SI372: QIS Unboxed: Rules, Wrappers, and Reality ft. Nick Baltas

SI372: QIS Unboxed: Rules, Wrappers, and Reality ft. Nick Baltas

As equity markets grind higher and trend strategies navigate sharp reversals, Moritz Siebert welcomes Nick Baltas of Goldman Sachs for a conversation that moves beyond performance to examine structure. Together they unpack the machinery of the $1.3 trillion QIS industry - from index design and client behavior to the subtle forces shaping capacity and crowding. They discuss how trading speed has become a key axis of dispersion, why volatility remains the hidden cost in systematic portfolios, and what resilience in markets might really be masking. This is not just about strategy. It’s about how products scale, and how ideas hold.

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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

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.

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Episode TimeStamps:

00:23 - Moritz opens the show and introduces Nick

01:16 - Nick’s quick life update and setting the tone

02:45 - Market resilience vs. fragility in 2025

04:18 - Performance rundown: CTAs, trend, equities, bonds

06:10 - October reversals: metals and livestock giveback

07:32 - What’s working: equities, gold, copper; sugar shorts

08:58 - Trend speed, April V-shape, and dispersion

10:40 - Position exits, re-entries, and neutral zones

11:55 - How QIS differs and why it’s opaque from the outside

14:40 - How big is QIS? Asset class split and caveats

18:05 - Who uses QIS: from asset owners to hedge

Jaksot(900)

IL39: Is Trump Making Europe Great Again? ft. Koen De Leus & Philippe Gijsels

IL39: Is Trump Making Europe Great Again? ft. Koen De Leus & Philippe Gijsels

We're diving deep into some serious discussions about the shifting dynamics in Europe, particularly how the political landscape, especially with Trump's influence, is shaking things up. Economists Koe...

28 Touko 202555min

SI349: Navigating the Age of Uncertainty with Trend Following ft. Mark Rzepczynski

SI349: Navigating the Age of Uncertainty with Trend Following ft. Mark Rzepczynski

In this episode, Niels and Mark Rzepczynski examine a market where the usual relationships have broken down. Bonds offer no shelter, volatility moves without conviction, and political intervention kee...

24 Touko 20251h 6min

GM82: The Surprising Success of the U.S. Economy ft. Elroy Dimson & Kiran Ganesh

GM82: The Surprising Success of the U.S. Economy ft. Elroy Dimson & Kiran Ganesh

America's recent economic performance has been a surprise, as it's managed to outperform many other markets over the last quarter century. We review the insights from the Global Investment Returns Yea...

21 Touko 20251h 3min

SI348: The Quiet Cost of Overfitting ft. Andrew Beer

SI348: The Quiet Cost of Overfitting ft. Andrew Beer

Andrew Beer returns to confront a moment of reckoning for trend following. As managed futures suffer one of their worst periods in decades, he and Niels explore a deeper question: has the strategy evo...

17 Touko 20251h 15min

UGO02: Inequality, Inflation, and the End of Consensus ft. Jim Bianco

UGO02: Inequality, Inflation, and the End of Consensus ft. Jim Bianco

What if the volatility we’re seeing is not a pause in the cycle, but the start of something lasting? In this episode, Cem Karsan sits down with Jim Bianco to unpack the forces reshaping the market and...

13 Touko 20251h 3min

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

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 stagflati...

10 Touko 20251h 7min

GM81: What If Everything You Believe About Markets Is Wrong? ft. Demetri Kofinas

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What if the biggest risk in markets today isn’t volatility, inflation, or geopolitics - but the stories we believe to be true? In this unfiltered and thought-provoking episode, Demetri Kofinas joins C...

7 Touko 20251h 3min

SI346: Is the Trend Still Your Friend ft. Rob Carver

SI346: Is the Trend Still Your Friend ft. Rob Carver

This episode is all about understanding the nuances of trend-following and how current market dynamics are shaking things up. Together with Rob Carver, we discuss the turbulence that hit financial mar...

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