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Top Traders Unplugged

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

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 weeklyEpisodes924Founded12 years ago
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Latest Episodes

Today Cem Karsan and Niels Kaastrup-Larsen examine a market environment where politics, geopolitics and liquidity are becoming harder to separate. Cem argues that recent market strength is not just a reaction to better news, but part of a broader eff... more

Today, Cem Karsan sits down with Lyn Alden for a wide-ranging conversation on the forces quietly shaping markets beneath the surface. From the persistence of fiscal dominance to the role of populism, demographics, and global power shifts, they explor... more

Today, Rob Carver joins us to reflect on a market environment that appears calm on the surface but feels increasingly fragile underneath. From oil market distortions and muted reactions to geopolitical risk to the steady resilience of equities, the c... more

Markets are not stable systems. They evolve, adapt, and quietly erode the edges traders rely on. In this episode, Toby Crabel reflects on decades of experience navigating that reality, from the early days of Opening Range Breakout strategies to today... more

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Recent Guests

Toby Crabel
Founder of Crabel Capital Management
Crabel Capital Management
Episode: TTU152: Where is the Open? ft. Toby Crabel
Andrew Beer
Guest discussing rules-based investing and CTAs
Andrew Beer, Crossmark Capital (as context in dialogue)
Episode: SI395: Finding Alpha in the Strait of Chaos ft. Andrew Beer
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
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

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 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 States5 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 States8 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
#73
United States/Business/Investing
Apple Podcasts
#234
United States/Business
Apple Podcasts
#34
United Kingdom/Business/Investing
Apple Podcasts
#45
Canada/Business/Investing
Apple Podcasts
#119
United Kingdom/Business
Apple Podcasts
#130
Canada/Business

Talking Points

Recent interactions between the hosts and their guests.

TTU152: Where is the Open? ft. Toby Crabel
Q: Is there room for replication of your short-term strategies, or are they too nuanced and execution-dependent to copy?
Replication is extremely difficult; there are nuances in execution, timing, and market microstructure that are highly specific to our approach, making exact replication unlikely.
TTU152: Where is the Open? ft. Toby Crabel
Q: I wanted to shift gear a little bit, Toby; do you think markets are different today beyond the open timing, or is it mainly the participants that have changed?
Markets are evolving and the patterns exist, but the environment is more complex; we adjust portfolios yearly and recognize shifts in momentum, liquidity, and the rise of algorithmic liquidity providers, which requires a vigilant, adaptive approach.
SI394: The Quarter That Tested Every Trend Follower ft. Katy Kaminski & Harry Moore
Q: What about you, Harry? How have you experienced March and Q1 in general, when you look at things?
Harry notes the January-February continuation of risk-on trends, followed by a March pivot that tested portfolios but reinforced the value of diversification and cross-asset views, with trend following providing offsetting gains and risk management.
OI21: The Hidden Edge in Markets No One Is Trading ft. Tom Babbedge
Q: Can you explain how the discretionary execution layer works on top of the systematic engine, and why it can reduce costs?
The desk is given a higher level of effective risk allocation and can choose when to execute over several days, waiting for favorable price points and thereby reducing slippage, while keeping risk controls in place.
OI21: The Hidden Edge in Markets No One Is Trading ft. Tom Babbedge
Q: How do you decide which markets go in and out of the portfolio, and how do you balance diversification with capacity?
They use a mix of indicators for each market's

Audience Metrics

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

Listeners per Episode
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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 924 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. Toby Crabel
2. Andrew Beer
3. Tom Babbedge
4. Harry Moore
5. Peter Atwater
6. Craig Mundie
7. Dan Mikulskis
8. Richard Brennan

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