Mark Rzepczynski joins Niels Kaastrup-Larsen for a conversation shaped by tension between surface calm and deeper dislocation. From copper’s sudden collapse to signs of stress in liquidity and leverage, they explore how market behavior is increasingly defined by fragility, not fundamentals. With Fed policy boxed in, equity optimism rising, and stablecoins quietly redrawing the contours of the monetary system, the challenge for investors isn’t prediction - it’s positioning. They also confront the limits of complexity in models and why, in uncertain regimes, the discipline of doing less may offer the most resilience. This is trend following in context. ----- 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 Mark on Twitter . Episode TimeStamps: 01:15 - What has caught our attention recently? 09:08 - The tough situation of Fed independence 10:43 - Industry performance update 14:27 - Mark's analysis of the current trend following performance 21:01 - Are we picking up long term inflation trends? 23:04 - 2025 has given us something rare 26:05 - The core problem that trend followers face today 36:42 - The evolution of stablecoins 43:52 - The definition of financial bubbles is becoming diluted 53:11 - Risk - a feeling or a factor? 58:42 - The seductiveness of complexity 01:01:10 - Key observations from our conversation 01:07:17 - What is up for next week? Copyright © 2025 – CMC AG – All
