Rick Santelli joins Cem Karsan for a conversation that cuts through the noise. From the floor of the Cboe to the era of central bank primacy, Santelli reflects on how markets have been reshaped... not just by technology or policy, but by the loss of honest signals. They cover the Fed’s shift from restraint to control, the unintended consequences of zero rates, and why housing, credit, and the long bond may be nearing a breaking point. This isn’t a retrospective. It’s a clear warning from someone who’s seen what happens when incentives go unchecked.

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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.

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Follow Rick on X.

Episode TimeStamps:

00:02 - Introduction to the UGO series

01:26 - Introduction to Rick Santelli

05:16 - The first trade Santelli ever made

06:32 - The historical performance of gold

08:39 - Why did Santelli move to interest rates?

10:28 - How technology impacts the way we invest

13:30 - A shadow Fed president

14:46 - How Alan Greenspan changed everything

18:47 - We are starting to pay the price of overspending

22:04 - Money printing - a daisy chain of a closed circuit

23:50 - How do we get out of debt and how does it end?

29:06 - How do you invest wisely in today's economy?

36:48 - Cost of credit: The lurking financial threat

39:03 - How

Katy Kaminski returns to examine a moment in trend following that feels familiar... but isn’t. Drawing on new research, she and Niels explore how drawdowns resolve, why recovery is faster when markets break, and slower when they don’t, and what that asymmetry reveals about the current cycle. They unpack copper’s historic 1-day move, the role of China in CTA return dispersion, and what slower, replication-based strategies might be capturing that others aren’t. This episode isn’t about defending trend - it’s about understanding what environments it needs, and what signals suggest we’re getting closer.

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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 Katy on LinkedIn.

Episode TimeStamps:

00:48 - What has been on our radar recently?

07:43 - Crazy moves in US copper

09:45 - Industry performance update

14:31 - How should we approach the current drawdowns in managed futures?

23:01 - Why trend following is struggling at the moment

31:22 - Rebalancing in trend following is key

33:57 - A better alternative trend following?

37:32 - The different types of impact to markets and how it reflects on the CTA industry

44:41 - The key variables for understanding regimes

53:21 - Replication is beating the benchmarks that they are trying to replicate

58:16 - Mechanical vs. regression based replication

59:33 - Defining tracking error

Copyright © 2024 – CMC AG – All Rights...

Cian Walsh, Head of Hedge Funds and Private Debt at Formue, joins Alan Dunne to explore what it means to allocate capital when the macro regime, client expectations, and the structure of markets are all in flux. He explains why the 60/40 model obscures more than it reveals, how he is adapting institutional frameworks for thousands of private clients, and what changes when you view hedge funds not as a bucket, but as a function. From the discipline of sizing trend in a sideways regime to the slow shift from vintage private credit to evergreen, this is a conversation about building portfolios that can hold together when the ground moves.

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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.

Follow Cian on LinkedIn.

Episode TimeStamps:

02:12 - Introduction to Cian Walsh

05:30 - How does institutional asset allocation stand out?

06:39 - Asset allocation in a shifting regime

09:33 - A move towards mass customization

10:26 - The 60/40 portfolio is dying - what is next?

13:28 - The challenges of implementing a total portfolio approach

17:16 - Dealing with underperforming strategies

20:09 - More growth or more all-weather?

23:30 - Why Walsh believes in systematic trading

28:51 - Do Walsh hold any long volatility strategies?

30:04 - Walsh's process for selecting managers

36:55...