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Top Traders Unplugged

Niels Kaastrup-Larsen
Trend Following
Inflation
Volatility
Systematic Investing
Investment Strategies
China
Global Economy
Hedge Funds
Federal Reserve
Commodities
Interest Rates
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 weeklyEpisodes937Founded12 years ago
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Artwork for Top Traders Unplugged

Latest Episodes

Geopolitical tensions, inflation shocks, and shifting market regimes are reshaping the investment landscape. Marat Molyboga and Katy Kaminski joins us to explore why managed futures have historically performed well during periods of geopolitical stre... more

How do quantitative investors adapt when markets, technology and macro regimes are constantly changing? In this conversation, Alan Dunne sits down with George Patterson, CIO of PGIM Quant Solutions, to explore the evolution of systematic investing fr... more

What happens when markets stop behaving like machines and start behaving like living systems? In this episode, Richard Brennan joins Niels to explore passive investing, complex adaptive systems, volatility suppression, and the hidden forces reshaping... more

On this episode we are joined by Dr. Rainer Zitelmann, to discuss his book New Space Capitalism: The Entrepreneurial Path to the Stars. We discuss why government-funded space programs were initially successful but also why the future of space explora... more

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Recent Guests

Nick Baltas
Managing Director, Goldman Sachs
Goldman Sachs
Episode: SI401: Why Trend Following Wins in Chaos ft. Nick Baltas
Rob Croce
Portfolio manager in the Quantitative Research and Investment Division at Fidelity Investments
Fidelity Investments
Episode: SI400: When Crisis Alpha Hides in Plain Sight ft. Yoav Git & Rob Croce
David Beckworth
Senior Research Fellow at the Mercatus Center, George Mason University; macroeconomist
Mercatus Center, George Mason University
Episode: GM100: Central Banks in the Dark: Inflation, AI, and the Limits of Control ft. David Beckworth
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
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
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

Hosts

Niels Kaastrup-Larsen
Host of the show; co-host and regular moderator with deep focus on global macro and systematic strategies.
Moritz Seibert
Host with multiple series focusing on market structure and Open Interest concepts; frequently engages guests on trend following and execution.

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 States4 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 Kingdom5 months ago
  • Episode 377 (Alan Dunne)

    Great conversation guys. Well said Alan.

    I look forward to studying your paper.

    Apple Podcasts
    5
    pam6481
    United States6 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.

Feedback highlights the willingness of hosts to explore complex topics with technical rigor.
Listeners praise depth and quality of guests, noting practical insights for traders and allocators.
Many appreciate long-form conversations that connect papers and theories to real-market dynamics.
Some listeners want show notes and referenced papers included in episode resources.

Chart Rankings

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

Talking Points

Recent interactions between the hosts and their guests.

SI401: Why Trend Following Wins in Chaos ft. Nick Baltas
Q: There is alpha in execution? How do you execute to minimize slippage?
Execution can add value, especially when tailored to each market, but in QIS the aim is to deliver a close to reference price with minimal active trading impact; desks manage slippage, and some external providers show how patient, rules-based execution can reduce costs.
GM100: Central Banks in the Dark: Inflation, AI, and the Limits of Control ft. David Beckworth
Q: Could nominal GDP targeting actually change how central banks respond to energy shocks or productivity boosts?
Yes, by anchoring nominal spending rather than price changes, central banks could let supply shocks affect prices temporarily while keeping overall demand stable, potentially supporting higher productivity without derailing inflation expectations.
GM100: Central Banks in the Dark: Inflation, AI, and the Limits of Control ft. David Beckworth
Q: What is the dominant policy framework today and what are its limitations in a world of AI-driven productivity and supply shocks?
The guest discusses the traditional focus on inflation targeting and argues for considering nominal GDP targeting as a more flexible anchor that can look through supply shocks, potentially reducing the risk of mischaracterizing the source of inflation and allowing for smoother policy transmission.
SI400: When Crisis Alpha Hides in Plain Sight ft. Yoav Git & Rob Croce
Q: What practical implications do the findings have for constructing portfolios with trend and carry?
One implication is to consider beta-neutral tilts and cross-asset carry as additional layers that can preserve defensiveness while potentially enhancing returns. The approach suggests using carry as the relative-value component and keeping tilts market neutral to avoid sacrificing risk controls, thereby expanding the toolkit for portable alpha in diversified portfolios.
SI400: When Crisis Alpha Hides in Plain Sight ft. Yoav Git & Rob Croce
Q: How do the authors decompose a trend-following strategy, and what do they learn from that decomposition?
They decompose a trend strategy into a beta timing component and a residual within each asset class, showing that crisis alpha largely stems from beta timing while maintaining a market-neutral residual. This helps explain how cross-asset tilts and factor exposures contribute to outcomes during stressed periods.

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?

This show tends to lean into macro and quantitative investing, with a heavy emphasis on trend following, market structure, and the interplay between active strategies and passive flows. Episodes commonly explore how regime shifts, AI-driven dynamics, and geopolitical events reshape risk, correlations, and execution, often featuring practitioners from banks, asset management, and research institutions. A standout is the ability to pair rigorous, technical discussions with practical takeaways on risk management, portfolio construction, and edge development, making it valuable for allocators, traders, and quants seeking deeper intuition about how macro and quantitative ideas play out in real markets.

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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. Macro Voices
3. Monetary Matters with Jack Farley
4. Forward Guidance
5. Excess Returns

How many episodes of Top Traders Unplugged are there?

Top Traders Unplugged launched 12 years ago and published 937 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. Nick Baltas
2. Rob Croce
3. David Beckworth
4. George Coyle
5. Jack Schwager
6. Philip Diehl
7. Joe Studwell
8. Lyn Alden

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