SI397: The Market Isn’t Free Anymore, It’s Being Managed ft. Cem Karsan

Today Cem Karsan and Niels Kaastrup-Larsen examine a market environment where politics, geopolitics and liquidity are becoming harder to separate. Cem argues that recent market strength is not just a reaction to better news, but part of a broader effort to manage risk, support collateral values and prepare for deeper geopolitical stress. From rising military spending and the Strait of Hormuz to treasury demand, QIS growth, AI and the next inflation wave, this conversation is about what happens when markets stop being passive observers and become tools in a larger strategic contest. ----- 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 Cem on Twitter . Episode TimeStamps: 00:00:01 - Introduction to Top Traders Unplugged 00:00:35 - Niels and Cem reconnect and set the stage 00:01:51 - Truth, narratives and the blurring of reality 00:04:15 - Fed independence, politics and credibility 00:07:45 - The rise of QIS and demand for alternative strategies 00:12:52 - Trend following update and current market performance 00:15:23 - Framing the disconnect between markets and reality 00:20:09 - Liquidity, market rallies and strategic positioning 00:25:08 - Are markets being actively managed 00:34:51 - The real geopolitical battle and the role of China 00:40:32 - What investors may be underpricing 00:52:55 - Why markets can rise despite growing risks 00:55:56 - Treasury demand, intervention and future policy paths 00:58:04 - Inflation, debt monetization and long term outlook 01:02:16 - AI, deflation and the political response 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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SI397: The Market Isn’t Free Anymore, It’s Being Managed ft. Cem Karsan is an episode from Top Traders Unplugged by Niels Kaastrup-Larsen.

This episode is 01:11:47 long.

This episode was published on Apr 25, 2026.

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