Top Traders Unplugged

Hari Krishnan is joined today by Co-Founder & Chairman of Capital Fund Management (CFM) Jean-Philippe Bouchaud, to discuss how news drive price action, and some of the science behind the large price movements, how we should think about adapting to changing dynamics such as correlations, Jean-Philippe’s background in physics and journey into finance, the effectiveness of the Bloomberg terminal, using dimensional analysis for research purposes, the inelastic market hypothesis, differentiating yourself as a Trend Follower, and the connection between volatility strategies and high frequency data.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

In this episode, we discuss:

• The extent to which news drives price action
• How to look at ever-changing market dynamics, such as correlations
• Jean-Philippe's journey into finance
• The reliability of the Bloomberg terminal
• Dimensional analysis
• The inelastic market hypothesis
• Standing out in the Systematic Investor space
• Volatility strategies and if they have any connection to high-frequency data

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 Hari on Twitter.

Follow Jean-Philippe on LinkedIn.

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Episode TimeStamps:

00:00 - Intro

02:38 - What area of physics did you work in, and how did you come into finance?

05:04 - Can you elaborate the paper you worked on, where you where you investigated the endogeneity of large price moves?

15:24 - How timely do you consider the Bloomberg feed to be? Is it quick enough?

19:18 - How do we stitch together the two ideas of micro market data

28:20 - Do you the believe in the research that is carried out using dimensional analysis?

32:58 - Do you think that the inelastic market hypothesis was driven by flows into passive vehicles?

37:13 - Regarding the biggest stocks in the S&P 500, is it true that if one stock is 10 times bigger than another stock, and it gets 10 times the dollar allocation, that the price impacts will be the same?

40:13 - Can you tell us about your journey so far with CFM?

50:21 - Do you still do Trend Following, and if so, how do you do it different from a standard Trend Follower?

52:08 - If you kill the beta in a Trend Following program, do you lose the convexity?

52:38 - What’s the relation between volatility and higher-frequency momentum systems, in your view?

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

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Disclaimer

Rob Carver joins us today to discuss the different ways that Trend Following is perceived by investors, the optimum amount of positions to trade at once, rating the riskiness of various investment strategies, Trend Following on the VIX, suitable risk amounts per market, what to do with the free cash in your futures account, if Trend Followers pyramid positions, trading CFDs and dealing with transaction costs, and the best lookback period when measuring correlations.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

In this episode, we discuss:

• The perception of Trend Following among various types of investors
• How many positions to trade at once
• The ‘riskiness’ of various investment strategies
• Combining Trend Following and Volatility strategies
• Risk-per-futures contract
• How much cash to keep on the sidelines and what to do with it
• Pyramiding positions
• CFD trading and navigating commissions
• Measuring correlations effectively

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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 Rob on Twitter.

Episode TimeStamps:

00:00 - Intro

03:24 - A huge thank you to those who have left a rating or review on iTunes. Feel free to share this podcast with like-minded friends using this link:

https://top-traders-unplugged.captivate.fm/listen

04:47 - Macro recap from Niels

08:17 - Weekly review of returns

11:01 - How has your new approach been working out, Rob?

19:33 - Q1; John: How should I approach risk-per-contract?

27:41 - Q2; Patrick: What is your opinion on using a fixed percentage of free-cash balance?

34:30 - Q3; Frederick: How do professional Trend Followers pyramid into a position?

46:24 - Q4; Michael: Which full-size contract would you say is a ‘must-have’?

01:01:19 - Q5; Rene: When it comes to trading CFDs, how can I deal with changing transaction fee percentages?

01:09:55 - Q6; Michael: Do you have any advice for a 34-year old who wants to enter the managed futures industry? Has Rob ever considered starting his own fund?

01:15:52 - Q7; James: How far back should we look when measuring correlations?

01:23:27 - Benchmark performance update

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 is joined today by Dave Dredge, to discuss how long-volatility strategies can improve on the traditional 60/40 portfolio, the concept of ‘participate and protect’, the importance of understanding why compounding is the ultimate goal, the ‘always good weather’ portfolio, trading Bitcoin volatility, being a ‘value buyer’ of volatility, mechanisms for taking profits, and how to size portfolio allocations properly.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

In this episode, we discuss:

• How to improve on the traditional 60/40 portfolio
• Dave’s concept of ‘participate and protect’
• The importance of compounding
• Dave’s ‘always good weather’ portfolio
• Long-volatility Bitcoin strategies
• Value investing in the volatility space
• Methods for taking profits
• Sizing portfolio allocations

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 Hari on Twitter.

Follow Dave on LinkedIn.

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Episode TimeStamps:

00:00 - Intro

02:01 - How did you end up in the long-volatility sector?

04:55 - How options used to be considered as a redundant trading method

07:53 - Do you have any idea why the Bitcoin skew is so high and flat?

08:56 - What does it mean when you say you consider yourself a value-buyer of volatility?

10:15 - Do you have any notion how to mix the various positions you warehouse?

15:46 - How do you source good ideas, and has living in Singapore given you an edge for this?

27:12 - Can you talk about the Taliban’s use of the ‘Sandpile Theory’?

33:13 - Are there more opportunities for you globally now, then there used to be?

40:51 - What are your mechanisms for taking profits?

47:19 - What’s your view on paying for convexity in your positions?

51:13 - Do you engage in skew trades? 

52:41 - How do you think about low-vol?

55:49 - How do you size allocations to your long-vol strategy?

01:01:49 - Closing thoughts from Dave?

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, Alan Dunne joins us to discuss what the future could look like without central bank liquidity being pumped into the markets, macro versus quantitative trading approaches, how to avoid crowded strategies, some post analysis of a trend following research paper, whether CTAs are being gamed by other participants, analysing the various methods of price trend measurements, what may have caused a more difficult trading environment for Trend Following strategies in the 2010s, and the economic factors that lead to great periods for Trend Following.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

In this episode, we discuss:

• What markets could look like without Federal Reserve liquidity injections
• Macro versus quantitative approaches
• Avoiding crowded strategies
• What it was like to trade through 2018
• How market participants may try to game Trend Followers
• Measuring the strength of price trends
• Reviewing the performance of Trend Following during the 2010s
• Which economic factors could drive strong Trend Following performance

-----

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 - Intro

00:58 - Feel free to share this podcast with like-minded friends using this link:

https://top-traders-unplugged.captivate.fm/listen

02:34 - Macro recap from Niels

05:02 - Weekly review of returns

12:22 - Q1: Brett; How do you define a drawdown?

13:48 - Alan, what is your background and path to the CTA industry?

19:32 - Announcement of new Top Traders Unplugged ‘Allocator’ series 

20:49 - What inspired you to write your highly-regarded paper on Trend Following?

01:04:08 - Benchmark performance update

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 today’s episode, Hari Krishnan is joined today by Benn Eifert, to discuss running a volatility fund, the benefits that Benn gets from using Twitter, how to effectively serve clients as a volatility trader, the drawbacks of hedging via ETFs, monitoring market flows, the popularity of short-dated options, implied volatility versus realised volatility, how correlations change over time, balancing family-life with managing a fund, and the new normalisation of working from home.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

In this episode, we discuss:

• A behind the scenes look at running a volatility fund
• How to use Twitter as an investor
• Bringing value to clients as a volatility trader
• Hedging via ETFs
• Market flows
• Options
• Implied volatility
• Finding a good work & life balance

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 Hari on Twitter.

Follow Benn on Twitter.

-----

Episode TimeStamps:

00:00 - Intro

02:20 - How did you end up running a Volatility fund?

06:39 - Why did you join a Vol fund instead of a Global Macro fund?

09:30 - What do you gain from being on Twitter?

11:50 - Explain some of the methods behind how you serve your clients

16:19 - What are some of the weaknesses of hedging via ETF products?

19:44 - Do you find a lot of value in monitoring the flows into various markets?

23:34 - Why is it people are so eager to sell shorter-dated options?

26:17 - How do you counter the argument that it’s a good idea to write calls against short positions?

30:05 - What are some of the issues with looking at implied volatility versus realised volatility?

33:13 - What challenges do you face as a Volatility pro, when it comes to the extreme moves up and down?

37:37 - What do you do when you expect large volatility but the direction is unknown?

40:30 - How would you react if you knew that there was a huge amount of open interest, 5% down in the S&P, with a few weeks to go?

42:52 - Do you have any thoughts on the recent dislocation between the VIX and the S&P 500?

46:04 - What are the changes in dispersion dynamics and implied correlations that you’ve noticed over the years?

55:03 - Is it fair to say that if you’re long enough Volatility, and there’s a large enough systemic shock, then you’re going to make money?

56:48 - Do you have anything to say about the 10-year note futures options surface? Are there persistent distortions there?

59:25 - If you see a distortion in the skew, how do you approach it?

01:02:56 - Balancing family life and managing a fund

01:05:12 - The recent legitimisation of working from home

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 continue our special Part 2 end-of-year episode featuring all co-hosts of the show, together at the same time, to discuss why you should be invested in numerous different markets, why more Trend Following firms should be trading single stocks, the optimum amount of systems to run at the same time, whether diversifying across markets or diversifying across systems is more important, some thoughts on positive skew, and defining outliers. We also review how 2021 went for each us, including our best and worst markets to trade, the lessons we learned, and the biggest surprises.

-----

50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

In this episode, we discuss:

• The reasons for trading different markets
• Why Trend Following firms should trade single stocks
• The optimum amount of systems to run at the same time
• Diversification across markets versus across systems
• Skewness
• How to define outliers

-----

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 Jerry on Twitter.

Follow Moritz on Twitter.

Follow Rob on Twitter.

Follow Mark on Twitter.

Follow Rich on Twitter.

Episode TimeStamps:

00:00 - Intro

01:20 - Would you rather trade 100 markets with 1 system, using 10 different timeframes? or would you rather trade 50 markets, using 3 different systems, using 5 different timeframes?

08:33 - How much ‘positive skew’ do we need?

27:04 - Diversification as a means of risk control, versus as a method of finding outliers

36:14 - Defining outliers and some thoughts on the number of expected outliers per year

45:03 - Can be momentum traders be placed in the same category as Trend Followers?

48:13 - Should we care that bubbles exist, or just enjoy the profitable trends? Have the markets gotten any smarter over the years?  

52:52 - How Trend Following and Systematic Investing narratives & terms have changed over the years

01:12:55 - A review of our best and worst markets to trade during 2021

01:16:10 - The lessons we learned from 2021, the biggest surprises, and our most regrettable decision from the year 

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 if there was one or two things that, above all, the best investors of all time have in common? Would you be interested to know what this is? Our special guest today, William Green, has written about this in his new book, called ‘Richer, Wiser, Happier’, where he draws upon his past interviews with over forty of the most successful investors of all time, to find out some of the ingredients that made them stand out. These elite group include Sir John Templeton, Charlie Munger, Howard Marks, Jack Bogle, Ed Thorp, and Joel Greenblatt. Join us as we uncover what it takes to be a truly successful investor, the benefits of deferred gratification, why being humble can lead to solid long-term returns, and the beauty of combining ‘man and machine’ to create a profitable, systematic approach to the markets.

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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:

• The connection between philosophy and investing
• Richard’s new book, ‘Richer, Wiser, Happier’
• The secrets behind the successful business model of Costco and Amazon
• The benefits of deferred gratification
• Why Ray Dalio likes to combine ‘man & machine’ and use systematic approaches
• Why being humble can lead to great long-term returns
• How to invest for the long-term, in a short-term world
• The ingredients that made some of the most famous investors of all-time so reputable

-----

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 William on Twitter.

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

We have a special end-of-year episode for you today, featuring all of us together for the first time, to discuss why we are so passionate about Trend Following, the case for being a Trend Following purist, how to stay perfectly diversified, the art & perils of hunting outliers, the outlook for Trend Following performance, when and how to manually override a trading system, how to stay prepared for unexpected volatility events, and how to know if adjustments to a trading system are going to result in improved performance.

-----

50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

In this episode, we discuss:

• Some of the reasons for being a systematic investor
• The case for Trend Following as the only strategy in your portfolio
• Tips for effective diversification
• Why you should be Hunting Outliers
• How Trend Following performance might look like in the future
• If and when you should override your trading rules
• Staying ready for unexpected shocks in the markets
• Gauging the effectiveness of adjustments to a system

-----

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 Jerry on Twitter.

Follow Moritz on Twitter.

Follow Rob on Twitter.

Follow Mark on Twitter.

Follow Rich on Twitter.

Episode TimeStamps:

00:00 - Intro

02:42 - ‘Has classical Trend Following returned to peak performance’?

05:16 - How do you see the longer-term performance of Trend Following heading?

08:02 - Why not Trend Following as the main, or perhaps only, component of a portfolio?

28:01 - When should you manually override your trading system?

46:56 - How to setup a system to deal with unexpected volatility

01:03:49 - How to know if your research changes are actually improvements

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

Passive & quantitative investing has grown exponentially over the years and is now responsible for trillions of dollars of investors’ capital.  How has this affected the world of active money-management, and what does the rise of passive investing mean for the investment world overall? Well, it turns out that renown Financial Times Global Finance correspondent, Robin Wigglesworth, has a great new book out about passive investing called ‘Trillions’, and I couldn’t resist the temptation to invite him on to the show to talk about the book, and other subjects related to investing and trading. Enjoy this conversation as we cover how the financial crisis of 2008 affected investors' relationship to the markets, the innovators behind the rise of passive investing, Tesla’s entry into the S&P 500, and Robin’s thoughts on Trend Following strategies.

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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 journalism and financial media has changed in the last 15 years
• Why the rise of passive investing plays such an important part of the history of finance
• The big players behind the rise of passive investing
• The first index fund
• The rise of BlackRock
• The merits of passive and active investing
• How investors might react to a prolonged bear market
• The benefits of quantitative investing strategies
• Why systematic investing is often criticised so heavily
• Some of Robins’ thoughts on Trend Following

-----

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 Robin on Twitter.

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’re joined by special guest, Hari Krishnan, to discuss the advantages and drawbacks of machine learning-based trading strategies, successful funds that utilizes machine learning investment techniques, defining machine learning and comparing it with artificial intelligence, how Trend Following can best integrated with machine learning, the history of machine learning in the investment world, and we also answer some of your questions, such as how to select signals for a smaller trading account.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

In this episode, we discuss:

• The reasons for and against machine learning trading strategies
• If any funds have successfully implemented machine learning
• What defines machine learning
• The history behind machine learning-based trading styles
• How to manage smaller trading accounts, when it comes to signal selection
• How to time the entry into trend following funds

-----

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.

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Episode TimeStamps:

00:00 - Intro

01:25 - Feel free to share this podcast with like-minded friends using this link:

https://top-traders-unplugged.captivate.fm/listen

02:38 - Macro recap from Niels

04:52 - Weekly review of returns

09:58 - Q1; Daniel: How do I choose which signals to take when too many arise for a small account?

15:21 - Q2; Mervin: Do you have any advice for finding low-risk entry points into new TF funds?

25:31 - The history of machine learning and how to define it properly

44:24 - How can machine learning be profitable during rare market moves when the data sample size for these moves is so small?

48:41 - Which specific areas of Trend Following are more suited to Trend Following? How risky is it to blindly follow a machine learning strategy? 

54:20 - Do you classify machine learning as a form of artificial intelligence?

55:55 - Have you come across any machine learning funds that have done well for a reasonably long period of time?

01:00:48 - Tell us about the recent experiment that Man Group carried out using Machine Learning to select a perfect (and sustainable) Christmas dinner?

01:04:44 - Announcement of future special Top Traders Unplugged episodes hosted by Hari Krishnan, as well as special episodes of the Systematic Investor featuring all the usual co-hosts over Christmas

01:06:18 - Benchmark performance update

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PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:

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