Top Traders Unplugged

By Niels Kaastrup-LarsenBusiness News Investing Business News

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Top Traders Unplugged episodes

February 19, 2017RT04: What is the right fee structure? ft. Marty Bergin, Grant Jaffarian & Mike Boss – 2of2
On this episode I continue my conversation with Marty Bergin, the owner and President of DUNN Capital Management, Grant Jaffarian, Portfolio Manager of the Advanced Trend program at Crabel Capital Management, and Mike Boss, who is a Director within the Capital Introductions Team at Societe General, where we cover all things trend following and some of the differences to short-term trading.
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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 to use your management and incentive fees to compete
Grants’s competitive strategy for his flat-fee product
Why a robust risk management system is extremely important
Who is winning the battle between the low-cost products and the traditional trend following offerings
If the increased number of investors using trend following is impacting returns?
How rising interest rates will affect long- and short-term trend followers
The guest’s biggest takeaways from 2016
If machine learning is already being used by trend following firms?

-----

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 Marty Bergin and DUNN Capital Management
Learn more about Grant Jaffarian and Crabel Capital Management
Learn more about Mike Boss and Societe General
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
32 min
February 05, 2017 03 Top Traders Round Table with Marty Bergin, Grant Jaffarian, and Mike Boss – 1of2
"The problem is you have a lot of trend followers who have been around a long time and haven’t adapted their programs." (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 Marty Bergin, the owner and President of DUNN Capital Management, Grant Jaffarian, Portfolio Manager of the Advanced Trend program at Crabel Capital Management, and Mike Boss, who is a Director within the Capital Introductions Team at Societe General.

Subscribe on:

In This Episode, You'll Learn:

Key Insights from arguably the best Trend Follower & the best Short-Term CTA
How the challenges they overcame to get to where they are today
How trend followers can evolve their strategies to stay ahead
The reason why some trend followers haven’t changed in decades
Key insights to how Marty has allowed DUNN to stay ahead
How Mike & Societe Generale sees the industry changing and it’s new opportunities
Why the UCITS Directive started benefiting smaller specialized managers
The challenges with short-term trading
Why Crabel is strict with its capacity
The research that increased Crabel’s bottom line
How to ensure that CTA flagship offerings retain value over low-cost alternatives

This episode was sponsored by CME Group:

Connect with our guests:
Learn more about Marty Bergin and DUNN Capital Management

Learn more about Grant Jaffarian and Crabel Capital Management

Learn more about Mike Boss and Societe General
"If you’re using an algo off the shelf, there’s other algos designed to take advantage of that algo." - (Tweet)
34 min
February 05, 2017RT03: The challenge with Experience ft. Marty Bergin, Grant Jaffarian & Mike Boss – 1of2
Today I'm joined by Marty Bergin, the owner and President of DUNN Capital Management, Grant Jaffarian, Portfolio Manager of the Advanced Trend program at Crabel Capital Management, and Mike Boss, who is a Director within the Capital Introductions Team at Societe General, for a fun and insightful journey into the world of Trend Following.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
Key Insights from arguably the best Trend Follower & the best Short-Term CTA
How the challenges they overcame to get to where they are today
How trend followers can evolve their strategies to stay ahead
The reason why some trend followers haven’t changed in decades
Key insights to how Marty has allowed DUNN to stay ahead
How Mike & Societe Generale sees the industry changing and it’s new opportunities
Why the UCITS Directive started benefitting smaller specialized managers
The challenges with short-term trading
Why Crabel is strict with its capacity
The research that increased Crabel’s bottom line
How to ensure that CTA flagship offerings retain value over low-cost alternatives

-----

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 Marty Bergin and DUNN Capital Management
Learn more about Grant Jaffarian and Crabel Capital Management
Learn more about Mike Boss and Societe General
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
34 min
January 16, 2017 02 Top Traders Round Table with Amy Elefante Bedi, Ernest Jaffarian, and Phil Hatzopoulos – 2of2

"Most people don’t realize how broad the CTA space is." (Tweet)
We’re back with Top Traders Round Table, a discussion with industry leaders on the subject of Managed Futures. This is Part 2 of our conversation with guests Amy Elefante Bedi, Director of Hedged Strategies at Washington University Investment Management Company in St. Louis, Ernest Jaffarian, the CEO of Efficient Capital Management as well Phil Hatzopoulos , who is the Global Head of Buyside Sales at the CME Group.

Subscribe on:

In This Episode, You'll Learn:

What the response has been to lower performance of hedge funds in recent years
How managers have dealt with the challenging performance environment
What institutional investors are looking to get out of the Managed Futures space
How Smart Beta is being used
If its true that you get what you pay for
The movement towards BIG data
The concern of investors about the fixed income sector
What would happen if interest rates starts going up
What the biggest opportunities are for the Managed Futures industry in 2017
How regulations could destroy the industry
The biggest challenge that institutions face before they embrace CTAs
How to overcome the fear of investing in the Managed Futures space

This episode was sponsored by CME Group:

Connect with our guests:
Learn more about Amy Elefante Bedi and Washington University's Investment Management Company

Learn more about Ernest Jaffarian and Efficient Capital Management

Learn more about Phillip Hatzopoulos and CME Group
"Liquidity in the market doesn't concern me because the overall size of the industry is still significantly smaller than its historical peak." (Tweet)
25 min
January 16, 2017RT02: The biggest challenge for institutions ft. Amy Elefante Bedi, Ernest Jaffarian & Phil Hatzopoulos – 2of2
Today I continue my conversation with Amy Elefante Bedi, Director of Hedged Strategies at Washington University Investment Management Company in St. Louis, Ernest Jaffarian, the CEO of Efficient Capital Management as well Phil Hatzopoulos , who is the Global Head of Buyside Sales at the CME Group.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
What the response has been to lower performance of hedge funds in recent years
How managers have dealt with the challenging performance environment
What institutional investors are looking to get out of the Managed Futures space
How Smart Beta is being used
If its true that you get what you pay for
The movement towards BIG data
The concern of investors about the fixed income sector
What would happen if interest rates starts going up
What the biggest opportunities are for the Managed Futures industry in 2017
How regulations could destroy the industry
The biggest challenge that institutions face before they embrace CTAs
How to overcome the fear of investing in the Managed Futures space

-----

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 Amy Elefante Bedi and
Washington University’s Investment Management Company
Learn more about Ernest Jaffarian and Efficient Capital Management
Learn more about Phillip Hatzopoulos and CME Group
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
25 min
January 04, 2017 01 Top Traders Round Table with Amy Elefante Bedi, Ernest Jaffarian, and Phil Hatzopoulos – 1of2
"Smaller managers realize that they need to partner to succeed." (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 Amy Elefante Bedi, Director of Hedged Strategies at Washington University Investment Management Company in St. Louis, Ernest Jaffarian, the CEO of Efficient Capital Management as well Phil Hatzopoulos , who is the Global Head of Buyside Sales at the CME Group.

Subscribe on:

In This Episode, You'll Learn:

Key Insights from industry leaders in Managed Futures
How they got where they are today
What Ernest did to change his career to Managed Futures
The hesitations that endowments have had when investing in the CTA industry
What is the state of the fund-to-fund model today
The importance of diversifying your portfolio
How to find and access talent in the Managed Futures space
Questions to ask a manager when deciding on your allocations
The issue of fees and the debate surrounding it
The performance of CTAs in the last decade

This episode was sponsored by CME Group:

Connect with our guests:
Learn more about Amy Elefante Bedi and Washington University's Investment Management Company

Learn more about Ernest Jaffarian and Efficient Capital Management

Learn more about Phillip Hatzopoulos and CME Group
"The happy relationship between institutional investors and managers is found on the incentive fee side." (Tweet)
27 min
January 04, 2017RT01: How to find talented managers ft. Amy Elefante Bedi, Ernest Jaffarian & Phil Hatzopoulos – 1of2
On this episode I'm joined by Amy Elefante Bedi, Director of Hedged Strategies at Washington University Investment Management Company in St. Louis, Ernest Jaffarian, the CEO of Efficient Capital Management as well Phil Hatzopoulos , who is the Global Head of Buyside Sales at the CME Group - to explore the world of Alternative Investments and why they are so valuable to investors.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
Key Insights from industry leaders in Managed Futures
How they got where they are today
What Ernest did to change his career to Managed Futures
The hesitations that endowments have had when investing in the CTA industry
What is the state of the fund-to-fund model today
The importance of diversifying your portfolio
How to find and access talent in the Managed Futures space
Questions to ask a manager when deciding on your allocations
The issue of fees and the debate surrounding it
The performance of CTAs in the last decade

-----

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 Amy Elefante Bedi and
Washington University’s Investment Management Company
Learn more about Ernest Jaffarian and Efficient Capital Management
Learn more about Phillip Hatzopoulos and CME Group
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
27 min
May 19, 2016 96 The Simplicity of Trend Following with Katy Kaminski, Alex Greyserman & Roberto Osorio – 2of2
"We evolve over time to survive - we are constantly trying to find better ways to do what we do." - Katy Kaminski (Tweet)
Thanks for tuning in to the second part of our roundtable conversation with three of the leading voices in the trend following industry today. In this episode, we discuss how the industry has evolved, what the future looks like, and how to educate investors on the merits of trend following.

Thanks for listening and please welcome back Katy Kaminski, Alex Greyserman & Roberto Osorio.

Subscribe on:

In This Episode, You'll Learn:

How has trend following evolved in the past decade
The different kinds of diversification and how important they are
The concept of divergent strategies
"People get into analysis paralysis mode." - Alex Greyserman (Tweet)

Different ways of generating signals
Why entries are the least important
How to figure out what are the most robust parameters to use
Why you should try to debunk any new trading ideas
"Trend following matches nicely with so many of the more fundamental trading approaches out there." - Katy Kaminski (Tweet)

How trend following CTAs perform risk control
How to educate investors on trend following firms and methods
How many trend following managers should you invest in

Resources & Links Mentioned in this Episode:

Trend Following with Managed Futures: The Search for Crisis Alpha
Return Dispersion, Counterintuitive Correlation (PDF)

This episode was sponsored by BarclayHedge:

Connect with our guests:
Follow Katy Kaminski on Linkedin

Follow Alex Greyserman on Linkedin

Follow Roberto Osorio on Linkedin
"The details of the strategy make up the difference." - Roberto Osorio (Tweet)
43 min
May 19, 2016TTU96: The Simplicity of Trend Following ft. Katy Kaminski, Alex Greyserman & Roberto Osorio – 2of2
Thanks for tuning in to the second part of our roundtable conversation with three of the leading voices in the trend following industry today. In this episode, we discuss how the industry has evolved, what the future looks like, and how to educate investors on the merits of trend following.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
How has trend following evolved in the past decade
The different kinds of diversification and how important they are
The concept of divergent strategies
Different ways of generating signals
Why entries are the least important
How to figure out what are the most robust parameters to use
Why you should try to debunk any new trading ideas
How trend following CTAs perform risk control
How to educate investors on trend following firms and methods
How many trend following managers should you invest in

-----

Resources & Links Mentioned in this Episode:
Trend Following with Managed Futures: The Search for Crisis Alpha
Return Dispersion, Counterintuitive Correlation (PDF)

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 Kaminski on Linkedin
Follow Alex Greyserman on Linkedin
Follow Roberto Osorio on Linkedin
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
May 06, 2016 95 Redefining Trend Following with Katy Kaminski, Alex Greyserman & Roberto Osorio – 1of2
"This game is a number’s game, you are losing a lot and winning bigger sometimes." - Katy Kaminski (Tweet)
Thanks for tuning back into our show, we know it has been a while since we've published an episode. However, you are in for a real treat: this is the first episode where we have a roundtable of guests, representing some of the most prominent firms in the trend following space. Our guests have a combined 100 years of track record, and we'll explore it all in this episode.
We discuss the history of trend following, what it takes to practice trend following, and the human biases that effect our trading.
Thanks for listening and please welcome Katy Kaminski, Alex Greyserman and Roberto Osorio.

Subscribe on:

In This Episode, You'll Learn:

The history of trend-following
"Trend following is not going to go away anytime soon." - Roberto Osorio (Tweet)

The phenomenon of momentum
When the concept of trend following that we know today came about
Why Katy & Alex gathered data from hundreds of years ago
Katy talks about their book on Trend Following
Why markets are not getting more efficient
"In trend following, you are trying to capture divergence, movements across markets." - Katy Kaminski (Tweet)

Why the edge in Trend Following is "knowing what you don’t know"
How long it took for Alex to start believing in trend following
Roberto’s first exposure to trend following
Why humility is necessary to practice trend following
"The edge is knowing what we don’t know." - Alex Greyserman (Tweet)

The importance of taking the human emotion out of the decision process
Katy’s voodoo finance and heuristics
Are all CTA’s trend-followers?
"The way you follow a trade after you get in defines whether you are a trend follower or not." - Alex Greyserman (Tweet)

Alex’s Random Entry System that uses coin flips
The three decisions that are involved in a trade
The fact and fiction of how difficult it is to do trend-following
"If liquidity is high like in trend following, I really see every moment as a decision point." - Roberto Osorio (Tweet)

Why humans suffer from representative bias
The factor of simplicity when making a trend following system

Resources & Links Mentioned in this Episode:

Trend Following with Managed Futures: The Search for Crisis Alpha
Market Wizards
Tulip mania
David Ricardo
Lake Wobegon syndrome

This episode was sponsored by BarclayHedge:

Connect with our guests:
Follow Katy Kaminski on Linkedin
Follow Alex Greyserman on Linkedin
Follow Roberto Osorio on Linkedin
"The three guests represent a combined track record of more than 100 years." - Niels Kaastrup-Larsen (Tweet)
Full Transcript
The following is a full detailed transcript of this conversion. Click here to subscribe to our mailing list, and get full access to our library of downloadable eBook transcripts!
Niels
It’s been awhile since I published my last episode. First of all, thanks for being patient and sticking with me and the podcast. However, I hope you will agree with me that it’s been worth the wait because what I have in store for you today I think is really unique, and something that I’ve never done before. So far I have focused on very detailed one-on-one conversations with some really interesting and successful traders. I’ve been overwhelmed with your positive feedback.
I have published what I think are some useful eBooks written by experts that I hope will highlight some important issues that can help you regardless of whether you are an investor, a trader, or just interested in the markets. Every day I publish my trend barometer that explains the environment for a typical trend following ...
55 min