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

Det här avsnittet är hämtat från ett öppet RSS-flöde och publiceras inte av Podme. Det kan innehålla reklam.

Avsnitt(930)

ALO16: Beyond 60-40... A Bold Approach to Asset Allocation ft. Troy Gayeski

Troy Gayeski, Chief Market Strategist for FS Investments, joins us today to discuss asset allocation and investment opportunities in today’s higher yield environment. We discuss how higher interests r...

11 Okt 20231h 4min

SI264: The Evolution of the Trend Following Industry ft. Andrew Beer & Alan Dunne

Andrew Beer joins us to discuss a recent research report from Morningstar (called Market Wizards Wave Their Wands but Investors Miss the Magic) which highlights the challenges investors have in timing...

7 Okt 20231h 1min

GM51: Allocating Assets when Goldilocks Inverse ft. Christian Mueller-Glissmann

Goldman Sachs Head of Asset Allocation Research, Christian Mueller-Glissmann shares his current investment framework with Cem Karsan and I today. It's an important conversation as it touches on so man...

4 Okt 20231h 4min

SI263: Changes aren't permanent, but change is ft. Mark Rzepczynski

Q3 is behind us, and we take stock of how is the trend following industry holding up? Is passthrough fees becoming a problem for investors in the multi-strategy space? Do we still have a bubble econom...

30 Sep 20231h 6min

GM50: A Century of Disorder ft. Helen Thompson

Join us for a thought-provoking conversation with Professor Helen Thompson of Cambridge University, author of Disorder: Hard Times in the 21st Century, as we take a big picture perspective on the curr...

27 Sep 20231h 2min

SI262: Opportunities in FX fueled by the FED ft. Alan Dunne

Tune in for this week’s trend following conversation with Alan Dunne, where we discuss Barry Eichengreen’s paper on living with high public debt and how the high level of debt can be addressed, the re...

23 Sep 20231h 2min

IL21: How China Manages Their FX Reserves ft. Zongyuan Zoe Liu

In this episode we lift the veil on China’s often secretive system for managing its multi-trillion dollar holdings of foreign assets. Guiding us through the discussion is Dr. Zhongyuan Zoe Liu, the ...

20 Sep 202359min

SI261: The Biggest Story in Asset Allocation ft. Nick Baltas

Today Nick Baltas and I embark on a journey through the shifting tides of investment strategy. For decades, equities have reigned supreme as the primary source of portfolio returns, while bonds played...

16 Sep 202359min