SI400: When Crisis Alpha Hides in Plain Sight ft. Yoav Git & Rob Croce

This week, we are joined by Yoav Git and Rob Croce from Fidelity Investments for a deep dive into trend following, portfolio construction and execution in modern markets. The conversation explores why crisis alpha may come more from beta timing than market selection, the logic behind betting against beta, and how quantitative investors think about diversification, carry and relative value strategies. Along the way, the trio discuss Japan’s rising bond yields, momentum investing, execution risk during crises and even how ChatGPT helped solve a 60-year-old mathematical problem. This is a technical but highly practical discussion about how systematic investors build robust portfolios in a changing macro environment. ----- 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 Rob on LinkedIn and read his paper. Follow Yoav on Linkedin. Episode TimeStamps: 01:57 - Rob Croce’s path from economics to managed futures and trend following 04:38 - Yoav on AI-assisted mathematics and solving a 60-year-old problem 06:14 - Rob on out-of-sample testing and learning from market structure 11:42 - Rising Japanese bond yields and the global bond market backdrop 12:39 - Momentum investing and the growing popularity of trend-based strategies 17:04 - Current trend following environment across equities, bonds and commodities 19:13 - “Betting Against Beta” and why low-beta portfolios may outperform 25:43 - The role of leverage aversion and diversification in factor investing 34:26 - Rob Croce’s paper: where crisis alpha really comes from 40:31 - Why beta timing drives much of trend following’s defensive behavior 47:46 - Can carry improve trend following without sacrificing crisis alpha? 51:51 - Execution algorithms, risk reduction and trading during crises 57:46 - Why correlation spikes matter for portfolio execution and liquidity 01:04:05 - Final thoughts and where to find Rob Croce’s research 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 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 Privacy Policy Disclaimer

You can listen to SI400: When Crisis Alpha Hides in Plain Sight ft. Yoav Git & Rob Croce online on Radio and Podcast. Open the player on this page to stream the available audio.

SI400: When Crisis Alpha Hides in Plain Sight ft. Yoav Git & Rob Croce is an episode from Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors by Niels Kaastrup-Larsen.

This episode is 01:07:04 long.

This episode was published on May 16, 2026.

Yes. Use the heart button on the episode page to add it to your favorite episodes list.

Yes. This page shows related episodes from Top Traders Unplugged with Niels Kaastrup-Larsen | Engaging Conversations with the Top Traders & Investors when more episodes are available from the podcast feed.