Top Traders Unplugged

GM103: Why Optimism Could Be the Most Contrarian Trade ft. Pippa Malmgren

Top Traders Unplugged

Show Notes

While much of the world is focused on geopolitical conflict, inflation and rising global tensions, Pippa Malmgren argues that a very different future may already be taking shape. Joining Niels Kaastrup-Larsen and Cem Karsan, she explores how artificial intelligence, advanced energy, shifting diplomacy and technological innovation could reshape the global economy and even reduce the risk of war. From the future of the US dollar and China to nuclear energy, robotics and non human intelligence, this conversation challenges conventional thinking and offers an unusually optimistic perspective on one of the most consequential periods in modern history. ----- 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 [email protected] 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. Follow Pippa on X. Episode TimeStamps: 00:00 - Why Pippa believes the future is far more optimistic than most expect 01:05 - Reuniting after four years and revisiting major geopolitical themes 03:11 - Digital finance, transparency and the changing role of the US Treasury 06:40 - Ukraine, foreign policy and the debate over hidden funding networks 12:01 - Why Pippa believes the world is moving toward a superpower rapprochement 22:17 - The US dollar, China and competing visions of global leadership 30:49 - Lessons from history, diplomacy and the search for lasting peace 39:38 - Nuclear energy, AI and the race toward technological abundance 45:48 - Populism, inequality and whether AI will widen or close the wealth gap 55:32 - How societies can prepare for an AI driven future 58:10 - Greenland, the Arctic and the strategic battle for space infrastructure 01:04:20 - Pippa's father, diplomacy and the lessons that shaped her worldview 01:09:28 - Non human intelligence, AI and the profound questions facing humanity 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

More from Top Traders Unplugged

Oct 21, 2026

Alan Dunne is joined by longtime Japan strategist Jesper Koll to explore why Japan may be entering one of its most important economic shifts in decades. Jesper explains why demographics and government debt are less threatening than many investors assume, and how labor scarcity, rising wages and corporate reform are reshaping the economy from within. They discuss the return of domestic capital, Bank of Japan normalization and the government’s push into semiconductors, defense and energy. Jesper also makes the case that Japan’s broad economic expansion, industrial strength and accelerating corporate consolidation could make it unusually resilient in a world increasingly dominated by the AI cycle. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE -----

Oct 17, 2026

Niels Kaastrup-Larsen and Katy Kaminski explore why geopolitical risk and structural inflation may be changing some of the assumptions behind traditional portfolios. Katy revisits her recent Copenhagen presentation on crisis alpha, explaining why bonds can lose their diversification benefits when inflation becomes the dominant risk and why rules-based strategies can adapt more easily. They discuss research on preparing for different inflation regimes, the trade-offs between commodities and trend following, and new work from Quantica on why investors not always get the full benefit of investing in trend following. The episode closes with an important lesson: a small number of months drive much of trend’s long-term return, making patience and portfolio design critical. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE -----

Oct 14, 2026

Cem Karsan is joined by Goldman Sachs’ Christian Mueller-Glissmann to ask how much longer the AI boom can keep supporting markets as the bond market becomes increasingly difficult to ignore. They discuss whether today’s extraordinary earnings growth is sustainable, why Christian sees more evidence of an earnings bubble than a valuation bubble, and how higher yields are beginning to pressure parts of the equity market. The conversation also explores unusually high dispersion, cheap equity volatility and the growing challenge of portfolio diversification before turning to geopolitical risk, gold, FX volatility and how investors might prepare for a more inflationary and less predictable market regime. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE -----

Oct 10, 2026

How reliable is 60/40 when stocks and bonds fall together? Andrew Beer joins Niels Kaastrup-Larsen to question the return forecasts and diversification assumptions behind traditional asset allocation. They explore how a systematic, non-emotional approach to tactical investing can help portfolios adapt as markets change. The conversation also sets out how to grow the CTA/managed futures pie by explaining the strategy’s value in language investors understand. They discuss why diversification across managers and realistic expectations for uneven returns matter for building investor confidence and encouraging lasting allocations. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE -----

Oct 7, 2026

In today’s episode we talk with London Business School professor Alex Edmans. He has spoken at Davos, testified in the UK House of Commons and reached millions through his TED Talks. He joins the show to discuss his new book, THE MADNESS OF MARKETS, WHY SMART INVESTORS MAKE CRAZY DECISIONS AND HOW TO EXPLOIT THEM. Alex explains why “mood matters” for markets and the surprising relationship of football results and music playlists to market movements. We discuss why individual investors sometimes have an advantage over professionals in taking advantage of psychological biases and go through practical ways this can be implemented. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE -----

See all episodes →