SI390: When Narratives Change Faster Than Markets ft. Alan Dunne

Markets can shift direction faster than the narratives used to explain them. In this episode, Niels and Alan unpack the sharp reversal in bond markets, the geopolitical tensions shaping energy prices, and the role of options flows in keeping equity indices pinned despite rising uncertainty beneath the surface. The conversation moves through recent hedge fund industry discussions in Miami, renewed interest in portable alpha and the total portfolio approach, and the growing influence of AI on economic thinking and policy debates. Along the way, they revisit the core role of trend following in portfolios, explaining why its value often appears precisely when traditional allocations struggle most. ----- 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 . Episode TimeStamps: 00:00 – Introduction to the Systematic Investor Series 01:38 – Bond market reversal and shifting macro narratives 03:29 – Options flows and the pinning of equity indices 10:13 – AlphaQuest closure and pressures in short term trading strategies 15:14 – Crisis alpha and how trend differs from a 60/40 portfolio 23:18 – Recent CTA performance and trend opportunities across markets 25:23 – Key takeaways from the Miami hedge fund conference 37:48 – AI, productivity, and the policy dilemma for the Fed 46:40 – Political dynamics behind the potential Fed leadership shift 50:13 – Trend following as the “midfield player” in portfolios 58:08 – Building a portfolio of CTAs and the challenge of tracking indices 01:07:20 – Is CTA beta stable enough to benchmark? 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

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SI390: When Narratives Change Faster Than Markets ft. Alan Dunne is an episode from Top Traders Unplugged by Niels Kaastrup-Larsen.

This episode is 01:10:21 long.

This episode was published on Mar 7, 2026.

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