Top Traders Unplugged

What if the volatility we’re seeing is not a pause in the cycle, but the start of something lasting? In this episode, Cem Karsan sits down with Jim Bianco to unpack the forces reshaping the market and the political landscape around it. From the roots of labor unrest in 1880s Chicago to rising tariffs and inflation today, they trace how decades of policy widened inequality and fractured the middle. This is a conversation about debt, power, and the limits of the old playbook. The Fed may no longer be able to step in. Passive investing may no longer offer safety. If you are still positioned for the past, this episode is a clear signal to rethink what comes next. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE [https://dunncapital.com/DUNN%2050-Year%20Book-TTU] ----- Follow Niels on Twitter [https://twitter.com/toptraderslive], LinkedIn [https://www.linkedin.com/in/nielskaastruplarsen], YouTube [https://www.youtube.com/user/toptraderslive] or via the TTU website [https://www.toptradersunplugged.com/]. 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 [https://www.toptradersunplugged.com/Ultimate]. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here [https://www.toptradersunplugged.com/10-reasons-shownotes]. Learn more about the Trend Barometer here [https://www.toptradersunplugged.com/resources/market-trends/]. Send your questions to info@toptradersunplugged.com [info@toptradersunplugged.com%22%20%5Ct%20%22_blank] And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes [https://www.toptradersunplugged.com/reviewttu] or Spotify [https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW] so more people can discover the podcast. Follow Cem on Twitter [https://twitter.com/jam_croissant]. Follow Jim on X [https://x.com/biancoresearch]. Episode TimeStamps: 02:01 - Introduction to Jim Bianco and Bianco Research 06:36 - The big macro picture view 16:02 - The financial inequality is at an all time high 22:51 - The power of generational wealth 24:07 - The imbalance of politics - something has to change 27:47 - Why we will see a major shift in how we invest soon 30:19 - How the economy is changing 36:10 - What defines a strong economy? 40:58 - What is Trump talking about? 45:36 - The outlook of the economy 53:33 - The core of the political problems in the US 55:16 - How to benefit from the current market volatility Copyright © 2024 – 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 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 [https://www.toptradersunplugged.com/resources/ebooks/] 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 [https://www.toptradersunplugged.com/resources/market-trends/] 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 [https://www.toptradersunplugged.com/resources/] Privacy Policy [https://www.toptradersunplugged.com/legal/privacy-policy/] Disclaimer [https://www.toptradersunplugged.com/disclaimer/]

Today Cem and Niels dissect a world quietly shifting beneath our feet. As markets hum along, Cem explains why the real story lies beneath the surface: a structural liquidity drain, a creeping stagflation that defies familiar playbooks, and a political regime shift few are pricing in. From Buffett’s exit to dollar fragility, elite endowments tapping the bond market, and oil diplomacy with geopolitical undertones—this is a conversation about change in motion. But this episode doesn’t stop at markets. It’s about the narrative arc of societies under stress—about whether the West can summon the unity and courage to face its next great test. Insightful, urgent, and layered - this is the episode you will look back on and say: the clues were all there. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE [https://dunncapital.com/DUNN%2050-Year%20Book-TTU] ----- Follow Niels on Twitter [https://twitter.com/toptraderslive], LinkedIn [https://www.linkedin.com/in/nielskaastruplarsen], YouTube [https://www.youtube.com/user/toptraderslive] or via the TTU website [https://www.toptradersunplugged.com/]. 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 [https://www.toptradersunplugged.com/Ultimate]. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here [https://www.toptradersunplugged.com/10-reasons-shownotes]. Learn more about the Trend Barometer here [https://www.toptradersunplugged.com/resources/market-trends/]. Send your questions to info@toptradersunplugged.com [info@toptradersunplugged.com%22%20%5Ct%20%22_blank] And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes [https://www.toptradersunplugged.com/reviewttu] or Spotify [https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW] so more people can discover the podcast. Follow Cem on Twitter [https://twitter.com/jam_croissant]. Episode TimeStamps: 01:17 - What has caught our attention recently? 06:54 - Industry performance update 08:44 - Inflation is coming - what now? 16:43 - The Fed is stuck and the Trump administration is changing 26:07 - If US debt defaults, what is left? 29:32 - Are we experiencing the decline of the dollar? 40:19 - The OPEC game 43:21 - Reflecting on the conversation with Demetri Kofinas 48:33 - What is courage as a society? 50:49 - The West is being disunified...on purpose 53:22 - Do we actually know who or what the real enemy is? 58:58 - Cem's latest market forecast Copyright © 2024 – 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 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 [https://www.toptradersunplugged.com/resources/ebooks/] 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 [https://www.toptradersunplugged.com/resources/market-trends/] 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 [https://www.toptradersunplugged.com/resources/] Privacy Policy [https://www.toptradersunplugged.com/legal/privacy-policy/] Disclaimer [https://www.toptradersunplugged.com/disclaimer/]

What if the biggest risk in markets today isn’t volatility, inflation, or geopolitics - but the stories we believe to be true? In this unfiltered and thought-provoking episode, Demetri Kofinas joins Cem Karsan and Niels Kaastrup-Larsen for a piercing conversation that challenges how we process information, construct narratives, and make decisions in uncertain environments. This isn’t about market forecasts - it’s about how easily our thinking can be hijacked. From the corrosive incentives of financial media to the quiet ways conviction becomes cognitive quicksand, Demetri argues that investors today are drowning not in data, but distortion - misled by institutions built to entertain, not enlighten. Yet this episode is more than critique. It offers a path forward - one grounded in introspection, discomfort, and the discipline of intellectual honesty. For anyone managing capital - or simply trying to see clearly in a noisy world—this is a conversation that may shift not just your positions, but your perspective. Because the greatest edge in markets isn’t a model. It’s clarity when others are lost in the fog. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE [https://dunncapital.com/DUNN%2050-Year%20Book-TTU] ----- Follow Niels on Twitter [https://twitter.com/toptraderslive], LinkedIn [https://www.linkedin.com/in/nielskaastruplarsen], YouTube [https://www.youtube.com/user/toptraderslive] or via the TTU website [https://www.toptradersunplugged.com/]. 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 [https://www.toptradersunplugged.com/Ultimate]. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here [https://www.toptradersunplugged.com/10-reasons-shownotes]. Learn more about the Trend Barometer here [https://www.toptradersunplugged.com/resources/market-trends/]. Send your questions to info@toptradersunplugged.com [info@toptradersunplugged.com%22%20%5Ct%20%22_blank] And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes [https://www.toptradersunplugged.com/reviewttu] or Spotify [https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW] so more people can discover the podcast. Follow Cem on Twitter [https://twitter.com/jam_croissant]. Follow Demetri on X. [https://x.com/kofinas?lang=en] Episode TimeStamps: 03:21 - Introduction to Demetri Kofinas 04:39 - The era of financial nihilism 11:44 - The birth of a radical optimism? 20:10 - The risk of not heeding the call 26:16 - The dark side of smoothing the business cycle 29:14 - What have we lost in the vacuum of consequence? 33:39 - The collapse of the social contract 38:25 - The importance of a unified narrative 47:16 - Technology - a driver of unity or disunity? 50:05 - The role of government in libertarianism 53:12 - How far are we from a fourth turning? 56:25 - Crisis is a perception relative to where you are Copyright © 2024 – 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 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 [https://www.toptradersunplugged.com/resources/ebooks/] 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 [https://www.toptradersunplugged.com/resources/market-trends/] 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 [https://www.toptradersunplugged.com/resources/] Privacy Policy [https://www.toptradersunplugged.com/legal/privacy-policy/] Disclaimer [https://www.toptradersunplugged.com/disclaimer/]

This episode is all about understanding the nuances of trend-following and how current market dynamics are shaking things up. Together with Rob Carver, we discuss the turbulence that hit financial markets in April and how that affected Trend Followers, as well as how Rob navigated the last 12 months as a trend follower. Plus, we explore the intriguing topic of safe haven assets, questioning if traditional choices like U.S. treasury bonds still hold up under pressure. We also explore a paper that the discuss the pros and cons of simplicity over complexity in strategy design. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE [https://dunncapital.com/DUNN%2050-Year%20Book-TTU] ----- Follow Niels on Twitter [https://twitter.com/toptraderslive], LinkedIn [https://www.linkedin.com/in/nielskaastruplarsen], YouTube [https://www.youtube.com/user/toptraderslive] or via the TTU website [https://www.toptradersunplugged.com/]. 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 [https://www.toptradersunplugged.com/Ultimate]. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here [https://www.toptradersunplugged.com/10-reasons-shownotes]. Learn more about the Trend Barometer here [https://www.toptradersunplugged.com/resources/market-trends/]. Send your questions to info@toptradersunplugged.com [info@toptradersunplugged.com%22%20%5Ct%20%22_blank] And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes [https://www.toptradersunplugged.com/reviewttu] or Spotify [https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW] so more people can discover the podcast. Follow Rob on Twitter [https://my.captivate.fm/@InvestingIdiocy]. Episode TimeStamps: 01:40 - What has caught our attention recently? 06:59 - Society is going crazy 09:47 - Industry performance update 16:22 - How to capture the bounce in trailing stops 23:20 - Industry performance numbers 25:18 - Q1, Niall: What books would you recommend for a young quant entering the CTA space today? 29:05 - Reviewing Rob's annual trend following performance 36:26 - Should we start to rethink our approach to drawdowns? 40:45 - How do we stop investors from projecting market expectations to trend following performance 44:16 - How Rob defines slippage 50:12 - What if we base our trend system on one indicator? 54:18 - Does this trend following thing still work? 58:56 - Getting to know the founders of trend following 01:01:09 - Rob's approach to leveraged ETFs 01:07:27 - What is up for next week? Copyright © 2024 – 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 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 [https://www.toptradersunplugged.com/resources/ebooks/] 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 [https://www.toptradersunplugged.com/resources/market-trends/] 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 [https://www.toptradersunplugged.com/resources/] Privacy Policy [https://www.toptradersunplugged.com/legal/privacy-policy/] Disclaimer [https://www.toptradersunplugged.com/disclaimer/]

What if the most dangerous thing in the global economy isn’t a shock — but the quiet collapse of the frameworks we still rely on? In this rare, unfiltered conversation, Kenneth Rogoff — Harvard professor and former IMF Chief Economist — joins Kevin Coldiron to confront the reality that’s too uncomfortable for most policymakers to admit: > > The world has changed. The models haven’t. > Rogoff explores what happens when inflation refuses to respond, debt compounds beneath the surface, AI reshapes productivity, and geopolitics redraws the map — while central banks keep playing by yesterday’s rules. This isn’t a call for panic. It’s a call for intellectual honesty. Because in a world where the past no longer explains the present, clarity is the only edge that matters. If you manage capital — or ideas — in a world built on assumptions, this episode is for you. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE [https://dunncapital.com/DUNN%2050-Year%20Book-TTU] ----- Follow Niels on Twitter [https://twitter.com/toptraderslive], LinkedIn [https://www.linkedin.com/in/nielskaastruplarsen], YouTube [https://www.youtube.com/user/toptraderslive] or via the TTU website [https://www.toptradersunplugged.com/]. 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 [https://www.toptradersunplugged.com/Ultimate]. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here [https://www.toptradersunplugged.com/10-reasons-shownotes]. Learn more about the Trend Barometer here [https://www.toptradersunplugged.com/resources/market-trends/]. Send your questions to info@toptradersunplugged.com [info@toptradersunplugged.com%22%20%5Ct%20%22_blank] And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes [https://www.toptradersunplugged.com/reviewttu] or Spotify [https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW] so more people can discover the podcast. Follow Kevin on SubStack [https://kevincoldiron.substack.com/] & read his Book [https://riseofcarry.com/]. Follow Kenneth on X [https://x.com/krogoff?lang=en] and read his book. [https://www.amazon.com/Curse-Cash-Large-Denomination-Constrain-Monetary/dp/0691178364] Episode TimeStamps: 02:01 - Introduction to Kenneth Rogoff 03:04 - What is at stake if the dollar loses its dominance? 09:13 - How Trump tariffs are destroying the dollar 13:27 - What are the alternatives to the dollar dominance? 19:18 - How increased military spending could strengthen the European currencies 27:19 - The Chinese Yuan is evolving 36:01 - The potential for alternative stable coins 43:25 - The perks of currency dominance 44:26 - Why dollar dominance gives us lower rates 52:05 - Are we entering a new era of currencies? 54:55 - What form will the financial repression take? 59:24 - How Rogoff would deal with the U.S debt 01:03:21 - We are gambling on rates 01:06:31 - Its time for the profession to wake up Copyright © 2024 – 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 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 [https://www.toptradersunplugged.com/resources/ebooks/] 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 [https://www.toptradersunplugged.com/resources/market-trends/] 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 [https://www.toptradersunplugged.com/resources/] Privacy Policy [https://www.toptradersunplugged.com/legal/privacy-policy/] Disclaimer [https://www.toptradersunplugged.com/disclaimer/]