Top Traders Unplugged

By Niels Kaastrup-LarsenBusiness News Investing Business News

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Typical duration
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per episode

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Top Traders Unplugged episodes

February 25, 2018TTU97: Putting Your Clients First...Always ft. Marty Bergin of DUNN Capital – 1of2
Our guest today is the President and Owner of DUNN Capital. Having a deep background in finance and business management, Marty oversees all mission-critical operations of the firm, including the firm’s research and development efforts as well as the construction and management of the firm’s managed futures portfolios.
In our conversation, my co-host Katy Kaminski and I discuss with Marty DUNN Capital’s client-first business model, why he believes that their Adaptive Risk Profile has been a game-changer since its introduction in 2013, and how DUNN Capital has evolved since he joined more than 20 years ago.
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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
How Bill Dunn started DUNN Capital
How Marty minimizes risk down to the base level
What lessons Marty has learned from his time at DUNN Capital
Why Marty believes being client-centric is key to DUNN Capital’s success
How research plays a larger role within DUNN Capital than most people think
How DUNN Capital has changed since Marty joined
How Marty views return dispersion
Why certain “diverse” stock choices are not very diverse
What makes DUNN’s Adaptive Risk Profile unique
The one thing that is missing from Marty’s trend following program

-----

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.
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 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
33 min
September 01, 2017 13 Top Traders Round Table with Michael Adam, David Harding, and Marty Lueck – 3of3

“Always be paranoid about [your strategies], and always be paranoid about every part of it." (Tweet)
Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this special episode, my guests are the founders of AHL: Michael Adam who later co-founded Aspect Capital, David Harding also known as founder and CEO of Winton Capital and Marty Lueck also one of the co-founders of Aspect Capital.

We sat down in the famous Abbey Road Studios in London to talk about how they developed their investing strategies, some of the most surprising decisions they ever made, and what kind of legacy they would like to leave behind.

Subscribe on:

In This Episode, You'll Learn:

What Mike, David & Marty had to un-learn in order to improve their strategies
Why David believes education can crush creativity
How some “new” optimization methods hurts investors
What David and Marty least like about their current strategies
What they plan on doing when they no longer run their firms
How David approaches succession planning
The most important investment principles the guests would leave for their children
Why only a small amount of investors still keep managed futures as a core allocation
The most important decisions they ever made
Which decisions had the most surprising results
If the media will ever understand what managed futures actually are
The legacy that AHL left in the world of investing

This episode was sponsored by CME Group:

Connect with our guests:

Learn more about Michael Adam and Mike Marlin and The Melomaniacs

Learn more about David Harding and Winton Group

Learn more about Marty Lueck and Aspect Capital
“The reason the systematic trading business is successful is not just because of the founder, it’s the ability of the founder to organize a business that has a way of doing things that is indeed systematic." - (Tweet)
33 min
September 01, 2017RT13: The legacy of AHL ft. Adam, Harding & Lueck of AHL – 3of3
On this special episode, my guests are the founders of AHL: Michael Adam who later co-founded Aspect Capital, David Harding also known as founder and CEO of Winton Capital and Marty Lueck also one of the co-founders of Aspect Capital.
We sat down in the famous Abbey Road Studios in London to talk about how they developed their investing strategies, some of the most surprising decisions they ever made, and what kind of legacy they would like to leave behind.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
What Mike, David & Marty had to un-learn in order to improve their strategies
Why David believes education can crush creativity
How some “new” optimization methods hurts investors
What David and Marty least like about their current strategies
What they plan on doing when they no longer run their firms
How David approaches succession planning
The most important investment principles the guests would leave for their children
Why only a small amount of investors still keep managed futures as a core allocation
The most important decisions they ever made
Which decisions had the most surprising results
If the media will ever understand what managed futures actually are
The legacy that AHL left in the world of investing

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.
Learn more about Michael Adam and Mike Marlin and The Melomaniacs
Learn more about David Harding and Winton Group
Learn more about Marty Lueck and Aspect Capital
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 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
33 min
August 25, 2017 12 Top Traders Round Table with Michael Adam, David Harding, and Marty Lueck – 2of3

“That’s the challenge you face in systematic trading: it’s not to be really, really good, it’s not to be useful." (Tweet)
Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this special episode, my guests are the founders of AHL: Michael Adam who later co-founded Aspect Capital, David Harding also known as founder and CEO of Winton Capital and Marty Lueck also one of the co-founders of Aspect Capital.

We sat down in the famous Abbey Road Studios in London to talk about what AHL's founders did after they created the company, what they've learned along the way about business and life, and how they view the current market climates.

Subscribe on:

In This Episode, You'll Learn:

The future of a science-driven trading approach
What David’s vision was when he started Winton Capital
The beginnings of Aspect Capital
Why Winton moved away from traditional trend following
The challenges that equities and managed futures present for investors
Why David chose to lower volatility of his strategy
Michael’s experience with deep value investing
When it’s time to ask “do you want to be happy or rich?”
What caused Michael to leave the industry
How they have evolve using different data sources and new markets
The danger of “hindsight bias”
What disadvantages machine learning have presented
Why Marty views asset allocation as part of a trend following model
How they see our current financial climate

This episode was sponsored by CME Group:

Connect with our guests:

Learn more about Michael Adam and Mike Marlin and The Melomaniacs

Learn more about David Harding and Winton Group

Learn more about Marty Lueck and Aspect Capital
“Markets are neural networks, they are hundreds of thousands of people motivated to make money." - (Tweet)
43 min
August 25, 2017RT12: You don't have to be good...but you have to be useful ft. Adam, Harding & Lueck of AHL – 2of3
On this special episode, I continue my conversation with the founders of AHL: Michael Adam who later co-founded Aspect Capital, David Harding also known as founder and CEO of Winton Capital and Marty Lueck also one of the co-founders of Aspect Capital.
We sat down in the famous Abbey Road Studios in London to talk about what AHL’s founders did after they created the company, what they’ve learned along the way about business and life, and how they view the current market climates.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
The future of a science-driven trading approach
What David’s vision was when he started Winton Capital
The beginnings of Aspect Capital
Why Winton moved away from traditional trend following
The challenges that equities and managed futures present for investors
Why David chose to lower volatility of his strategy
Michael’s experience with deep value investing
When it’s time to ask “do you want to be happy or rich?”
What caused Michael to leave the industry
How they have evolve using different data sources and new markets
The danger of “hindsight bias”
What disadvantages machine learning have presented
Why Marty views asset allocation as part of a trend following model
How they see our current financial climate

-----

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.
Learn more about Michael Adam and Mike Marlin and The Melomaniacs
Learn more about David Harding and Winton Group
Learn more about Marty Lueck and Aspect Capital
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 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
43 min
August 18, 2017 11 Top Traders Round Table with Michael Adam, David Harding, and Marty Lueck – 1of3

"I do remember us having conversations about building something that would outlast us, but I don’t think we thought too hard about whether it would or not." (Tweet)
Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this special episode, my guests are the founders of AHL: Michael Adam who later co-founded Aspect Capital, David Harding also known as founder and CEO of Winton Capital and Marty Lueck also one of the co-founders of Aspect Capital.

We sat down in the famous Abbey Road Studios in London to talk about AHL's beginnings, the revolutionary discoveries that AHL made, how MAN Group became the owner of AHL, as well as all the great things that Michael, David and Marty went on to create.

Subscribe on:

In This Episode, You'll Learn:

How AHL got it’s start
Why Michael’s father was instrumental in the beginning of AHL
What struck David when testing their early algorithms
Why their “empiricist” outlook gave them an early advantage
How technology’s limits pushed their ideas
The breakthroughs of AHL’s early research and how it still applies today
Why being a consultant gave AHL deep insight into trading the markets
The crucial role the early clients had in AHL’s development
The power of finding the right people to work with
Why Michael preferred working with “unformed” employees
How the original deal between MAN and MINT influenced AHL
What the larger financial community initially thought about AHL
How AHL brought in investors in those early days

This episode was sponsored by CME Group:

Connect with our guests:

Learn more about Michael Adam and Mike Marlin and The Melomaniacs

Learn more about David Harding and Winton Group

Learn more about Marty Lueck and Aspect Capital
"At the beginnings of what we did, we didn’t make money as investment managers at all, we made money as consultants." - (Tweet)
45 min
August 18, 2017RT11: AHL 30 Year Anniversary ft. Michael Adam, David Harding & Marty Lueck – 1of3
I was thrilled to be joined by the founders of AHL, to celebrate their 30 year anniversay of founding AHL: Michael Adam who later co-founded Aspect Capital, David Harding also known as founder and CEO of Winton Capital and Marty Lueck also one of the co-founders of Aspect Capital.
We sat down in the famous Abbey Road Studios in London to talk about AHL’s beginnings, the revolutionary discoveries that AHL made, how MAN Group became the owner of AHL, as well as all the great things that Michael, David and Marty went on to create.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
How AHL got it’s start
Why Michael’s father was instrumental in the beginning of AHL
What struck David when testing their early algorithms
Why their “empiricist” outlook gave them an early advantage
How technology’s limits pushed their ideas
The breakthroughs of AHL’s early research and how it still applies today
Why being a consultant gave AHL deep insight into trading the markets
The crucial role the early clients had in AHL’s development
The power of finding the right people to work with
Why Michael preferred working with “unformed” employees
How the original deal between MAN and MINT influenced AHL
What the larger financial community initially thought about AHL
How AHL brought in investors in those early days

-----

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.
Learn more about Michael Adam and Mike Marlin and The Melomaniacs
Learn more about David Harding and Winton Group
Learn more about Marty Lueck and Aspect Capital
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 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
45 min
July 14, 2017 10 Top Traders Round Table with Ryan Abrams, Ela Karahasanoglu, and Carrie Lo – 2of2

"You need to share the vision and have a vision as where the portfolio is going." (Tweet)
Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Ryan Abrams, Portfolio Manager at Wisconsin Alumni Research Association, Ela Karahasanoglu, VP at Workplace Safety and Insurance Board, and Carrie Lo, Director of Hedge Strategies at CalSTRS.

Subscribe on:

In This Episode, You'll Learn:

When do you stop adding more managers?
Ela’s magic range of managers
Carrie’s approach to choosing managers
How management fees should be structured
What advice Carrie would give to other pensions planning to start allocating to risk mitigation strategies
Why Ela recommends a thorough preparation and vision for risk mitigation strategies
Ryan’s thoughts on trends during dislocation periods
What challenges the guests had to overcome as part of their implementation process
Why CalPERS are leaving hedge funds when CalSTRS are adding them, even when some of the board members are the same

This episode was sponsored by CME Group:

Connect with our guests:
Learn more about Ryan Abrams and Wisconsin Alumni Research Association

Learn more about Ela Karahasanoglu and Workplace Safety and Insurance Board

Learn more about Carrie Lo and CalSTRS
"Having a consistent strategy and data to back that up is important." - (Tweet)
36 min
July 14, 2017RT10: The challenge pension funds face with Risk Mitigation ft. Ryan Abrams, Ela Karahasanoglu & Carrie Lo – 2of2
On this episode I continue my conversation Ryan Abrams, Portfolio Manager at Wisconsin Alumni Research Association, Ela Karahasanoglu, VP at Workplace Safety and Insurance Board, and Carrie Lo, Director of Hedge Strategies at CalSTRS.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
When do you stop adding more managers?
Ela’s magic range of managers
Carrie’s approach to choosing managers
How management fees should be structured
What advice Carrie would give to other pensions planning to start allocating to risk mitigation strategies
Why Ela recommends a thorough preparation and vision for risk mitigation strategies
Ryan’s thoughts on trends during dislocation periods
What challenges the guests had to overcome as part of their implementation process
Why CalPERS are leaving hedge funds when CalSTRS are adding them, even when some of the board members are the same

-----

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.
Learn more about Ryan Abrams and Wisconsin Alumni Research Association
Learn more about Ela Karahasanoglu and Workplace Safety and Insurance Board
Learn more about Carrie Lo and CalSTRS
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 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
36 min
June 25, 2017 09 Top Traders Round Table with Ryan Abrams, Ela Karahasanoglu, and Carrie Lo – 1of2
"Pointing to the dispersion of returns among managers, it’s really difficult to desegregate skill from luck." (Tweet)
Top Traders is bringing you Top Traders Round Table, a series of conversations with industry leaders on the subject of Managed Futures. On this episode my guests are Ryan Abrams, Portfolio Manager at Wisconsin Alumni Research Association, Ela Karahasanoglu, VP at Workplace Safety and Insurance Board, and Carrie Lo, Director of Hedge Strategies at CalSTRS.

Subscribe on:

In This Episode, You'll Learn:

How Carrie diligently prepared her new Risk Mitigation Strategies (RMS)
How much CalSTRS will initially allocate to the RMS part for their $200bn+ portolio
How Ryan uses risk mitigation strategies in his organization
How Ela is slowly restructuring her alternative portfolio
The risks of risk parity strategies
Is trend-following really an opportunity cost question?
How Carrie has worked with the CalSTRS board on implementing this strategy
Why Ela has focused more on tail-risk strategies
Carrie’s manager selection process

This episode was sponsored by CME Group:

Connect with our guests:
Learn more about Ryan Abrams and Wisconsin Alumni Research Association

Learn more about Ela Karahasanoglu and Workplace Safety and Insurance Board

Learn more about Carrie Lo and CalSTRS
"A potential Achilles heel, at least of a risk parity portfolio, is your exclusively long assets." - (Tweet)
41 min