Top Traders Unplugged

By Niels Kaastrup-LarsenBusiness News Investing Business News

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Top Traders Unplugged episodes

January 23, 2019RT19: Who actually learned from the last financial crisis? ft. Andrew Lo & Sol Waksman – 2of2
Today Niels Kaastrup-Larsen continues his conversation with Andrew Lo, the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management, and Sol Waksman, the Founder and President of BarclayHedge, Ltd. Listen in to learn the effects of politics in the financial markets and how trend following fits in, the state of cryptocurrency in the current market, and the advice our guests have for investors and their future.
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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:
Why relatively so few investors have added managed futures and trend following to their portfolio, despite all the evidence
The lessons different groups of people can still learn from the economic crisis of 2008
How political uncertainty affects where investors put their money
What Sol sees as the constant lesson we should be learning from these periodic economic events
Why investors have a hard time grasping the advantages of the liquidity that trend following brings to investments
The present and future impact of artificial intelligence on the finance industry
Why Andrew believes the centralization to one cryptocurrency is inevitable
The advice Andrew and Sol have for investors to prepare for the future

-----

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 Andrew Lo and MIT Sloan School of Management
Learn more about Sol Waksman and BarclayHedge, Ltd
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
42 min
January 20, 2019 19 The Systematic Investor Series – January 20th, 2019
Welcome to The Systematic Investor series. It's a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a "call" each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It's a raw and honest exploration and we hope you will join and be part of...not least by sending us questions that we can discuss. Please send your questions to [email protected]

Episode Summary
00:00 - Intro
00:50 - Weekly review
23:00 - Top Tweets
43:40 - Question 1: Michael; Can we apply TF principles to things other than markets (real life)?
48:50 - Question 2: George; What is your competitive advantage?
57:55 - Announcement: Meb Faber will be joining the group in late February, send questions
58:35 - Performance recap

Subscribe on:
1 hr 2 min
January 20, 2019 19 The Systematic Investor Series – January 20th, 2019
Welcome to The Systematic Investor series. It's a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a "call" each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It's a raw and honest exploration and we hope you will join and be part of...not least by sending us questions that we can discuss. Please send your questions to [email protected]

Episode Summary
00:00 - Intro
00:50 - Weekly review
23:00 - Top Tweets
43:40 - Question 1: Michael; Can we apply TF principles to things other than markets (real life)?
48:50 - Question 2: George; What is your competitive advantage?
57:55 - Announcement: Meb Faber will be joining the group in late February, send questions
58:35 - Performance recap

Subscribe on:
1 hr 2 min
January 20, 2019 SI19: Can you apply Trend Following to Life?
Welcome to The Systematic Investor series. It’s a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a “call” each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It’s a raw and honest exploration and we hope you will join and be part of…not least by sending us questions that we can discuss.
-----
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.
Episode TimeStamps:
00:00 – Intro
00:50 – Weekly review of performance
23:00 – Top Tweets
43:40 – Question 1: Michael; Can we apply TF principles to things other than markets (real life)?
48:50 – Question 2: George; What is your competitive advantage?
57:55 – Announcement: Meb Faber will be joining the group in late February, send your questions
58:35 – 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
1 hr 2 min
January 16, 2019 18 Top Traders Round Table with Andrew Lo and Sol Waksman – 1of2
"I was going through one of those inevitable losing streaks [early in my career] and I had a fundamental question. Does anyone make money trading the futures markets, or is it all a casino set up for the benefit of the exchanges?" - Sol Waksman (Tweet)
Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group. On today's episode, host Niels Kaastrup-Larsen speaks with Andrew Lo, the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management, and Sol Waksman, the Founder and President of BarclayHedge, Ltd. Our guests today have many years of experience in the world of investing and have watched the finance industry as it has gone through it's many changes. Listen in to learn the historical importance of separating the alpha from the beta, the increase of the volatility of volatility since 2007, and common misconceptions about diversification in a portfolio.

Subscribe on:

In This Episode, You'll Learn:

How our guests got their starts in finance
Why Andrew thinks that sometimes things need to be believed to be seen
Why separating the alpha from the beta has been revolutionary for the entire financial industry

"Markets are efficient most of the time. Every once in a while, human behavior ultimately overwhelms the kind of rational deliberation that efficient markets are based on, and we do see periods of fear and greed that ultimately take over. But it's not one or the other, it's both." - Andrew Lo (Tweet)

How the narrative of finance and investing has changed over time in the futures industry
The increase in the volatility of volatility over the last decade and what that means for managed futures

"I think that for the most part, investors misrepresent what they want." - Sol Waksman (Tweet)

How the abundance of passive investing tools has changed the investor's experience during market changes
What investors are looking for in their tools and strategies
What alternative strategies are investors looking at now

"The one lesson we learn from academics throughout the whole process of passive investing is that diversification is really key." - Andrew Lo (Tweet)

The experiment Andrew does with his audiences he speaks to on their investment preferences
What investors need to understand about diversification and risk

This episode was sponsored by CME Group:

Connect with our guests:
Learn more about Andrew Lo and MIT Sloan School of Management
Learn more about Sol Waksman and BarclayHedge, Ltd.
"A stock index has no relevance to the performance of a CTA, but if you calculate alpha by regressing against the stock index, you have a number that is absolutely meaningless." - Sol Waksman (Tweet)
41 min
January 16, 2019 18 Top Traders Round Table with Andrew Lo and Sol Waksman – 1of2
"I was going through one of those inevitable losing streaks [early in my career] and I had a fundamental question. Does anyone make money trading the futures markets, or is it all a casino set up for the benefit of the exchanges?" - Sol Waksman (Tweet)
Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group. On today's episode, host Niels Kaastrup-Larsen speaks with Andrew Lo, the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management, and Sol Waksman, the Founder and President of BarclayHedge, Ltd. Our guests today have many years of experience in the world of investing and have watched the finance industry as it has gone through it's many changes. Listen in to learn the historical importance of separating the alpha from the beta, the increase of the volatility of volatility since 2007, and common misconceptions about diversification in a portfolio.

Subscribe on:

In This Episode, You'll Learn:

How our guests got their starts in finance
Why Andrew thinks that sometimes things need to be believed to be seen
Why separating the alpha from the beta has been revolutionary for the entire financial industry

"Markets are efficient most of the time. Every once in a while, human behavior ultimately overwhelms the kind of rational deliberation that efficient markets are based on, and we do see periods of fear and greed that ultimately take over. But it's not one or the other, it's both." - Andrew Lo (Tweet)

How the narrative of finance and investing has changed over time in the futures industry
The increase in the volatility of volatility over the last decade and what that means for managed futures

"I think that for the most part, investors misrepresent what they want." - Sol Waksman (Tweet)

How the abundance of passive investing tools has changed the investor's experience during market changes
What investors are looking for in their tools and strategies
What alternative strategies are investors looking at now

"The one lesson we learn from academics throughout the whole process of passive investing is that diversification is really key." - Andrew Lo (Tweet)

The experiment Andrew does with his audiences he speaks to on their investment preferences
What investors need to understand about diversification and risk

This episode was sponsored by CME Group:

Connect with our guests:
Learn more about Andrew Lo and MIT Sloan School of Management
Learn more about Sol Waksman and BarclayHedge, Ltd.
"A stock index has no relevance to the performance of a CTA, but if you calculate alpha by regressing against the stock index, you have a number that is absolutely meaningless." - Sol Waksman (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
Welcome back to another edition of Top Traders Round Table, a podcast series on managed futures. My name is Niels Kaastrup-Larsen and I’m delighted to welcome you to today’s conversation with industry leaders and pioneers in managed futures brought to you by CME Group.
Today I am very thrilled to be joined by Andrew Lo who is a professor at the MIT Sloan School of Management and Director of MIT’s laboratory of financial engineering, as well as the founder, and since 2018, the Chairman Emeritus at AlphaSimplex Group, and of course, the most recent winner of the Managed Futures Pinnacle Awards. I’m also joined by another veteran of this industry, namely Sol Waksman who is the founder and President of Barclayhedge.
First of all, welcome, and thank you so much for taking time out of your busy schedule to join to me to explore some of the things that go o...
41 min
January 16, 2019RT18: Are markets really Efficient? ft. Andrew Lo & Sol Waksman – 1of2
On today’s episode, Niels Kaastrup-Larsen speaks with Andrew Lo, the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management, and Sol Waksman, the Founder and President of BarclayHedge, Ltd. Our guests today have many years of experience in the world of investing and have watched the finance industry as it has gone through its many changes. Listen in to learn the historical importance of separating the alpha from the beta, the increase of the volatility of volatility since 2007, and common misconceptions about diversification in a portfolio.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
How our guests got their starts in finance
Why Andrew thinks that sometimes things need to be believed to be seen
Why separating the alpha from the beta has been revolutionary for the entire financial industry
How the narrative of finance and investing has changed over time in the futures industry
The increase in the volatility of volatility over the last decade and what that means for managed futures
How the abundance of passive investing tools has changed the investor’s experience during market changes
What investors are looking for in their tools and strategies
What alternative strategies are investors looking at now
The experiment Andrew does with his audiences he speaks to on their investment preferences
What investors need to understand about diversification and risk

-----

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 Andrew Lo and MIT Sloan School of Management
Learn more about Sol Waksman and BarclayHedge, Ltd
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
41 min
January 13, 2019 18 The Systematic Investor Series – January 13th, 2019
Welcome to The Systematic Investor series. It's a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a "call" each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It's a raw and honest exploration and we hope you will join and be part of...not least by sending us questions that we can discuss. Please send your questions to [email protected]

Episode Summary
00:00 - Intro
02:25 - Weekly recap
08:40 - Top tweets
24:05 - Question 1: CR Capital; Thoughts on Winton retreating from TF
30:55 - Question 2: Bill; Do you add to positions as the trend progresses
34:35 - Question 3: George; Why don’t you include short-term TF systems in a robust TF system
44:40 - Question 4: Nick; How would I know if I’m curve fitting my systems
53:10 - Question 5: Richard; Several questions about: historical data distributions; long-term trend following efficacy and related concerns
1:03:00 - Performance recap
Subscribe on:
1 hr 7 min
January 13, 2019 18 The Systematic Investor Series – January 13th, 2019
Welcome to The Systematic Investor series. It's a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a "call" each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It's a raw and honest exploration and we hope you will join and be part of...not least by sending us questions that we can discuss. Please send your questions to [email protected]

Episode Summary
00:00 - Intro
02:25 - Weekly recap
08:40 - Top tweets
24:05 - Question 1: CR Capital; Thoughts on Winton retreating from TF
30:55 - Question 2: Bill; Do you add to positions as the trend progresses
34:35 - Question 3: George; Why don’t you include short-term TF systems in a robust TF system
44:40 - Question 4: Nick; How would I know if I’m curve fitting my systems
53:10 - Question 5: Richard; Several questions about: historical data distributions; long-term trend following efficacy and related concerns
1:03:00 - Performance recap
Subscribe on:
1 hr 7 min
January 13, 2019 SI18: How to know if you are over-fitting your model parameters
Welcome to The Systematic Investor series. It’s a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a “call” each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It’s a raw and honest exploration and we hope you will join and be part of…not least by sending us questions that we can discuss.
-----
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.
Episode TimeStamps:
00:00 – Intro
02:25 – Weekly recap of performance
08:40 – Top tweets
24:05 – Question 1: CR Capital; Thoughts on Winton retreating from TF
30:55 – Question 2: Bill; Do you add to positions as the trend progresses
34:35 – Question 3: George; Why don’t you include short-term TF systems in a robust TF system
44:40 – Question 4: Nick; How would I know if I’m curve fitting my systems
53:10 – Question 5: Richard; Several questions about: historical data distributions; long-term trend following efficacy and related concerns
01:03:00 – 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
1 hr 7 min