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Top Traders Unplugged

Niels Kaastrup-Larsen
Trend Following
Inflation
Volatility
Systematic Investing
Investment Strategies
China
Global Economy
Commodities
Hedge Funds
Interest Rates
Federal Reserve
Managed Futures
Equities
Artificial Intelligence
Risk Management
Gold
Ctas
Monetary Policy
Financial Markets
Market Volatility

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 weeklyEpisodes931Founded12 years ago
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Business NewsInvestingNewsBusiness

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Latest Episodes

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 ... more

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 supp... more

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 energ... more

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... more

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Recent Guests

Alan Dunne
Guest, macro and trend-following strategist
Dunne Macro (as discussed)
Episode: SI399: AI, Inflation and the Portfolio That Refuses to Sit Still ft. Alan Dunne
Jack Schwager
Author of the Market Wizards series; co-author of the upcoming book
Market Wizards book project
Episode: OI22: Inside the Next Generation Market Wizards ft. Jack Schwager & George Coyle
George Coyle
Co-author of the upcoming Market Wizards book
Market Wizards book project
Episode: OI22: Inside the Next Generation Market Wizards ft. Jack Schwager & George Coyle
Philip Diehl
President of US Money Reserve; former Director of the United States Mint
US Money Reserve
Episode: GM99: Gold, Trust, and the Return of Real Assets ft. Philip Diehl
Joe Studwell
Author of How Africa Works; Senior Visiting Fellow at ODI
Overseas Development Institute (ODI)
Episode: IL48: The Misunderstood Economics of Africa ft. Joe Studwell
Lyn Alden
Investment researcher and analyst discussed as the guest expert
Episode: UGO11: Fiscal Dominance, Dollar Power, and the Politics Driving Markets ft. Lyn Alden
Toby Crabel
Founder of Crabel Capital Management
Crabel Capital Management
Episode: TTU152: Where is the Open? ft. Toby Crabel
Tom Babbedge
Chief Scientist at Crescent Quant, in charge of ACAR program
Crescent Quant / Crescent Investment Management LLC
Episode: OI21: The Hidden Edge in Markets No One Is Trading ft. Tom Babbedge
Harry Moore
Partner and Senior Client Portfolio Manager at Mann AHL
Mann AHL
Episode: SI394: The Quarter That Tested Every Trend Follower ft. Katy Kaminski & Harry Moore

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 States3 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 Kingdom4 months ago
  • Episode 377 (Alan Dunne)

    Great conversation guys. Well said Alan.

    I look forward to studying your paper.

    Apple Podcasts
    5
    pam6481
    United States5 months ago
  • Vol

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

    Apple Podcasts
    5
    maybdihjlz
    United States7 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 States9 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

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#124
United States/Business/Investing
Apple Podcasts
#48
Canada/Business/Investing
Apple Podcasts
#69
United Kingdom/Business/Investing
Apple Podcasts
#122
Canada/Business
Apple Podcasts
#194
United Kingdom/Business
Apple Podcasts
#45
Italy/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

SI399: AI, Inflation and the Portfolio That Refuses to Sit Still ft. Alan Dunne
Q: What volatility should investors expect from a fund like RAF?
Approximate volatility is targeted around 10-12% annually, roughly two-thirds of broad equity market volatility, reflecting a balance between risk and protection through trend-following dynamics within a diversified portfolio.
SI399: AI, Inflation and the Portfolio That Refuses to Sit Still ft. Alan Dunne
Q: How does Regime Adaptive differ from traditional multi-asset approaches?
It fuses strategic asset allocation with adaptive, trend-following components and return stacking to create an institutional-grade portfolio that can respond to regime changes and evolving correlations, aiming for higher risk-adjusted returns across diverse markets.
SI399: AI, Inflation and the Portfolio That Refuses to Sit Still ft. Alan Dunne
Q: What are your key takeaways from the current macro environment and AI disruption?
AI introduces a dual force: a potential deflationary productivity boost alongside rising CAPEX demand that can fuel inflation in the near term. The dispersion of monetary policy and regional shocks create opportunities for macro and trend strategies, especially when paired with adaptive asset allocation.
SI396: Markets Look Calm… But Are They? ft. Rob Carver
Q: How would you differentiate among the large London trend followers in terms of strengths and competitive advantages?
They emphasized methodology and data handling, with differences mainly in data preprocessing, market universes, and risk controls rather than entirely different models; the strongest firms tend to combine robust research with disciplined risk management and diverse market coverage to avoid overfitting.
IL48: The Misunderstood Economics of Africa ft. Joe Studwell
Q: Why does the book say colonialism in Africa was “put in the freezer” and how does that compare to Asia?
Africa's colonial governance often avoided centralized development in favor of minimal cost operations, using chiefs to control vast areas with little administrative capacity, which froze political development; by contrast, Asia saw governance frameworks that centralize and mobilize resources, enabling quicker state-led development once urbanization occurred.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

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

How many episodes of Top Traders Unplugged are there?

Top Traders Unplugged launched 12 years ago and published 931 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. Alan Dunne
2. Jack Schwager
3. George Coyle
4. Philip Diehl
5. Joe Studwell
6. Lyn Alden
7. Toby Crabel
8. Tom Babbedge

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