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Top Traders Unplugged

Niels Kaastrup-Larsen
Trend Following
Inflation
Market Volatility
Volatility
Interest Rates
Financial Markets
Investment Strategy
Systematic Investing
Trend Following Trading
Central Banks
China
Commodities
Asset Allocation
Market Efficiency
Global Economy
Geopolitics
Federal Reserve
Investment Strategies
Alternative Markets
Liquidity

Top Traders Unplugged is where the world’s best investors come to share how they think - not just what they trade. Hosted by Niels Kaastrup-Larsen, the show goes deep into systematic trend following, global macro, and the principles that drive long-term success. No forecasts. No fads. Just real conversations with hedge fund managers, economists, authors, and allocators - revealing the timeless ide... more

PublishesTwice weeklyEpisodes918Founded12 years ago
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InvestingBusiness NewsNewsBusiness

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Latest Episodes

Markets rarely offer clarity when it matters most. In this episode, together with Katy Kaminski and Harry Moore, we reflect on a first quarter defined by sharp reversals, energy shocks, and rising dispersion across strategies. They explain how trend ... more

What happens when confidence fades and power becomes concentrated in fewer hands? Together with Peter Atwater we explore a world dividing along lines of control and vulnerability. From geopolitical conflict and energy dominance to rising inequality a... more

Markets often appear logical in hindsight, yet behave unpredictably in real time. In this episode, Niels and Yoav explore how recent events, from geopolitical shocks to shifting narratives, reveal the limits of traditional explanations. They discuss ... more

In today’s episode we talk to Craig Mundie, formerly the Chief Technical Officer at Microsoft and a leading advocate for responsible development of artificial intelligence. He joins Kevin Coldiron to discuss his book, Genesis: Artificial Intelligence... more

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Recent Guests

Peter Atwater
A guest, author and expert on confidence and economic psychology
Author, Confidence Map
Episode: GM98: Powerlessness Is Rising and Nobody Is Ready ft. Peter Atwater
Craig Mundie
Former Microsoft CTO and AI adviser; co-author of Genesis
Genesis co-author; Track 2 Dialogue with China on AI
Episode: IL47: The AI Revolution That Will Redefine What It Means to Be Human ft. Craig Mundie
Dan Mikulskis
Chief Investment Officer at People's Partnership
People's Partnership
Episode: ALO34: Building an Asset Owner Mindset in Modern Pension Investing ft. Dan Mikulskis
Richard Brennan
Guest expert on trend following and empirical research
Episode: SI391: Why Trend Following Works... the Evidence ft. Richard Brennan
Aoifinn Devitt
Managing Director of Global Wealth at Manetta
Manetta
Episode: ALO33: The Psychology Behind Better Asset Allocation ft. Aoifinn Devitt
Alan Dunne
Guest Analyst on systematic investing and trend following
Episode: SI390: When Narratives Change Faster Than Markets ft. Alan Dunne
Neil Howe
Author of The Fourth Turning; proponent of generational cycles and the Fourth Turning framework
Episode: UGO10: The Fourth Turning Is Here: How to Trade the Regime Shift ft. Neil Howe
Mark Rzepczynski
Market strategist and expert in systematic investing
Episode: SI388: Peak Bubble? Why Markets Feel Different in 2026 ft. Mark Rzepczynski & Alan Dunne
Steen Jakobsen
CEO and Chief Economist at Saxo Bank
Saxo Bank
Episode: GM97: Why Isn’t Anything Breaking? ft. Steen Jakobsen

Host

Niels Kaastrup-Larsen
Host of long-running macro and systematic investing conversations; frequent collaborator with leading hedge funds and macro researchers.

Reviews

4.9 out of 5 stars from 1.6k ratings
  • Macro and Regimes

    Fantastic podcast. Great hosts and look forward to episodes on Macro, Regimes and Geopolitics

    Apple Podcasts
    5
    ACAlgo
    United States2 months ago
  • Great deluvwet

    As always thought provoking stuff but a great change in deliver as I smiled and giggled several times

    Apple Podcasts
    5
    Happy andrich
    United Kingdom3 months ago
  • Episode 377 (Alan Dunne)

    Great conversation guys. Well said Alan.

    I look forward to studying your paper.

    Apple Podcasts
    5
    pam6481
    United States4 months ago
  • Vol

    Every time Cem is on he says Vol a gazillion times!

    Apple Podcasts
    5
    maybdihjlz
    United States6 months ago
  • Best enduring investments podcast

    I love the show, but I wish they would include the papers they reference in the show notes.

    Apple Podcasts
    5
    Hbarbat
    United States7 months ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

The show is praised for thoughtful conversations, strong macro context, and real-world relevance for portfolios.
Guests are consistently high-caliber, offering practical, implementable insights for allocators.
Listeners appreciate the hosts' depth and humility in discussing macro, trend following, and risk topics.

Chart Rankings

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Talking Points

Recent interactions between the hosts and their guests.

SI390: When Narratives Change Faster Than Markets ft. Alan Dunne
Q: How can trend following act as crisis alpha or diversification during periods of high uncertainty?
Trend following can provide diversification through dynamic positioning in bonds, equities, commodities, and currencies, often delivering positive returns during crises even when equities are negative, though it may underperform in some years; its value lies in reducing portfolio sensitivity to systemic shocks and offering a non-correlated return stream.
UGO10: The Fourth Turning Is Here: How to Trade the Regime Shift ft. Neil Howe
Q: What practical portfolio approaches do you favor in a regime shift?
Prefer long exposure to equities with tactical hedges in commodities and structured products; use options and tail hedges calibrated by risk frameworks like the Kelly criterion; maintain low net beta and emphasize liquidity and optionality to position for nonlinear outcomes.
UGO10: The Fourth Turning Is Here: How to Trade the Regime Shift ft. Neil Howe
Q: Where do you see us in the Fourth Turning, and what signals help you gauge timing?
Timing is driven by a combination of valuations, policy shifts, and the momentum of demographic and social forces; extreme overvaluation is a dangerous warning, but long horizons (10–15 years) are needed to capture regime shifts, with risk managed through diversified, nontraditional assets and hedges.
GM97: Why Isn’t Anything Breaking? ft. Steen Jakobsen
Q: What questions should investors be asking themselves at the moment?
Investors need to decide whether to hedge their dollars as the macro environment shifts, particularly for non-U.S. dollar investors.
GM96: The End of the Hedge: When Bonds Stop Protecting Portfolios
Q: What are the implications of political changes on economic stability?
Political changes could lead to increased volatility and shifts in investment strategies, especially concerning the dollar's value.

Audience Metrics

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Frequently Asked Questions About Top Traders Unplugged

What is Top Traders Unplugged about and what kind of topics does it cover?

A rigorous, ideas-forward show that centers on macro themes, quantitative trend strategies, and the narratives that move markets. Covering global macro, trend following, and the evolving role of AI, episodes often explore how regime shifts, volatility regimes, and market structure shape portfolio construction and risk management. Guests range from hedge fund managers and researchers to authors and allocators, providing practical allocator perspectives and frameworks for resilient investing. A notable strength is the clear emphasis on mental models, position sizing, and real-world applications over short-term forecasts, with deep dives into risk, liquidity, and the behavior of markets under stress.

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Which podcasts are similar to Top Traders Unplugged?

These podcasts share a similar audience with Top Traders Unplugged:

1. Forward Guidance
2. Monetary Matters with Jack Farley
3. The Market Huddle
4. Excess Returns
5. Macro Voices

How many episodes of Top Traders Unplugged are there?

Top Traders Unplugged launched 12 years ago and published 918 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Top Traders Unplugged?

Recent guests on Top Traders Unplugged include:

1. Peter Atwater
2. Craig Mundie
3. Dan Mikulskis
4. Richard Brennan
5. Aoifinn Devitt
6. Alan Dunne
7. Neil Howe
8. Mark Rzepczynski

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