Top Traders Unplugged4 Loka 2025

SI368: Valuation Has Left the Room ft. Cem Karsan & Alan Dunne

Cem Karsan joins Alan Dunne to chart a market running on more than just momentum. Beneath the surface: a structural liquidity engine, political incentives aligned with asset reflation, and a surge in non-correlated flows reshaping risk itself. As institutions scramble to catch up and volatility begins to rise with price, Cem draws on lessons from the late 90s to explain why the real story is not about valuation - but positioning. From AI’s misunderstood impact to the growing role of options, gold, and crypto, this is a portrait of a regime defined not by fundamentals, but by reflex and constraint.

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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:

00:23 - What has been on our radar recently?

02:00 - Industry performance update

03:07 - Are current valuations a sign of a bubble?

12:13 - The importance of reflexivity

18:59 - The move towards non correlation is upon us

22:55 - What is driving up asset prices?

26:34 - When will the supply/demand imbalance normalize?

31:56 - Reaching an uncontrollable situation

35:47 - What are markets showing us about options?

39:38 - Precious metals is the place to be

42:26 - Is AI actually the game changer that we all expect it to be?

52:07 - Will better technology = better performance?

56:03 - A timeline for possible risk dates

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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(930)

TTU132: Trend Following Evolution ft. Ed Tricker, CIO of Quant Strategies at Graham Capital Management

Today, we are joined by Dr. Edward Tricker, Chief Investment Officer of Quantitative Strategies at Graham Capital Management, joined Top Traders Unplugged for a discussion on Graham's approach to quan...

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GM34: When Geopolitics meets Global Macro ft. Jacob Shapiro & Roger Hirst

Today we are joined by Jacob Shapiro and Roger Hirst. Jacob is the Geopolitics Editor at financial media company Lykeion, co-author of a monthly research publication focused on the converging worlds o...

15 Helmi 20231h 13min

TTU131: How CTAs manage their Cash ft. Mike Kastner, Principle & Co-Founder at Halyard Asset Management

Today, we are joined by Mike Kastner, Principle and Co-Founder at Halyard Asset Management, for a conversation on how they use fixed income instruments to manage the cash of many CTA portfolios. We di...

13 Helmi 202347min

SI130: Trend Following in the Age of Disconnect ft. Mark Rzepczynski

Today, Mark Rzepczynski joins us at the end of another Fed driven week. We discuss the pros and cons of being a long term trend follower compared to a short term trend follower in terms of performance...

12 Helmi 20231h 19min

TTU130: Trend Following Solutions ft. Marty Lueck, Co-Founder of Aspect Capital

Today, we are joined by Marty Lueck, Co-Founder of Aspect Capital, for a conversation on their systematic investment process, with a primary focus on research. We discuss why bias is a core element o...

10 Helmi 20231h 5min

GM33: Drilling into the Oil Market ft. Rory Johnston

Today we are joined by Rory Johnston, founder of Commodity Context, a physical commodities research firm based in Toronto, Canada. We talk about Rory’s in-depth research focused on the oil sector, as ...

8 Helmi 20231h 6min

TTU129: Trend Following Nordic Style ft. Svante Bergström, CEO & Founding Partner of LYNX Asset Management

Today, we are joined by Svante Bergström, Founding Partner and CEO of Lynx Asset Management, for a conversation on how they incorporate trend following in their trading strategy, through the use of a ...

6 Helmi 20231h 7min

SI229: Managed Futures - The Ultimate Diversification Tool? ft. Andrew Beer

Today, Andrew Beer returns to the podcast for a conversation on Trend Following & Managed Futures more broadly, where we reflect on what happened in the first month of 2023 and the outlook for rest of...

5 Helmi 20231h 7min