Cem Karsan joins Alan Dunne to chart a market running on more than just momentum. Beneath the surface: a structural liquidity engine, political incentives aligned with asset reflation, and a surge in non-correlated flows reshaping risk itself. As institutions scramble to catch up and volatility begins to rise with price, Cem draws on lessons from the late 90s to explain why the real story is not about valuation - but positioning. From AI’s misunderstood impact to the growing role of options, gold, and crypto, this is a portrait of a regime defined not by fundamentals, but by reflex and constraint. ----- 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 Alan on X Episode TimeStamps: 00:23 - What has been on our radar recently? 02:00 - Industry performance update 03:07 - Are current valuations a sign of a bubble? 12:13 - The importance of reflexivity 18:59 - The move towards non correlation is upon us 22:55 - What is driving up asset prices? 26:34 - When will the supply/demand imbalance normalize? 31:56 - Reaching an uncontrollable situation 35:47 - What are markets showing us about options? 39:38 - Precious metals is the place to be 42:26 - Is AI actually the game changer that we all expect it to be? 52:07 - Will better technology = better performance? 56:03 - A timeline for possible
