SI380: Dispersion Is the Story This Year (Group Conversation Part 1)
SI380: Dispersion Is the Story This Year (Group Conversation Part 1)  
Podcast: Top Traders Unplugged
Published On: Sat Dec 27 2025
Description: Niels is joined by all 9 amazing co-hosts, to discuss a year that refused to behave. In part one of the annual "roundtable", Niels and the group map why 2025 produced such striking dispersion across trend followers. They revisit the Liberation Day shock and the uncomfortable truth it exposed: results often came down to unglamorous choices like market selection, time horizon, and how quickly risk is resized after clustered volatility and sharp reversals. The conversation then widens to a structural theme: the rapid growth of strategies investors hope will sit outside stocks and bonds, from managed futures and multi strats to structured products, gold, and crypto, plus the liquidity, reflexivity, and selection challenges that follow when everyone reaches for the same diversifier.-----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 info@toptradersunplugged.comAnd 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 LinkedIn.Follow Alan on Twitter.Follow Katy on LinkedIn.Follow Andrew on Twitter and LinkedIn.Follow Cem on Twitter and LinkedIn.Follow Richard on Twitter.Follow Mark on Twitter.Follow Rob on Twitter.Follow Yoav on LinkedIn.Episode TimeStamps:00:00 - Opening and introduction to the Systematic Investor Series02:24 - Setting the agenda for the year-end group discussion06:04 - Return dispersion and the shock around Liberation Day10:41 - Market selection versus trend speed as performance drivers15:17 - Volatility adjustment and why mid-speed models struggled21:11 - The rapid growth of non correlated assets26:40 - Liquidity limits and reflexive effects of large inflows31:23 - Is dispersion healthy or a hurdle for allocators37:17 - Investor behavior versus strategy outcomes42:56 - Are model design choices ever truly obvious46:22 - Objectives, factor exposure, and what investors really buy50:49 - Dispersion as differentiation or classification problem57:07 - Evaluating managers in a world of randomness01:02:02 - How much data is enough to judge performance01:11:05 - Closing remarks and preview of part twoCopyright © 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