Top Traders Unplugged

What if one of the biggest misconceptions about trend following is what investors expect it to do? Niels Kaastrup-Larsen and Alan Dunne are joined by Philippe Jordan, President of CFM, for a conversation that challenges conventional thinking about systematic investing. Drawing on 35 years of experience, Philippe explains why even the most sophisticated models sometimes need human judgment, how AI is transforming the search for alpha, and why diversification matters more than any single strategy. They also explore the limits of scientific approaches to markets, the importance of investment culture, and why trend following’s greatest value may have little to do with protecting investors from the next crash.

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JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK!

- CLICK HERE

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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 [email protected]

And 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 Alan on Twitter.

Follow Philippe on LinkedIn.

Find out more about DUNN Capital

Episode Timestamps:

00:00 - Why trend following isn't crash insurance

01:05 - Can investment flows create lasting market edges?

02:33 - Philippe Jordan and the evolution of CFM

08:06 - What scientific models miss during extreme market crises

13:56 - Why CFM moved beyond traditional trend following

16:28 - Scientific rigor and the growing power of technology

20:51 - Why investment culture matters as much as technology

25:05 - How AI agents are transforming quantitative research

28:29 - Balancing model robustness with diversification

33:13 - The case for systematic investing beyond equity returns

42:08 - Alternative markets and the search for genuine diversification

50:48 - Knowing when human judgment should override the models

55:07 - How CFM has reinvented trend following

58:36 - What investors should realistically expect from trend following

01:02:23 - The long-term reality of trend following returns

Copyright © 2026 – 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 Here

2. 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 Here

3. Other Resources that can help you

And 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 Here

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What happens when the system holding global markets together begins to reach its breaking point? In the wake of the US midterm elections, Niels Kaastrup-Larsen is joined by Cem Karsan for a conversation about the powerful forces converging beneath the surface of the global economy. Mounting debt, rising populism, geopolitical confrontation and the battle for control of the US dollar are creating pressures that Cem believes cannot be contained indefinitely. He lays out a provocative scenario in which a financial crisis becomes the catalyst for a historic transformation of economic policy. As the old rules begin to unravel, the conversation turns to a question every investor must confront: how do you prepare for a world that may look radically different from the one we've known?

-----

JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK!

- 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 [email protected]

And 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 Cem on Twitter.

Episode TimeStamps:

00:00 - Introduction and the limits of passive investing

02:23 - Market developments and early-November CTA performance

05:23 - Volatility strategies, dispersion and pressure on hedge funds

08:45 - What the US midterm elections could mean for markets

12:40 - The four structural pressures threatening the US economy

19:44 - The US dollar, geopolitical power and the future of monetary policy

26:19 - Print money, buy stocks and the case for aggressive intervention

30:49 - Inflation, populism and the economic implications of AI

37:22 - The generational pendulum driving political and economic change

44:46 - Why Cem believes a crisis may be necessary for meaningful change

50:18 - Building resilient portfolios beyond the traditional 60/40 approach

59:59 - Cem's timeline for a potential financial crisis

Copyright © 2026 – 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 Here

2. 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 Here

3. Other Resources that can help you

And 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 Here

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Moritz Seibert is joined by QuantEdge CEO Suhaimi Zainul-Abidin to explore how one of Singapore’s most successful systematic firms approaches risk, diversification and long-term compounding. Suhaimi explains why QuantEdge deliberately runs at a much higher volatility than most institutional portfolios, how the firm combines hundreds of independent risk premia across equities, bonds, commodities and insurance-linked securities, and why diversification should create room to take more risk rather than simply reduce it. They also discuss capacity, investor lockups, portfolio rebalancing and the lessons QuantEdge learned from surviving both the Global Financial Crisis and the COVID market shock.

-----

JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK!

- 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 [email protected]

And 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 Suhaimi on LinkedIn.

Episode TimeStamps:

03:07 - How QuantEdge grew from $3 million to nearly $8 billion

07:29 - Why QuantEdge doesn’t fit neatly into the CTA bucket

09:10 - How risk premia create returns across markets

11:20 - Systematically investing in insurance-linked securities

15:18 - Building a portfolio from hundreds of independent bets

20:32 - Why QuantEdge targets around 25% volatility

25:24 - Where the firm’s returns have actually come from

27:06 - How the strategy evolved from 50 markets to nearly 300

29:34 - How much capital can QuantEdge realistically manage?

32:46 - Why the firm refuses to dilute its strategy for investors

37:11 - Why long lockups can actually protect investors

46:33 - The toughest periods in QuantEdge’s 20-year history

Copyright © 2026 – 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 Here

2. 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 Here

3. Other Resources that can help you

And 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 Here

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Disclaimer

How resilient is your portfolio if stocks and bonds fall together? Alan Dunne joins Niels Kaastrup-Larsen to examine what stock–bond correlations can conceal and why owning more assets may leave investors exposed to the same risks. They explore how an AI boom could unravel, what that might mean for debt and monetary policy, and how trend following can help portfolios adapt without forecasting the next crisis. The conversation also tackles the patience diversification demands when equities race ahead, and whether greater resilience can improve long-term compounding.

-----

JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK!

- 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 [email protected]

And 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 Alan on Twitter.

Episode TimeStamps:

00:00 - Introduction and what’s on Alan’s radar

15:17 - Trend following performance and manager dispersion

20:27 - The Fed’s new approach and what it means for markets

26:50 - What happens if the AI boom eventually unwinds?

35:26 - Why stock-bond correlation is more complicated than it looks

43:42 - Can trend following help diversify the bond side of 60/40?

46:23 - The economic scenarios that could hurt stocks and bonds together

49:57 - How to diversify without trying to predict the next regime

54:27 - What does portfolio resilience actually mean?

01:00:44 - Can a more resilient portfolio also deliver better returns?

Copyright © 2026 – 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 Here

2. 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 Here

3. Other Resources that can help you

And 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 Here

Privacy Policy

Disclaimer

Alan Dunne is joined by Mission Value Partners founder Andrew McDermott to challenge some of the conventional thinking around Japan. Andrew argues that Japan’s supposed “lost decades” look very different when viewed beyond GDP and stock market performance, and that its emphasis on manufacturing, engineering and long-term resilience may now be becoming a major advantage. They discuss the consequences of financialization in the US and Europe, Japan’s role in semiconductors, robotics and AI, and why Warren Buffett’s move into Japanese equities matters. The conversation also explores public debt, domestic capital flows and why Japan could play a much larger role in the global economy ahead. For those who are quick, check out this event featuring Andrew McDermott as well as last weeks guest Jesper Koll: https://mvpnashjapan.up.railway.app/

-----

JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK!

- 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 [email protected]

And 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 Alan on LinkedIn.

Follow Mission Value Partners on LinkedIn.

Episode TimeStamps:

00:00 - Introduction and Andrew’s path into Japan investing

05:05 - Why Andrew thinks Japan’s capitalism works better

11:32 - Manufacturing, industrial policy and the return of real investment

15:10 - Why investors may have misunderstood Japan for decades

19:56 - Is the era of financialization starting to reverse?

24:52 - AI, machine learning and Japan’s hidden advantage

31:11 - Japan versus China and two very different economic models

35:55 - Has Japan really changed or were investors simply wrong?

40:45 - What Warren Buffett saw in Japan

45:19 - Is Japan’s government debt really as dangerous as it looks?

52:40 - What happens if Japanese capital starts coming home?

56:33 - What Japan could look like ten years from now

Copyright © 2026 – 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 Here

2. 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 Here

3. Other Resources that can help you

And 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 Here

Privacy Policy

Disclaimer

Niels Kaastrup-Larsen and Mark Rzepczynski explore why the changing structure of global markets may be creating a very different environment for trend followers. They discuss why today’s bond selloff may represent a return to normal rather than an anomaly, how declining safe-haven benefits could reshape government debt, and why geopolitical fragmentation may increase divergence across markets. Mark also examines commodity shortages and the conditions that can produce explosive price moves. Finally, they turn to AI and machine learning, asking whether increasingly similar quantitative models are shortening the life of alpha and why trend following may prove unusually durable in an increasingly crowded investment landscape.

-----

JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK!

- 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 [email protected]

And 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 Mark on Twitter.

Episode TimeStamps:

00:00 - Why trend following may be different in the age of machine learning

02:09 - France, rising yields and changing perceptions of safe assets

07:27 - Trend following performance and a changing bond market

16:29 - Why the structure and participants of markets matter

20:26 - Liquidity, capital flows and the plumbing behind financial crises

27:58 - Globalization, capital flows and the role of the dollar

35:33 - Crises, market upheavals and commodity supercycles

37:32 - Why today’s higher bond yields may actually be normal

45:31 - Are Treasuries losing some of their safe-haven advantage?

52:26 - Geoeconomic fragmentation and what it means for trend following

56:51 - Commodity shortages and why prices can suddenly go parabolic

01:02:12 - AI, crowded models and the shrinking half-life of alpha

Copyright © 2026 – 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 Here

2. 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 Here

3. Other Resources that can help you

And 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 Here

Privacy Policy

Disclaimer

Alan Dunne is joined by longtime Japan strategist Jesper Koll to explore why Japan may be entering one of its most important economic shifts in decades. Jesper explains why demographics and government debt are less threatening than many investors assume, and how labor scarcity, rising wages and corporate reform are reshaping the economy from within. They discuss the return of domestic capital, Bank of Japan normalization and the government’s push into semiconductors, defense and energy. Jesper also makes the case that Japan’s broad economic expansion, industrial strength and accelerating corporate consolidation could make it unusually resilient in a world increasingly dominated by the AI cycle.

-----

JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK!

- 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 [email protected]

And 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 Alan on LinkedIn.

Follow Jesper on Substack.

Episode TimeStamps:

00:00 - Introduction and the optimistic case for Japan

02:10 - How Jesper built a career around Japan

04:12 - Why Japan’s underlying strengths are often overlooked

07:12 - Demographics, labor scarcity and rising productivity

11:04 - Why Jesper doesn’t see Japan’s debt as a crisis

13:34 - Is Japanese capital finally coming back home?

17:15 - Takaichi, industrial policy and the next phase after Abenomics

22:17 - Why the Bank of Japan may start moving faster

25:46 - The yen, carry trades and the risk of a stronger currency

33:51 - Japan’s push into semiconductors, defense and industrial policy

38:18 - Energy security and Japan’s next major investment challenge

40:31 - Why Japan is taking a different approach to AI

44:18 - Could Japan outperform if the US AI boom slows?

47:16 - What the West can learn from Japan

52:35 - Corporate reform, generational change and consolidation

57:19 - Where Japanese rates could go next

58:16 - The key signals investors should watch from here

Copyright © 2026 – 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 Here

2. 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 Here

3. Other Resources that can help you

And 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 Here

Privacy Policy

Disclaimer

Niels Kaastrup-Larsen and Katy Kaminski explore why geopolitical risk and structural inflation may be changing some of the assumptions behind traditional portfolios. Katy revisits her recent Copenhagen presentation on crisis alpha, explaining why bonds can lose their diversification benefits when inflation becomes the dominant risk and why rules-based strategies can adapt more easily. They discuss research on preparing for different inflation regimes, the trade-offs between commodities and trend following, and new work from Quantica on why investors not always get the full benefit of investing in trend following. The episode closes with an important lesson: a small number of months drive much of trend’s long-term return, making patience and portfolio design critical.

-----

JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK!

- 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 [email protected]

And 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 Katy on LinkedIn.

Episode TimeStamps:

00:00 - Introduction and what’s on Katy's radar

06:16 - Why 2026 looks very different from 2022 for trend followers

11:12 - Geopolitical risk, inflation and Katie’s Copenhagen presentation

17:50 - Why today’s environment could challenge traditional portfolios

21:55 - What happens when bonds start behaving badly

28:46 - Why rules-based strategies can adapt when markets change

31:46 - Rethinking crisis alpha for an inflationary world

41:56 - Commodities versus trend following as inflation protection

47:40 - Why a handful of months drive so much of trend’s return

52:38 - How investors end up timing liquid alternatives badly

58:12 - How institutions can make it easier to stay invested

01:02:50 - Can packaging trend with other assets solve the problem?

Copyright © 2026 – 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 Here

2. 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 Here

3. Other Resources that can help you

And 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 Here

Privacy Policy

Disclaimer

Cem Karsan is joined by Goldman Sachs’ Christian Mueller-Glissmann to ask how much longer the AI boom can keep supporting markets as the bond market becomes increasingly difficult to ignore. They discuss whether today’s extraordinary earnings growth is sustainable, why Christian sees more evidence of an earnings bubble than a valuation bubble, and how higher yields are beginning to pressure parts of the equity market. The conversation also explores unusually high dispersion, cheap equity volatility and the growing challenge of portfolio diversification before turning to geopolitical risk, gold, FX volatility and how investors might prepare for a more inflationary and less predictable market regime.

-----

JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK!

- 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 [email protected]

And 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 Cem on Twitter.

Follow Christian on LinkedIn.

Episode TimeStamps:

00:00 - Introduction and why the bond market matters again

02:13 - How the AI boom changed the market regime

06:41 - Are the earnings from AI actually sustainable?

10:38 - An earnings bubble rather than a valuation bubble?

17:18 - What happens if earnings start to mean revert

22:15 - When the stock market starts driving the economy

28:55 - Why bonds are becoming the speed limit for equities

38:39 - Can the AI boom keep going if rates stay high?

42:21 - Why equity volatility looks unusually cheap

45:30 - What extreme dispersion is telling us about the market

52:44 - How to prepare for a market you can’t time

58:20 - Geopolitics, real assets and the changing role of bonds

01:02:20 - Debasement and the risk investors may be underestimating

01:05:54 - Why currency volatility could matter much more

Copyright © 2026 – 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 Here

2. 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 Here

3. Other Resources that can help you

And 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 Here

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Disclaimer

How reliable is 60/40 when stocks and bonds fall together? Andrew Beer joins Niels Kaastrup-Larsen to question the return forecasts and diversification assumptions behind traditional asset allocation. They explore how a systematic, non-emotional approach to tactical investing can help portfolios adapt as markets change. The conversation also sets out how to grow the CTA/managed futures pie by explaining the strategy’s value in language investors understand. They discuss why diversification across managers and realistic expectations for uneven returns matter for building investor confidence and encouraging lasting allocations.

-----

JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK!

- 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 [email protected]

And 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 Andrew on Twitter.

Episode TimeStamps:

00:00 - Why portfolios may need a more tactical approach

01:04 - AI, entrepreneurship and the changing world of work

08:07 - Complex systems and why the future is so difficult to predict

09:47 - Trend following performance and what is driving returns

13:59 - Why the traditional 60/40 portfolio is being questioned

16:20 - The problem with long-term asset allocation assumptions

22:41 - Diversification, market timing and the historical advantage of bonds

27:01 - What 27 years of managed futures data tells us

31:51 - Crisis alpha across the dot-com crash, GFC and 2022

36:08 - Correlation, alpha and the diversification case for CTAs

38:12 - Drawdowns and why tactical strategies can preserve capital

44:55 - Sharpe ratios and the problem of lumpy returns

50:39 - Why choosing the right managed futures manager is so difficult

54:57 - How managed futures can finally grow the pie

01:05:04 - Why the industry needs to stop getting lost in the technical details

01:08:14 - The danger of betting everything on one manager

01:13:02 - Why timing managed futures can make a good strategy look bad

Copyright © 2026 – 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 Here

2. 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 Here

3. Other Resources that can help you

And 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 Here

Privacy Policy

Disclaimer