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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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.

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Send your questions to info@toptradersunplugged.com

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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)

TTU128: Trend Following for Life ft. Marty Bergin, President of DUNN Capital Management

Today, we are joined by Marty Bergin, President of DUNN Capital Management, for a conversation on how and why they have continued to focus on Trend Following as their core investment strategy. We disc...

3 Helmi 20231h 9min

IL13: A Biography of the Dollar ft. Perry Mehrling

Today, Perry Mehrling, Economist and internationally recognized expert on our monetary system, joins us to talk about his new book: “Money and Empire: Charles P. Kindleberger and the Dollar System”. P...

1 Helmi 20231h 10min

TTU127: Trend Following L.A. Style ft. Ryan O' Grady, Co-Founder & CEO at ROW Asset Management

Today, we are joined by Ryan O’ Grady, CEO and Co-Founder of ROW Asset Management, for a conversation on their all-weather, multi-strat approach to investing. We discuss the philosophy behind their tr...

30 Tammi 20231h 13min

SI228: Are Markets Priced for Perfection? ft. Alan Dunne

Alan Dunne joins us for the weekly conversation on Trend Following, where we reflect on the current macro environment and how it impact markets. We discuss how the apparent positivity in the markets m...

28 Tammi 20231h 1min

TTU126: Trend Following + Something ft. Kevin Cole, CEO & CIO at Campbell & Co.

Today, we are joined by Kevin Cole, CEO and CIO at Campbell & Co, for a conversation on their approach to using trend following in their trading, with a focus on absolute return. We discuss their inve...

27 Tammi 20231h 14min

IL12: How to Invest ft. David Rubenstein

Today, Kevin Coldiron is joined by the legendary David Rubenstein, Co-Founder and Co-Chairman of the Carlyle Group, philanthropist, historian and more, for a conversation on what we can learn from his...

25 Tammi 202357min

TTU125: Trend Following vs Short Term ft. Michael Pomada, President & CEO at Crabel Capital Management

Today, we are joined by President and CEO of Crabel Capital Management, Michael Pomada, for a talk on their approach to trend following as well as short-term strategies. We discuss the trading philoso...

23 Tammi 20231h 21min

SI227: Trend Following in an Uncertain World ft. Richard Brennan

Richard Brennan joins us for a weekly conversation on Trend Following, where we reflect on the new TopTradersUnplugged mini series and how the beginning of 2023 has been so far. We also take questions...

21 Tammi 20231h 25min