Nigol Koulajian, founder of AlphaQuest rejoins Niels and Alan for a conversation about markets shaped less by fundamentals than by perception. As political influence deepens and volatility is managed rather than discovered, traditional risk signals lose meaning. Sharpe ratios climb not through edge, but through exposure to hidden fragilities. Diversification is narrowing. And while systematic strategies continue to hold their line, the forces around them are shifting - slowly, structurally, and with consequences. This episode is about recognizing imbalance in real time, resisting the comfort of consensus, and asking whether today’s apparent stability is masking tomorrow’s risk. ----- 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 Alan on Twitter . Episode TimeStamps: 00:32 - I ntroduction to our special guest 01:57 - How did the economy end up the way it is today? 09:15 - Is it just a cycle? 19:46 - What is the end game? 23:47 - A short masterclass on skew and convexity 31:45 - How trend following has changed over time 39:18 - Should you optimize your portfolio from a short or long term perspective? 45:19 - How Nigol navigates the strong headwinds for CTAs 53:04 - Turning the risk of pod shops into opportunities 56:06 - When will we revert to a more "normal" environment? Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment...
