Top Traders Unplugged27 Elo 2025

OI18: The Carbon Trade, Without the Illusion ft. Mike Azlen

Mike Azlen joins Moritz Seibert for a frank look at carbon markets, and why much of what passes for climate action may be making things worse. While offsets dominate headlines, it's the regulated markets that deliver real emissions cuts by design, not intention. They unpack how cap-and-trade channels profit into abatement, why moral hazard plagues the voluntary space, and where long-only investors can find a real risk premium. From structural inefficiencies to measurable impact, this is a conversation about aligning incentives with outcomes - in a market where price isn’t just a signal, but a lever.

-----

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

-----

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 Moritz on Twitter.

Episode TimeStamps:

02:14 - Introduction to Mike Azlen

04:00 - What are Carbon Markets and how do they function?

13:32 - How Carbon Markets work in different countries

16:35 - The complexities of carbon offsets - viable or just a scam?

21:58 - Is Carbon Capture a viable solution to the climate crisis?

25:44 - Why is there a risk premium in compliance carbon markets?

29:31 - The difference between spot and physical permits

32:35 - Why is the funding premium so large in California?

33:49 - The investment philosophy behind Carbon Cap Management

36:56 - It's all in the EUAs

40:50 - The positive impact of Carbon Cap Management

45:39 - Wrapping up

----

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

Tämä jakso on lisätty Podme-palveluun avoimen RSS-syötteen kautta eikä se ole Podmen omaa tuotantoa. Siksi jakso saattaa sisältää mainontaa.

Jaksot(928)

SI379: The Illusion of Safety in a Fully Invested Market ft. Cem Karsan

Niels and Cem reflect on a year marked by concentration, confidence, and growing structural fragility beneath calm markets. They examine extreme positioning, record low cash levels, and the quiet domi...

20 Joulu 20251h 10min

GM92: Politics in an Age of Hard Borders and Rising Hegemons ft. Gary Gerstle

In this conversation, the veneer of political continuity is stripped back to reveal a world drifting toward harder borders, sharper identities and a reshaping of power once thought unthinkable. Gary G...

17 Joulu 20251h 10min

SI378: When Prices Stop Making Sense ft. Mark Rzepczynski

This episode examines markets through the lens of uncertainty rather than prediction. As the Federal Reserve delivers a rate cut amid dissent and conflicting signals, Alan and Mark explore what it mea...

13 Joulu 20251h 2min

TTU151: What Comes After 60/40? Systematic Thinking, BlackRock Style ft. Jeff Rosenberg

Niels and Alan sit down with BlackRock’s Jeff Rosenberg to examine how the post Covid shift from too little to too much inflation is reshaping portfolios. Jeff explains why bond and equity correlation...

10 Joulu 20251h 13min

SI377: What's New in SG Indices in 2026? + The Regime-Adaptive Portfolio ft. Alan Dunne

Niels and Alan explore how a fragile macro regime reshapes systematic investing, from a politicised Fed succession to widening cracks in a debt-laden, equity-dependent economy. A shifting bond landsca...

6 Joulu 20251h 8min

ALO32: AI Booms, Fiscal Strains and the New Macro Regime ft. Joe Little

Alan Dunne speaks with HSBC Asset Management’s Global Chief Strategist, Joe Little, about what happens when the old macro rules stop working. Joe traces the shift from a demand led, low inflation worl...

3 Joulu 20251h 5min

SI376: What They’re Only Now Starting to See ft. Andrew Beer

In this week’s Systematic Investor episode, Niels and Andrew Beer explore how a broken 60/40 paradigm is forcing wealth managers into a new world of “other” diversifiers. Andrew reflects on the Goldma...

29 Marras 20251h 6min

IL43: The Land Trap: How Property Shapes Power ft. Mike Bird

In today’s episode we talk about the world’s oldest, and still most important asset: land. Our guest is the Economist’s Wall Street Editor Mike Bird. Mike is the author of a newly released book The La...

26 Marras 20251h