Top Traders Unplugged5 Marras 2025

GM90: The Quiet Repricing of Reality ft. Adam Rozencwajg & Cem Karsan

Power shifts quietly, until it doesn’t. In this episode, Niels Kaastrup-Larsen and Cem Karsan are joined by Adam Rozencwajg to trace the slow fracture of a system built on leverage, politics, and belief. From the echo of LBJ’s confrontation with the Fed to today’s invisible coercions, they explore how monetary regimes die, not in crisis, but in exhaustion. Inflation returns as behavior, debt becomes geometry, and commodities reclaim their voice. Through the lenses of shale decline, Venezuela’s unrealized oil, and the steady ascent of gold, this conversation reveals a cycle completing itself. The story isn’t new. Only the setting has changed.

-----

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 Cem on Twitter.

Follow Adam on LinkedIn.

Episode TimeStamps:

00:00 - Introduction

03:12 - The rise of carry trades and the rhythm of global financial cycles

08:44 - Political pressure, Fed history, and lessons from past monetary regimes

13:47 - The end of carry, the dawn of stagflation, and the return of real assets

20:47 - Inflation’s return, debt dynamics, and the coming shift in the monetary system

27:33 - Gold, negative real rates, and the psychology of inflation

34:57 - The debt spiral, liquidity traps, and the quiet monetization of risk

41:40 - Energy policy, shale decline, and the politics of “Drill Baby Drill”

49:10 - Venezuela’s oil chessboard and the geopolitical struggle for supply

55:48 - Oil’s forgotten value and echoes of past energy cycles

01:00:19 - Gold, miners, and the new hierarchy of precious assets

01:07:23 - Helium, the next frontier, and closing reflections on a changing world

----

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