SI407: Why America Is Rewriting the Rules of Capitalism ft. Cem Karsan

Markets may be entering one of the most important regime shifts in decades. Cem Karsan joins Niels Kaastrup-Larsen to argue that the United States is moving away from traditional free market capitalism towards a far more strategic model where government, markets and technology become increasingly intertwined. They discuss why positioning continues to dominate market behaviour, the growing role of sovereign investment, the future of AI driven capital spending, and why the next major turning point may arrive after the US midterm elections. It is a conversation that challenges conventional market thinking and explores how politics, policy and capital are becoming inseparable.

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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:

00:00 - America at 250 and why major turning points often arrive after two and a half centuries

03:43 - Why positioning matters more than headlines in today's markets

07:53 - Soft US jobs data and the disconnect between markets and the economy

09:15 - June performance review for trend followers and CTAs

15:14 - Why America may be adopting a more strategic form of capitalism

19:14 - The case for a US sovereign wealth fund and reshaping the financial system

30:31 - Why the US dollar remains America's greatest strategic advantage

37:52 - AI investment, capital spending and why this cycle may be different

45:46 - Kevin Warsh, Scott Bessent and the changing relationship between the Fed and Treasury

50:03 - The Summer of George and why market positioning dominates the summer months

52:22 - Why the US midterm elections could become the next major market catalyst

57:59 - Looking ahead to the second half of 2026

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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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