainty and volatility in the market.

Gregory Peters, global fixed income perspective, discusses weakflation in the US economy, the risk of recession, shifts in the global economy, recent gyrations in the bond market, changing demand for US treasuries, debt sustainability, outlook for emerging markets excluding China, central bank response function, and implications of inflation on Fed policy.

In this special edition, the hosts discuss the performance of trend followers and CTAs in 2023. They delve into topics like volatility trading, adding non-trend strategies to trend following, and the challenges of classifying oneself in the industry. They also touch on backtesting, making changes to models, and the most important lesson learned in 2023.

Rob Copeland discusses the dark side of Bridgewater Associates and its founder, Ray Dalio. He reveals a rigged feedback system, lack of transparency in their investment process, and fear culture at the hedge fund.

Guest: Nick Baltas, expert in volatility scaling and accelerators in trend following systems. The podcast dives into the use of volatility scaling and accelerators in trend following systems. They discuss research papers on trend following CTAs, timing trend following performance, settling with 'good enough' performance, and the future of the 60/40 portfolio.

AI is stealing the headlines with what seems like wave after wave of breakthroughs, but running parallel to this are equally rapid advancements in quantum physics and our understanding of reality. Listen in on this complex yet nuanced conversation with Klee Irwin, Founder of Quantum Gravity Research as he shares his views on physics, AI, and the accelerating course humanity finds itself on, and how it ties in to us as investors.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow David on Twitter.Follow Klee on LinkedIn.Episode TimeStamps: 03:31 - Introduction to Klee Irwin07:43 - Quantum technology and the double-slit experiment23:53 - The retro causality experiment26:49 - Understanding the self-simulation hypothesis50:16 - What is going on with AI?59:48 - Where can you follow Klee Irwin?01:02:10 - Key takeaways from NielsCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

Richard Brennan, an expert in complex adaptive systems and their application to financial markets, discusses avoiding overfitting, the concept of complex adaptive systems, the differences and limitations of trend following strategies, and the shortcomings of traditional statistics in analyzing these systems.

David Kelly, Chief Global Strategist at J.P. Morgan, shares insights on the US economy, bond yields, and asset allocation. He discusses the absence of a recession in the US and identifies factors protecting the economy. Kelly also explores the changing role of bonds, the rise of industrial policy, and retirement spending patterns.

Andrew Beer, expert in asset management and replication strategies, discusses the struggles of managed futures in 2023 and the changing landscape of the asset management industry. Topics include the history of replication strategies, disruptions in the industry, the comeback of the 60/40 portfolio, and challenges faced by trend following strategies.

Anant Jatia, the founder and CEO of Greenland Investment Management, joins Moritz Seibert for a commodities-focused conversation. In this episode, Anant explains how Greenland developed from currency market making to what today is predominantly an HFT-driven commodities arbitrage fund. Anant has a detailed understanding of the workings of physical commodity markets and focuses Greenland’s trades on location and substitution arbitrage trades. Moritz and Anant discuss several exemplary trades in detail, including sizing and portfolio implementation, and focus on the tail exposures which could materialize while the trade is active. This is a detailed and somewhat technical episode and a must-listen for anyone interested in commodities arbitrage trading.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Moritz on Twitter.Follow Anant on LinkedInEpisode TimeStamps: 02:09 - Introduction to Anant Jatia06:39 - Anant's experience from working at AQR08:46 - How did Anant's firm evolve over time?10:44 - How difficult is High-Frequency Trading?14:33 - What is their current trading strategy?17:07 - An example of one of their trades21:17 - Staying away from the physical side23:33 - Tracking the market and executing trades27:18 - Managing the cost of trades29:58 - How did they get through the Covid19 period?34:37 - How many markets are they trading?36:49 - The process of trading copper38:43 - How do you obtain transportation costs?40:47 - Achieving the optimal trading efficiency43:37 - A multi-legged trading strategy47:34 - Anant's perspective on the Natural Gas markets50:50 - Putting it all together54:39 - Building for negative tail events57:26 - What kind of exposure do they have?59:17 - Key takeaways59:58 - Thanks for listeningCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer