Top Traders Unplugged4 Okt 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.

-----

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 Alan on X

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

----

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

Denne episoden er hentet fra en åpen RSS-feed og er ikke publisert av Podme. Den kan derfor inneholde annonser.

Episoder(929)

SI300: Finding the Optimal Trend Following Rules ft. Richard Brennan

Together with Richard Brennan, we discuss the optimal way of doing trend following and how to find the optimal set of rules to use in different market regimes, how to examine market states through Mar...

15 Jun 202457min

IL27: Unlocking the Secrets of Great Communication ft. Charles Duhigg

In this episode, we speak with Charles Duhigg, a renowned author and writer for The New Yorker, who won the 2013 Pulitzer Prize for exploratory journalism. His book, "The Power of Habit," spent three ...

12 Jun 202456min

SI299: Sharing the Trend Following Pie ft. Andrew Beer

Today, we are joined by Andrew Beer where we discuss the outlook for inflation and why Andrew believes there is an existential crisis in macro economic modelling. We then touch on the question "if tre...

8 Jun 20241h 9min

GM62: How to Build a Future-Proof Portfolio ft. Bob Elliott

Today, Cem and I welcome Bob Elliott, the founder of Unlimited Funds and former right-hand man to Ray Dalio at Bridgewater. Bob shares what he learned from his decade at Bridgewater and discusses the ...

5 Jun 20241h 4min

SI298: The Trend Following ETF Revolution ft. Katy Kaminski

Together with Katy Kaminski, we dive deep into the ETF space to better understand how you can utilize a new wave of ETFs as an investor. Katy describes the transition many Trend Following managers hav...

1 Jun 202459min

GM61: The New Politics: Neoliberal Decline and Authoritarian Rise ft. Gary Gerstle

Join Alan Dunne in conversation with Gary Gerstle, Professor of American History at the University of Cambridge and author of "The Rise and Fall of The Neoliberal Order", as they delve into the shifti...

29 Mai 20241h 7min

Si297: Trend Following as a Return Enhancement Overlay ft. Alan Dunne

In today’s episode, Alan Dunne helps us uncover the latest news and data within the global macro landscape. We also discuss the state of the quant macro space, how it compares to trend following and w...

25 Mai 20241h 2min

IL26: How New Technologies Will Shape the Economy ft. Koen De Leus & Philippe Gijsels

In this episode we speak to Koen De Leus and Philippe Gijsels. Koen is Chief Economist at BNP Paribas Fortis and Philippe is Chief Strategist. They are co-authors of The New World Economy in 5 Trends:...

22 Mai 20241h 10min