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

Today, Mark Rzepczynsky is back with us, following a tense week with the collapse of Silicon Valley Bank and a few other bank emergencies. We discuss how we are in a period that Mark calls “the great bond reprising” and what this means for the economy, why the collapse of SVB was somehow "expected", if only regulators had been looking at the right data and how you build models that are well prepared for unexpected events. We also discuss why the core concept of CTA replication in itself may be problematic and why the collapse of SVB might indicate that some people possess too much power, how the wealth of information creates a poverty of attention, how change and uncertainty in the world affects investors and the economy and much more.-----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.comAnd 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 Mark on Twitter.Episode TimeStamps:02:00 - What really happened this week? 19:19 - Industry performance update 25:21 - A tough week for trend 36:13 - Looking through the rear view mirror 46:25 - SVB and trend following 52:47 - The dynamics of the financial world 59:20 - A changing world 01:09:27 - Reflecting on the CTA series 01:13:33 - Thanks for listening Copyright © 2025 – CMC AG – All Rights Reserved----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...

19 Mars 20231h 16min

Today we are re-joined by Rory Johnston, founder of Commodity Context, a physical commodities research firm based in Toronto, Canada. We cover the SPR (Strategic Petroleum Reserve) that has been actively deployed by the Biden administration over the past year, its implementation and potential impact on related economies. To what extent can the SPR influence spot and futures prices, and what are the knock on effects on refined products? What is the interaction between the SPR, commercial inventories and prices? Rory also discusses the analogy between SPR sales and Fed policy, as it influences the yield curve. We also discuss the relationship between oil volatility and the crack spread, and how volatility is generally damaging but can boost profits in proprietary oil trading books. Finally, Rory challenges the assertion that speculators are the "smart money" in energy, and how positioning can act as a counter trend indicator.-----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.comAnd 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 Rory on TwitterEpisode TimeStamps: 03:19 - SPR - What and why? 06:27 - Why crude and not refined products? 09:34 - How is the SPR used? 13:54 - Trading oil 19:54 - The goal of the SPR market 23:04 - How inventory drives oil price 28:29 - The effect of inventory restocking 29:43 - Theory vs. practice 33:28 - The mega energy companies 36:00 -...

15 Mars 20231h 14min

Today, we are joined by Matt Dorsten, Portfolio Manager within the Quantitative Strategies group at PIMCO, for a conversation how they manage 60 billion dollars through different quant strategies, of which app. $5bn is in Trend Following. We discuss their process of constructing portfolios using a defensive approach and how they manage to simultaneously maintain a high Sharpe, keep a balance between long and short trades and how they use tail "hedging" in their design of the strategy. We also discuss why they believe having a broad universe of markets is key and why they see a big potential in exotic markets, why they believe it is better to trade faster as a trend follower when markets are liquid enough, their process of measuring the expected returns and much more.-----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.comAnd 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 Alan on Twitter.Learn more about PIMCOEpisode Timestamps:02:28 - Introduction to PIMCO 05:11 - Their investment philosophy 11:11 - Too concerned about the Sharpe? 14:53 - A different Speed of trend following 18:13 - Building a defence against equity drawdowns22:32 - Balancing the opposing forces 25:45 - A different approach to volatility correlation? 27:06 - Using machine learning 28:04 - The role of bonds 31:34 - The larger portfolio perspective33:07 - Their research process 36:53 -

13 Mars 20231h 2min

Today, I'm joined by Rob Carver for the weekly trend following conversation, where we reflect on the takeaways from the CTA series and the performance of the year so far. We discuss parameter and markets selection through research and testing and why Rob dislikes stops in moving average systems, what happens if a brokerage firm fails. We also discuss why you have to be cautious when using dynamic position sizing and Rob’s advice for using backtesting, how articles from big financial media often creates a false or skewed narrative in the way they present data and information, why adding a lot of instruments to your portfolio is not as good an idea as it might seem. And finally we discuss Rob's latest article in the Financial Times and much more.-----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.comAnd 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 Rob on Twitter.Episode TimeStamps: 02:19 - Reflecting on the TTU CTA series 04:57 - Performance update 09:59 - Q1, Gene: Question about underfitting and overfitting 16:47 - Q2, James: What types of stops are commonly used in moving average systems? 18:49 - Q3, Chris: How far back do you go in backtesting? 22:20 - Q4.1, Kyle: What happens if an FCM goes belly up? 26:37 - Q4.2, Kyle: Questions regarding "Following the Trend" by Andreas Clenow39:22 - Applying a commission rate for your backtest 44:22 - Q5.1, Matthijs: The optimal moment to roll a contract? 46:14 - Q5.2, Matthijs: View on adding a defensive strategy to

11 Mars 20231h 8min

What are some of the key takeaways when you marry global financial markets with potentially extraterrestrial influences? Global Macro investor David Dorr, has taken on that conversation. As government and national security services have begun to declassify information around UFOs, David is exploring the edge of what people are starting to talk about but financial markets haven’t yet embraced. Energy, defense, travel, technology, are points of influence in this conversation. Then there’s what Lockheed Martin may be sitting on that could be a real game changer. David has been following this line of research for quite awhile and feels that things are just now starting to break loose. David Dorr is the Managing Principal at Dorr Asset Management SEZC and has more than 25 years experience in trading, global macroeconomics, risk management and trading technology.-----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.comAnd 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 David on Twitter.Episode TimeStamps: 03:36 - Introduction to David 05:43 - A touchy subject 12:48 - The Tic Tac incident 19:37 - The Navy ships incident 24:17 - What is Area 51? 27:03 - What happened in Mosul, Iraq? 28:29 - The New York Times article 30:41 - Who is Bob Lazar and why is he important? 34:40 - Connections in the UFO network 38:40 - Alfred O'Donnell & EE&G 41:50 - Are they saving us from...

8 Mars 20231h 22min

Today, we are joined by David Gorton, CIO at DG Partners, for a conversation on how they use trend following to achieve a multi-billion dollar portfolio. We discuss how to become a better trend follower by understanding the weaknesses of the strategy and their approach to produce positive alpha, the challenge of timing trend following and how they focus on the conceptual trend without giving up the skew and how the "dark" 10-year period has affected their approach to volatility. We also discuss how they manage risk in an uncertain environment and the state of liquidity, whether trend following has a limit in terms of capacity and much more.DG Partners LLP is authorised and regulated by the FCA and only provides services to professional clients as defined under the FCA rules.-----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.comAnd 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 Alan on Twitter.Learn more about DG Partners.Episode Timestamps:02:08 - Introduction to DG Partners 03:38 - Their road to trend following 12:13 - The weaknesses of trend following 16:00 - Too concerned about Sharpe? 19:10 - The dual mandate 22:51 - The trend following narrative 27:19 - Capturing the meat of trend following 30:24 - Need for speed? 38:13 - How many markets do they trade? 40:16 - Rethinking volatility? 43:01 - Their execution process 44:00 - Their...

6 Mars 20231h 9min

Alan Dunne joins us for the weekly conversation on Trend Following, where we reflect on the broader perspective of the markets and the economy. We discuss how the unpredictablity of inflation and interest rates affect all parts of the economy and the transition from globalization to deglobalization, the size of the CTA and trend following industry and how articles on media like Bloomberg often creates a unrealistic narrative about CTAs through colorful headlines. We also discuss Why you should add trend following to your portfolio and How trend following is done, what we have learned from our recent conversations with the best CTA managers in the world and much more.-----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.comAnd 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 Alan on Twitter.Episode TimeStamps:01:59 - Broad Macro observations 12:41 - How the economy responds to interest rates 17:03 - Moving in a new direction 20:54 - Reflecting on the month of February 202322:44 - Industry performance update 24:29 - Bloomberg article on CTAs impact on equity markets31:41 - Colorful headlines 34:07 - Findings from Quantica paper on CTAs market footprint43:45 - Why trend following & How to do it? 50:47 - Takeaways from the CTA series 01:02:51 - Thanks for listening Copyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that...

4 Mars 20231h 4min

Today, we are joined by Philip Seager, Head of Absolute Return at Capital Fund Management (CFM), for a conversation on how they incorporate trend following in their investment strategy. We discuss their research on how trend following has performed historically and how they use the data in their trading and the role trend following play in their portfolio construction. We also discuss the right way of doing research when it comes to quant based strategies and how they differentiate themselves from other trend followers, how they keep risk stable and forecast gaps in markets, how you should use trend following in a multi-asset portfolio and how they estimate capacity, the risk of investing in a replicator strategy and much more.-----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.comAnd 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 Alan on Twitter.Learn more about Capital Fund Management.Episode Timestamps:02:05 - Introduction to Capital Fund Management 05:32 - Their investment philosophy 12:27 - Periods of under-performance 19:13 - Trend following - a small piece?24:58 - Do Trend Followers have a dual mandate? 31:32 - Their research process 36:22 - Enhancing a trend program 37:46 - Using machine learning 40:47 - Different types of trend followers 46:56 - Controlling the risk 51:20 - Dealing with drawdowns 54:44 - Achieving convexity 57:03...

3 Mars 20231h 9min