Nigol Koulajian, founder of AlphaQuest rejoins Niels and Alan for a conversation about markets shaped less by fundamentals than by perception. As political influence deepens and volatility is managed rather than discovered, traditional risk signals lose meaning. Sharpe ratios climb not through edge, but through exposure to hidden fragilities. Diversification is narrowing. And while systematic strategies continue to hold their line, the forces around them are shifting - slowly, structurally, and with consequences. This episode is about recognizing imbalance in real time, resisting the comfort of consensus, and asking whether today’s apparent stability is masking tomorrow’s risk.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

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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 Alan on Twitter.

Episode TimeStamps:

00:32 - Introduction to our special guest

01:57 - How did the economy end up the way it is today?

09:15 - Is it just a cycle?

19:46 - What is the end game?

23:47 - A short masterclass on skew and convexity

31:45 - How trend following has changed over time

39:18 - Should you optimize your portfolio from a short or long term perspective?

45:19 - How Nigol navigates the strong headwinds for CTAs

53:04 - Turning the risk of pod shops into opportunities

56:06 - When will we revert to a more "normal" environment?

Copyright © 2025 – CMC AG – All Rights Reserved

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PLUS: Whenever you're ready... here are 3 ways I can help you in your investment...

Maurice Obstfeld joins Alan Dunne for a clear-eyed look at how the foundations of the global monetary system are shifting - and why much of the world is quietly preparing for a future without a stable dollar anchor. Drawing on decades in policy and research, Obstfeld explains how tariffs, fiscal dominance, and political interference are eroding the norms that once held the system together. They discuss the risk of fragmentation, the creeping politicization of the Fed, and why trust - not theory - is the real currency at stake. This is a conversation about power, credibility, and what happens when both start to slip.

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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 Alan on Twitter.

Read more about Maurice here.

Episode TimeStamps:

02:18 - Introduction to Maurice Obstfeld

05:26 - The role and evolution of the International Monetary Fund (IMF)

08:14 - What has been the rationale for tariffs, and how has it impacted the economy?

11:13 - Has the viewpoint on tariffs shifted?

18:42 - How the changing monetary policy could undermine the dollar

27:19 - Does an alternative to the dollar even exist?

29:50 - What are the implications of moving away from the dollar?

34:20 - A possible financial repression incoming?

36:25 - The impact of an unusual approach to policy making domestically

39:16 - A fork in the road for the...

Gold is ripping, but it’s not about inflation. It’s about trust - or the slow erosion of it. Mark Rzepczynski returns to map out the shifting terrain as central banks quietly step away from sovereign debt and build reserves in metal, not paper. Niels presses on what this says about safe assets, liquidity, and the narratives we’ve long taken for granted. They unpack the rise of short-term options, the distortive power of retail flow, and the fragility buried inside modern plumbing. And as trend followers chase edge in crowded markets, Mark offers a glimpse into what comes next: networks, feedback loops, and systems that learn - until they break.

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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 Mark on Twitter.

Episode TimeStamps:

01:34 - What has been on our radar recently?

05:43 - Is this time different for gold?

14:13 - Just a gold story?

16:38 - Should we redefine the definition of safe assets?

19:45 - The Fed has to change

26:08 - An overbearing uncertainty

30:25 - Our thoughts on meme stocks

35:30 - Not every innovations are good

39:02 - How narratives impact how products are sold

46:21 - Industry performance update

49:39 - Alternative vs traditional assets

01:00:43 - Every CTA is a short term trader

01:05:59 - The power of seeing the connection between markets

01:14:32 - What is up for next week?

Copyright © 2025 – CMC AG – All Rights...