Top Traders Unplugged

How do quantitative investors adapt when markets, technology and macro regimes are constantly changing? In this conversation, Alan Dunne sits down with George Patterson, CIO of PGIM Quant Solutions, to explore the evolution of systematic investing from the 1990s to today’s AI driven landscape. They discuss regime detection, inflation risk, portfolio construction, machine learning, private markets, volatility overlays and the growing role of language models in investment research. George also shares insights from decades in quant investing, including lessons from Covid, the importance of model discipline and why communication skills matter as much as technical expertise.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - 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 George on LinkedIn.

Episode TimeStamps:

00:00 - Introduction to George Patterson and his journey from physics to quantitative investing

03:12 - Why multidisciplinary teams matter in modern quant investing

04:13 - Inside PGIM Quant Solutions and the evolution of multi asset investing

06:03 - How markets and macro investing have changed since the 1990s

09:12 - The future of the 60/40 portfolio and institutional portfolio construction

12:11 - Private markets, liquidity challenges and institutional investor concerns

13:25 - Inflation, commodities and building modern inflation hedges

19:33 - Detecting macro regimes using quantitative models

23:26 - The hardest part of systematic investing: trusting the process

27:00 - Covid, model failures and managing regime shifts in real time

30:07 - Portfolio protection, options strategies and volatility overlays

32:01 - How AI and large language models are transforming quantitative research

40:02 - Fiscal risks, inflation concerns and the changing rate environment

44:26 - Simplicity versus complexity in quantitative model design

48:05 - Why markets evolve faster today and how models must adapt

51:08 - Retail investors, meme stocks and market distortions

53:33 - Emerging markets and where long term opportunities may exist

55:08 - The future of quant investing and the limits of AI hype

57:10 - George Patterson’s career advice for aspiring quants

Copyright © 2025 – CMC AG – All Rights Reserved

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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 markets stop behaving like machines and start behaving like living systems? In this episode, Richard Brennan joins Niels to explore passive investing, complex adaptive systems, volatility suppression, and the hidden forces reshaping modern market structure. From structured products and reflexive flows to demographics, trend following, and the fragile illusion of equilibrium, this conversation asks whether markets are becoming more unstable precisely because investors believe they have become safer. A thoughtful and layered discussion about why price discovery may be weakening, why trends persist, and why systematic strategies may be more relevant in a world increasingly shaped by feedback loops.

-----

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 [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 Rich on Twitter.

Episode TimeStamps:

00:00 - Introduction to the episode and overview of today’s discussion

02:22 - Richard Brennan breaks down passive investing through the lens of complex adaptive systems

06:51 - What “complex adaptive systems” actually means in markets

14:53 - Why passive investing changes market structure without individual investors realizing it

24:06 - Niels discusses structured products, volatility suppression, and market fragility

29:23 - How demographic shifts could eventually reshape passive investing trends

35:37 - Trend following performance update and the TTU Trend Barometer

38:48 - Listener question on variance, volatility, and correlation in systematic trend following

42:04 - The “murmuration” analogy and why markets behave like flocks instead of machines

48:31 - Why equilibrium theory survives despite failing to explain real markets

51:17 - The endogenous engine of markets and the mechanics of reflexivity

57:47 - How trend followers align with the architecture of modern markets

01:03:12 - Why passive investing weakens balancing forces and strengthens trends

01:13:43 - The statistical evidence showing markets structurally trend over time

01:21:18 - Why trend following may become even more effective in the future

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

On this episode we are joined by Dr. Rainer Zitelmann, to discuss his book New Space Capitalism: The Entrepreneurial Path to the Stars. We discuss why government-funded space programs were initially successful but also why the future of space exploration, and the space economy, will be driven by private companies. Dr. Zitelmann explains what he believes to be the key driver of unlocking the economic potential of space and why it’s conceivable that ventures such as space tourism, orbital data centers and asteroid mining might be listed on the stock exchange. This is a conversation for everyone who wants an early look at an industry that is about to “take off”!

-----

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 [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 Kevin on SubStack & read his Book.

Follow Rainer on Instagram and read his book.

Episode TimeStamps:

00:00 - Why incentives may explain why humans stopped going to the moon

01:07 - Kevin introduces Dr. Rainer Zitelmann and New Space Capitalism

02:47 - How childhood fascination with space led to a lifelong interest

05:45 - Why Apollo succeeded and why it may have been a historical exception

09:22 - The Space Shuttle program and the limits of government-led innovation

13:50 - How SpaceX changed the economics of launch services

20:32 - Why private property rights may be essential for space capitalism

24:36 - The legal uncertainty around owning land and resources in space

32:23 - How Mars settlement could be financed through private ownership

42:49 - Asteroid mining, space resources and the business case beyond Earth

48:06 - Space tourism and why early innovation often starts with the wealthy

53:51 - How investors might think about the emerging space economy

58:27 - Why space capitalism is no longer science fiction

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

The world of systematic investing is evolving fast, and in this episode Nick Baltas joins Moritz Seibert to explore the explosive growth of QIS strategies, the current state of trend following in 2026, and the challenges facing systematic investors in today’s macro environment. They discuss crowding risks in quantitative strategies, the recent collapse in commodity curve carry, and why some trend managers continue to outperform through broader diversification and alternative markets. The conversation also dives into execution alpha, AI driven research workflows, inflation risks, and the ongoing institutional demand for systematic macro strategies. A sharp and highly practical discussion for anyone interested in trend following, QIS, commodities, and quantitative investing.

-----

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 [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 Nick on Twitter.

Follow Moritz on LinkedIn.

Episode TimeStamps:

00:00 – Introduction to the episode

01:17 – Nick Baltas on AI, research, and market volatility

03:02 – Trend following performance update for May 2026

06:25 – What investors are focusing on in QIS strategies

10:14 – Is there cyclicality in investor demand for QIS?

15:25 – Wall Street Journal article on the growth of QIS

17:15 – Crowding risks and overlapping systematic strategies

24:15 – Can hedge funds front run QIS trades?

27:46 – Commodity curve carry explained

30:48 – Largest drawdown ever for commodity curve strategies

33:59 – Is now the right time to buy commodity curve carry?

37:20 – Why some curve carry implementations still made money

40:01 – Trend following performance across alternative vs traditional markets

44:21 – Why broader trend portfolios may improve Sharpe ratios

47:22 – Listener question: Is there alpha in execution?

49:53 – How CTAs think about execution and slippage

53:50 – Why trend following on single name equities is rare

57:58 – Chesapeake’s single name trend approach

59:04 – Final thoughts and wrap up

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

Hari Krishnan joins Niels and Cem for a deep exploration of what happens when markets become dominated by flows rather than fundamentals. Drawing on his new paper with Mike Green and Stefan Sturm, Hari explains why rising passive ownership may weaken price discovery, amplify concentration in mega-cap stocks and create conditions for reflexive instability. The conversation expands far beyond indexing, touching on volatility targeting, leverage, dispersion, inflation, government intervention and the growing dependence of the global economy on rising asset prices. Along the way, Cem and Hari debate whether policymakers can continue stabilizing an increasingly fragile system, what could trigger a structural break, and how investors should think about positioning in a world where flows may matter more than fundamentals.

-----

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 [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 Hari on LinkedIn.

Episode TimeStamps:

00:00 - Hari warns about a fragile financial system dependent on a handful of decision-makers

01:06 - Niels introduces Hari’s new paper with Mike Green and Stefan Sturm

03:00 - Why passive investing may weaken the link between fundamentals and prices

08:40 - The key assumptions behind the model

12:49 - How passive adoption accelerated structural market changes

15:11 - Cem explains why markets may now drive the economy rather than reflect it

23:38 - Can policymakers control a complex financial system?

27:03 - How passive flows amplify mega-cap concentration

31:22 - The changing role of dispersion, volatility and positioning

41:04 - What the model suggests about instability at high passive ownership levels

46:21 - Why 2022 may have been a warning sign

51:55 - Inflation, government intervention and the limits of market control

55:33 - What could trigger a systemic break?

01:07:28 - Political and demographic pressures beneath the system

01:10:43 - Hari’s portfolio implications: stay long, hedge smartly and own inflation sensitivity

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

This week, we are joined by Yoav Git and Rob Croce from Fidelity Investments for a deep dive into trend following, portfolio construction and execution in modern markets. The conversation explores why crisis alpha may come more from beta timing than market selection, the logic behind betting against beta, and how quantitative investors think about diversification, carry and relative value strategies. Along the way, the trio discuss Japan’s rising bond yields, momentum investing, execution risk during crises and even how ChatGPT helped solve a 60-year-old mathematical problem. This is a technical but highly practical discussion about how systematic investors build robust portfolios in a changing macro environment.

-----

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 [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 Rob on LinkedIn and read his paper.

Follow Yoav on Linkedin.

Episode TimeStamps:

01:57 - Rob Croce’s path from economics to managed futures and trend following

04:38 - Yoav on AI-assisted mathematics and solving a 60-year-old problem

06:14 - Rob on out-of-sample testing and learning from market structure

11:42 - Rising Japanese bond yields and the global bond market backdrop

12:39 - Momentum investing and the growing popularity of trend-based strategies

17:04 - Current trend following environment across equities, bonds and commodities

19:13 - “Betting Against Beta” and why low-beta portfolios may outperform

25:43 - The role of leverage aversion and diversification in factor investing

34:26 - Rob Croce’s paper: where crisis alpha really comes from

40:31 - Why beta timing drives much of trend following’s defensive behavior

47:46 - Can carry improve trend following without sacrificing crisis alpha?

51:51 - Execution algorithms, risk reduction and trading during crises

57:46 - Why correlation spikes matter for portfolio execution and liquidity

01:04:05 - Final thoughts and where to find Rob Croce’s research

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

Today, we are joined by David Beckworth, Senior Research Fellow at the Mercatus Center and host of Macro Musings, for a deep dive into the biggest macro questions shaping markets right now. David explains why central banks struggle to respond to supply shocks, why inflation expectations are more fragile than policymakers admit, and how frameworks like nominal GDP targeting could offer a more robust path forward. We explore the collision between geopolitical shocks and AI-driven productivity, the hidden consequences of quantitative easing, and the growing tension between monetary policy and fiscal sustainability. From stablecoins and the future of the dollar to the Fed’s balance sheet and financial system plumbing, this episode unpacks the forces quietly reshaping the global economy, and why policymakers may be less in control than we think.

-----

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 [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 David on X.

Episode TimeStamps:

00:00 - Stablecoins, financial stability, and uncertain impact

01:00 - David Beckworth’s path into macroeconomics

05:43 - How central banks should respond to supply shocks

08:56 - Why policymakers struggle to separate supply vs demand

11:58 - Inflation expectations and post-COVID sensitivity

14:46 - Are central banks over-reliant on flawed inflation models?

18:49 - AI as a positive supply shock: hype vs reality

22:00 - Productivity booms, deflation, and policy challenges

25:11 - Kevin Warsh, AI optimism, and the Fed’s future direction

29:33 - QE, QT, and the long-term impact on financial markets

33:28 - The “ratchet effect” and why the Fed can’t shrink easily

37:59 - Liquidity: abundant or an illusion?

41:38 - Are markets addicted to central bank liquidity?

44:21 - Fiscal dominance and the long-term risk to central banks

53:54 - Stablecoins, dollar dominance, and global demand

59:10 - Private credit and the evolving financial system

01:00:49 - Books, learning, and building a career in macro

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

Today, Niels and Alan examine a market shaped by two forces pulling in opposite directions: AI’s promise of higher productivity and the inflationary pressure of geopolitical stress. From distorted economic data and shifting rate expectations to energy shocks, fiscal pressure, and the changing role of trend following, this conversation explores why traditional portfolios may need more flexibility than they once did. Alan also shares a world exclusive on the launch of his Regime Adaptive Fund, built around the idea that portfolios should not simply sit through changing regimes, but adjust as markets, inflation, and correlations evolve. A timely discussion on risk, resilience, and the limits of old playbooks.

-----

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 [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 to Top Traders Unplugged

00:36 - Niels welcomes Alan Dunne back to the Systematic Investor Series

01:31 - How AI is distorting economic data, earnings, and construction trends

06:13 - UK council elections, Reform UK, and pressure on political assumptions

09:00 - Trend following update and the shift in fixed income exposure

13:35 - Why recent macro shocks have created a favorable backdrop for trend followers

16:45 - AI, Iran, and the collision between positive and negative supply shocks

26:22 - Graham Capital’s research on macro performance across monetary regimes

37:09 - AQR’s view on multi-asset portfolios, trend following, and inflation risk

46:07 - Why diversification still comes with discomfort

51:26 - Should trend following trade equities when stacked on equities?

56:38 - Alan reveals the launch of the Regime Adaptive Fund

01:05:42 - Equity market strength, hidden risks, and portfolio construction today

01:08:46 - Closing thoughts and upcoming episode preview

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

What does it take to become a true Market Wizard, and why do so many of them fail before they find their edge? In this special episode, Moritz Seibert sits down with Jack Schwager and George Coyle to discuss The Next Generation of Market Wizards, the sixth book in the series that began in 1989. Together, they explore how extraordinary traders are found, how their records are verified in an age of AI, and why many of the most remarkable returns still come from discretionary traders. From blown-up accounts and shorting small caps to the psychological cost of sitting in front of screens for 14 hours a day, this is a rare look at the craft, pressure, and persistence behind exceptional 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 [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.

Episode TimeStamps:

00:00 – Why single trading systems rarely produce “wizard-level” returns

01:17 – Introduction to the new Market Wizards book

02:37 – George Coyle’s background and path to co-authoring

05:00 – What makes this new book different (focus on solo traders)

06:00 – How top traders are discovered

10:46 – Verifying extreme performance claims in the AI era

13:26 – The most surprising trait: repeated early failure

15:54 – New-generation strategies that break “classic” rules

19:02 – Timeless trading principles that still hold

21:16 – Why most market wizards are discretionary, not systematic

24:41 – Why individual quant systems rarely achieve extreme returns

26:53 – Listener question: systematic vs discretionary trading

30:17 – Personality traits of elite traders

32:21 – The hidden “cost” of being a top trader

35:50 – Can anyone become a market wizard?

38:47 – What’s changed in trading edges over time

41:53 – Preview of the next book (hedge fund traders)

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

Today, we are joined by Philip Diehl, former Director of the United States Mint and President of U.S. Money Reserve, for a timely conversation about gold’s renewed role in a world shaped by inflation, geopolitical stress, central bank demand, and uncertainty around fiat currencies. Philip explains why gold’s recent rise is not simply a speculative move, but part of a broader shift in how governments, institutions, and individuals think about wealth preservation. From central bank buying and Chinese retail demand to Bitcoin, ETFs, physical coins, and the limits of the U.S. dollar system, this episode explores why gold is once again moving from the margins of portfolios toward the center of the macro conversation.

-----

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 [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 Philip on LinkedIn.

Episode TimeStamps:

00:00 - Why Philip Diehl believes investors should “buy the dip” in gold

01:14 - Philip’s career from public policy to the U.S. Mint

06:08 - What U.S. Money Reserve does and why physical gold matters

08:08 - The forces behind gold’s powerful multi-year rally

13:08 - Central bank buying, dollar risk, and portfolio diversification

19:05 - Why some central banks may sell gold during stress

22:18 - Chinese demand, cultural memory, and the role of retail buyers

28:32 - Why Philip does not see Bitcoin as “digital gold”

32:44 - Physical gold versus ETFs and the question of ownership

37:10 - How retail investors behave during gold bull markets

41:16 - Portfolio allocation and the changing case for gold

45:52 - Why Philip expects gold to outperform equities over the next decade

48:15 - Why today’s gold market is not a repeat of the 1970s

52:21 - Gold miners, production limits, and rising extraction costs

55:58 - Fort Knox, revaluing U.S. gold reserves, and political reality

59:24 - Lessons from Philip’s career and how to learn more about gold

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