Top Traders Unplugged10 Touko 2025

SI347: Stagflation, Storytelling, and the Search for a New Hero ft. Cem Karsan

Today Cem and Niels dissect a world quietly shifting beneath our feet.

As markets hum along, Cem explains why the real story lies beneath the surface: a structural liquidity drain, a creeping stagflation that defies familiar playbooks, and a political regime shift few are pricing in. From Buffett’s exit to dollar fragility, elite endowments tapping the bond market, and oil diplomacy with geopolitical undertones—this is a conversation about change in motion.

But this episode doesn’t stop at markets. It’s about the narrative arc of societies under stress—about whether the West can summon the unity and courage to face its next great test.

Insightful, urgent, and layered - this is the episode you will look back on and say: the clues were all there.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

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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 info@toptradersunplugged.com

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.

Follow Cem on Twitter.

Episode TimeStamps:

01:17 - What has caught our attention recently?

06:54 - Industry performance update

08:44 - Inflation is coming - what now?

16:43 - The Fed is stuck and the Trump administration is changing

26:07 - If US debt defaults, what is left?

29:32 - Are we experiencing the decline of the dollar?

40:19 - The OPEC game

43:21 - Reflecting on the conversation with Demetri Kofinas

48:33 - What is courage as a society?

50:49 - The West is being disunified...on purpose

53:22 - Do we actually know who or what the real enemy is?

58:58 - Cem's latest market forecast

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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

Disclaimer

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Jaksot(929)

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In this episode, Alan Dunne is joined by Dario Perkins to examine why the global macro consensus may be fundamentally misreading the current cycle. The conversation moves from US fiscal stimulus and F...

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SI384: Building an Inflation-Proof Portfolio ft. Yoav Git

In this episode, Niels hosts Yoav Git to explore inflation risk, bond fragility, and the changing role of trend following in a world defined by supply shocks and declining trust. Drawing on recent res...

24 Tammi 1h 1min