SI423: Why Trend Following Might Outlast the AI Arms Race ft. Mark Rzepczynski

Niels Kaastrup-Larsen and Mark Rzepczynski explore why the changing structure of global markets may be creating a very different environment for trend followers. They discuss why today’s bond selloff may represent a return to normal rather than an anomaly, how declining safe-haven benefits could reshape government debt, and why geopolitical fragmentation may increase divergence across markets. Mark also examines commodity shortages and the conditions that can produce explosive price moves. Finally, they turn to AI and machine learning, asking whether increasingly similar quantitative models are shortening the life of alpha and why trend following may prove unusually durable in an increasingly crowded investment landscape.-----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] 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 Mark on Twitter.Episode TimeStamps:00:00 - Why trend following may be different in the age of machine learning02:09 - France, rising yields and changing perceptions of safe assets07:27 - Trend following performance and a changing bond market16:29 - Why the structure and participants of markets matter20:26 - Liquidity, capital flows and the plumbing behind financial crises27:58 - Globalization, capital flows and the role of the dollar35:33 - Crises, market upheavals and commodity supercycles37:32 - Why today’s higher bond yields may actually be normal45:31 - Are Treasuries losing some of their safe-haven advantage?52:26 - Geoeconomic fragmentation and what it means for trend following56:51 - Commodity shortages and why prices can suddenly go parabolic01:02:12 - AI, crowded models and the shrinking half-life of alphaCopyright © 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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer

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-----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] 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 LinkedIn.Follow Jesper on Substack.Episode TimeStamps: 00:00 - Introduction and the optimistic case for Japan02:10 - How Jesper built a career around Japan04:12 - Why Japan’s underlying strengths are often overlooked07:12 - Demographics, labor scarcity and rising productivity11:04 - Why Jesper doesn’t see Japan’s debt as a crisis13:34 - Is Japanese capital finally coming back home?17:15 - Takaichi, industrial policy and the next phase after Abenomics22:17 - Why the Bank of Japan may start moving faster25:46 - The yen, carry trades and the risk of a stronger currency33:51 - Japan’s push into semiconductors, defense and industrial policy38:18 - Energy security and Japan’s next major investment challenge40:31 - Why Japan is taking a different approach to AI44:18 - Could Japan outperform if the US AI boom slows?47:16 - What the West can learn from Japan52:35 - Corporate reform, generational change and consolidation57:19 - Where Japanese rates could go next58:16 - The key signals investors should watch from hereCopyright © 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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer

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-----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] 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:00:00 - Introduction and what’s on Katy's radar06:16 - Why 2026 looks very different from 2022 for trend followers11:12 - Geopolitical risk, inflation and Katie’s Copenhagen presentation17:50 - Why today’s environment could challenge traditional portfolios21:55 - What happens when bonds start behaving badly28:46 - Why rules-based strategies can adapt when markets change31:46 - Rethinking crisis alpha for an inflationary world41:56 - Commodities versus trend following as inflation protection47:40 - Why a handful of months drive so much of trend’s return52:38 - How investors end up timing liquid alternatives badly58:12 - How institutions can make it easier to stay invested01:02:50 - Can packaging trend with other assets solve the problem?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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer

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-----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] 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 Christian on LinkedIn.Episode TimeStamps: 00:00 - Introduction and why the bond market matters again02:13 - How the AI boom changed the market regime06:41 - Are the earnings from AI actually sustainable?10:38 - An earnings bubble rather than a valuation bubble?17:18 - What happens if earnings start to mean revert22:15 - When the stock market starts driving the economy28:55 - Why bonds are becoming the speed limit for equities38:39 - Can the AI boom keep going if rates stay high?42:21 - Why equity volatility looks unusually cheap45:30 - What extreme dispersion is telling us about the market52:44 - How to prepare for a market you can’t time58:20 - Geopolitics, real assets and the changing role of bonds01:02:20 - Debasement and the risk investors may be underestimating01:05:54 - Why currency volatility could matter much moreCopyright © 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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer

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-----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] 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 Andrew on Twitter.Episode TimeStamps: 00:00 - Why portfolios may need a more tactical approach01:04 - AI, entrepreneurship and the changing world of work08:07 - Complex systems and why the future is so difficult to predict09:47 - Trend following performance and what is driving returns13:59 - Why the traditional 60/40 portfolio is being questioned16:20 - The problem with long-term asset allocation assumptions22:41 - Diversification, market timing and the historical advantage of bonds27:01 - What 27 years of managed futures data tells us31:51 - Crisis alpha across the dot-com crash, GFC and 202236:08 - Correlation, alpha and the diversification case for CTAs38:12 - Drawdowns and why tactical strategies can preserve capital44:55 - Sharpe ratios and the problem of lumpy returns50:39 - Why choosing the right managed futures manager is so difficult54:57 - How managed futures can finally grow the pie01:05:04 - Why the industry needs to stop getting lost in the technical details01:08:14 - The danger of betting everything on one manager01:13:02 - Why timing managed futures can make a good strategy look badCopyright © 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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer

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-----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] 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 Kevin on SubStack & read his Book.Follow Alex on LinkedIn and Read his Book.Episode TimeStamps: 00:00 - Introduction and Alex Edmans’ new book The Madness of Markets02:46 - How football results can move stock markets07:16 - What Spotify playlists can tell us about investor sentiment11:28 - Why individual investors may have an advantage over professionals16:26 - Specialists, generalists and finding your investing edge21:59 - When benchmarks make active managers too conservative26:18 - Risk, alpha and the equity premium puzzle30:07 - Why momentum works and when it crashes35:35 - Where individual investors can exploit overlooked opportunities37:48 - How round numbers influence buying and selling decisions39:54 - The disposition effect and why investors hold onto losers44:12 - Three practical ways to make better investment decisions47:20 - Why writing down your investment thesis matters52:08 - Outsourcing the ugly decisions55:30 - AI, bubbles and the big market delusion58:00 - Closing thoughts and where to find the bookCopyright © 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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer

Alan Dunne is joined by Cem Karsan to examine the forces pushing bond yields higher and why he believes markets are becoming increasingly fragile. Cem argues that refinancing pressures, persistent inflation, declining foreign demand for Treasuries and the enormous capital requirements of the AI boom are creating an unusually unstable backdrop. They discuss the concentration of equity market growth around AI, the relationship between government policy and financial markets, and Cem’s expectation that a Treasury market shock could eventually trigger a forceful policy response. They also explore political risk, market volatility, monetary debasement and why traditional stock and bond portfolios may face a very different environment ahead.-----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] 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 Alan on LinkedIn.Episode TimeStamps: 00:00 - Why Cem believes the next V-shaped market move is coming00:58 - Introduction and what’s on Cem’s radar03:34 - A strong year for trend following05:29 - What is driving bond yields higher?09:09 - Inflation, debt and declining foreign demand for Treasuries12:53 - Why short-term interest rate expectations have shifted so dramatically18:01 - Can rising bond yields eventually break the equity market?19:00 - Why Cem questions the sustainability of AI-driven earnings growth25:27 - Market concentration and the growing fragility of the system33:54 - Government intervention and the return of the V-shaped market37:19 - Cem’s case for a coming Treasury market shock42:50 - Why the US midterm elections could matter for markets46:43 - What the options market is pricing for the months ahead48:27 - Bond volatility and where yields could go next50:41 - Could the US eventually create a sovereign wealth fund?54:34 - Inflation, equities and the importance of real returns01:00:13 - Why the traditional 60/40 portfolio may face a different futureCopyright © 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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer

Niels Kaastrup-Larsen and Alan Dunne are joined by Welton Investment Corporation founder Patrick Welton to explore what four decades in markets have taught him about trading, risk and managing other people’s money. Pat shares lessons from his encounters with Paul Tudor Jones and John Henry before explaining why taking outside capital fundamentally changes a manager’s responsibility. They discuss the real sources of trend following returns, why managers can damage their edge by listening too closely to clients, and whether replication and multi-strategy funds have changed the landscape. They also explore capacity, changing market regimes and why investor behavior may ultimately matter more than finding the perfect strategy.-----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] 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.Find out more about DUNN Capital.Follow Patrick on LinkedIn.Episode Timestamps: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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer

Alan Dunne is joined by Nick Baltas to discuss a strong period for trend following and what the latest research says about adapting systematic strategies to changing markets. They examine whether volatility can help determine how quickly trend models should react, and why Nick remains skeptical of relying on regime triggers with limited statistical evidence. The conversation then turns to agentic AI and a new framework for using specialized AI agents in asset allocation. Nick explores how agents could analyze macro regimes, challenge competing portfolio approaches and help investment committees make decisions faster, while also confronting problems around look-ahead bias, reproducibility and human oversight.-----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] 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 Nick on Twitter.Episode TimeStamps:00:00 - Introduction and what’s caught Nick’s attention01:31 - The extraordinary concentration inside the S&P 50004:12 - Why bond yields are rising around the world08:28 - A strong month and year for trend following12:08 - Why the bond move has happened without a volatility spike15:12 - Can volatility make trend following more adaptive?20:43 - What the latest research actually tells us23:21 - How Nick uses volatility in portfolio construction25:50 - Can investors identify trend regimes in advance?27:04 - Why making trend models more complicated may not help29:30 - V-shaped markets and the problem with regime triggers32:01 - How agentic AI could reshape asset allocation44:14 - What actually drives an AI-built portfolio?50:03 - Why backtesting AI investment models is so difficult55:05 - Could the same AI framework work for trend following?58:33 - Using AI to manage competing investment objectives01:01:22 - When will we see portfolios run by AI agents?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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer

Moritz Seibert is joined by GBE Energy co-founder Cory Paddock for a look inside the unusual world of proprietary power trading. Cory explains how electricity markets combine weather, physics and economics, and why understanding supply and demand can create opportunities in markets where prices can change dramatically within minutes. They explore the psychology behind taking risk, why a handful of exceptional days can define an entire year, and the lessons Cory learned from his biggest wins and losses. They also discuss GBE’s approach to developing young traders and how AI is accelerating the process of turning raw talent into real trading ability.-----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] 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 Moritz on Twitter.Follow Cory on LinkedIn.Episode TimeStamps:00:00 - Knowing when to walk away from a losing trade01:03 - Introducing Cory Paddock and GBE Energy04:35 - How US power markets actually work08:21 - PJM and the changing US electricity mix11:07 - Why North America effectively has three separate power grids14:42 - What a power trader actually trades19:40 - Why electricity trading never really stops21:48 - Finding an edge through supply, demand and weather28:13 - Why power markets remain so attractive to traders30:37 - What “10 times crypto” volatility looks like33:50 - The four stages of becoming a power trader36:07 - Conviction, sizing and getting comfortable with being uncomfortable38:15 - The trades that helped create GBE Energy40:42 - What a painful losing trade taught Cory43:16 - Why GBE changed the way it recruits traders48:57 - What Cory looks for in aspiring traders50:50 - How quickly can someone learn to trade power?53:31 - AI, data centers and the future of electricity marketsCopyright © 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 Here2. 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 Here3. Other Resources that can help youAnd 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 HerePrivacy PolicyDisclaimer