SI368: Valuation Has Left the Room ft. Cem Karsan & Alan Dunne
SI368: Valuation Has Left the Room ft. Cem Karsan & Alan Dunne  
Podcast: Top Traders Unplugged
Published On: Sat Oct 04 2025
Description: 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 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 Cem on Twitter.Follow Alan on XEpisode TimeStamps: 00:23 - What has been on our radar recently?02:00 - Industry performance update03:07 - Are current valuations a sign of a bubble?12:13 - The importance of reflexivity18:59 - The move towards non correlation is upon us22:55 - What is driving up asset prices?26:34 - When will the supply/demand imbalance normalize?31:56 - Reaching an uncontrollable situation35:47 - What are markets showing us about options?39:38 - Precious metals is the place to be42:26 - 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 risk datesCopyright © 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