Top Traders Unplugged30 Heinä 2025

GM85: What If the Real Risk Isn’t Recession — But Reinvention? ft. Steven Bell

Steven Bell has seen the macro machine from every angle - Treasury insider, hedge fund manager, and chief economist. In this wide-ranging conversation with Alan Dunne, he traces the quiet erosion of economic orthodoxy and why AI, not tariffs, may prove the more destabilizing force. Bell explains how Fed independence is fraying, why wage dynamics matter more than headline inflation, and what investors miss when they over-index on models. With stories from trading floors and policy rooms alike, this episode captures a rare perspective: someone who’s watched markets evolve, not just from charts, but from inside the decisions that moved them.

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

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Episode TimeStamps:

02:20 - Introduction to Steven Bell

05:37 - Has the challenge of forecasting economics changed?

10:27 - Was it easier to be a money manager back in the days?

13:11 - Is emotion and hysteria taking over markets?

16:48 - Tariffs disappearing? Forget it

21:41 - The economic impact of the recent CPI data

24:38 - How tariffs will impact workers and productivity

28:54 - Bell's outlook for inflation

32:15 - Do deficits even matter?

36:51 - How messy will the Fed's handling of inflation be?

44:16 - Who is a likely replacement for Powell?

45:11 - An AI productivity boom

49:14 - Bell's outlook for the economy

56:32 - Navigating the consensus view on the dollar as an economist

01:01:06 - Macro advise for other investors

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2. Daily Trend Barometer and Market Score

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Disclaimer

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Jaksot(928)

SI387: The Cost-Benefit of Being Trendy ft. Andrew Beer & Tom Wrobel

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SI386: When Position Sizing Saves You ft. Rob Carver

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Cem Karsan sits down with Ben Hunt, founder of Epsilon Theory, to explore how narratives shape markets, politics, and decision making itself. Drawing on decades of experience across academia, hedge fu...

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SI385: When Volatility Becomes the Signal ft. Katy Kaminski

Katy Kaminski joins us to assess the early signals shaping markets in 2026. The conversation explores the resurgence of commodity trends, the role of volatility estimation, and why diversification acr...

31 Tammi 1h 4min

GM95: When Consensus Gets the Cycle Wrong ft. Dario Perkins

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...

28 Tammi 1h 3min

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

IL45: Where Markets Reveal Human Error ft. Alex Imas

Today we discuss one of the most popular and influential economic books of the last few decades - The Winner’s Curse. Originally published in 1994, a new version has just been released and we are join...

21 Tammi 54min