Top Traders Unplugged

Leah Rose Downey, a Junior Research Fellow at St. John's College Cambridge and author of 'Our Money,' discusses the tension between central bank independence and democratic accountability. She questions whether it's healthy for democracy to give so much power to unelected officials and explores the historical evolution of central bank independence. Downey argues for greater legislative oversight and highlights the need for transparency in monetary policy, asserting that uncertainty can sometimes enhance economic resilience.

Alan Dunne, a guest expert on global macro perspectives, dives deep into investment wisdom gleaned from 125 years of market data. He discusses the role of patience and diversification in an era of high inflation and market concentration. The conversation turns to commodities, highlighting challenges faced by trend followers due to capacity constraints, and how these limits can impact returns. Dunne also examines the explosive growth of trend-following ETFs, emphasizing hidden costs that could affect investor outcomes.

Today, we’re diving deep into the world of CTAs and their role in investment portfolios. We discuss the balance between focusing on a single asset class versus a multi-asset approach, emphasizing that different asset classes offer unique utilities to investors. Our guests share insights from their experiences, highlighting the importance of tailored execution strategies and how technology can enhance trading performance. We also explore the growing interest from major players like Fidelity and BlackRock in trend-following strategies, raising questions about the future of CTAs in institutional portfolios. Join us as we unpack these themes and share our thoughts on the evolving landscape of systematic 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 Rob on Twitter.Follow Graham on LinkedIn.Follow Yoav on LinkedIn.Find out more about DUNN CapitalEpisode Timestamps:04:02 - Introduction to Yoav Git06:16 - The background behind Graham, Rob and Yoav's relationship12:15 - What is common about people working at Man AHL?15:47 - Should you focus on single or multi asset classes?24:58 - The state and outlook for fixed income and29:47 - Liquidity and how it plays a role in alternative markets36:09 - Are investors misunderstanding liquidity?37:28 - How do you actually measure and think about liquidity?39:50 - Why are CTAs not widely represented in portfolio?49:14 - How to understand and master execution58:01 - Research and technology in systematic trading01:02:36 - "My love for you is like a magnitude 6 earthquake, your sharpe ratio makes me tremble in size"01:05:00 - Are we at a turning point for trend following?Copyright © 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

Andrew Beer, a systematic investing expert, teams up with Tom Wrobel, a CTA indices specialist, to dissect the changing landscape of global markets. They delve into the rise of ETFs and the shifting dynamics that challenge traditional investing approaches. Key discussions include navigating market volatility, the complexities of fee structures, and the balance between strategic and tactical asset allocation. With insights on trend-following strategies and the role of managed futures, this conversation is a must-listen for investors seeking to adapt in a fast-evolving environment.

Discover how leveraging loans and treasuries can create a balanced investment strategy just like a peanut butter and jelly sandwich. Dive into the current investment landscape, focusing on high market valuations and the importance of capital allocation. Learn about the impact of interest rates on stock valuations and the benefits of a GARP investment approach. Explore the role of AI in stock analysis and the intricacies of geographic diversification. This conversation is packed with insights for optimizing investment strategies in uncertain times.

Explore the interplay between shifting political landscapes and global markets. Discussions include the impact of potential recessions on asset classes and Europe's military rearmament. Delve into Turkey's economic struggles and its geopolitical significance. The conversation also highlights the challenges of inflation and stagflation in the U.S., and the possible repercussions of corporate-favoring policies. The analysis offers valuable insights for navigating market chaos and investment risks amidst today's volatility.

Adam Rozencwajg, an expert in natural resources and global macroeconomics, joins Cem Karsan for a deep dive into the urgent shifts in commodity markets. They discuss tightening supply constraints in oil and gas, emphasizing the coming months as pivotal for investors. The conversation also tackles the impact of geopolitical factors on energy security and global power dynamics, including the strategic importance of rare earth metals and the debates surrounding gold and Bitcoin as stores of value in these turbulent times.

Katy Kaminski, an expert in managed futures and trend-following strategies, joins the discussion to uncover the intricacies of replication methods in investment. She compares index and mechanical replication, revealing how they respond differently in varying market conditions. The conversation also dives into the evolving ETF landscape, assessing the new products and whether they truly qualify as CTAs. Listeners gain valuable insights into asset co-movement and its significance for effective trading strategies.

Dive into the modern landscape of economic warfare with insights from expert Edward Fishman. Discover how the U.S. utilizes financial dominance to impose sanctions on nations like Iran and Russia. Explore the innovative use of escrow accounts and the challenges of enforcing sanctions in today's complex market. The podcast also highlights the evolving bifurcation of the oil market and its geopolitical implications. Finally, consider the future of global economic relations in a world reshaped by strategic partnerships and resource competition.

Graham Robertson, a trend-following expert from Man AHL, shares valuable insights on investing amid today's volatile markets. He emphasizes the need for adaptive strategies to thrive against major market players. The discussion highlights the disconnect between price and value, showcasing emerging opportunities, especially in alternative markets. Graham also explores the effectiveness of trend-following strategies and the concept of portable alpha, which aids investors in diversifying and enhancing returns during uncertainty. A must-listen for navigating turbulent financial landscapes!