Niels and Alan sit down with BlackRock’s Jeff Rosenberg to examine how the post Covid shift from too little to too much inflation is reshaping portfolios. Jeff explains why bond and equity correlations have changed, why fixed income is drifting back toward income rather than pure diversification, and how fiscal pressure and soft financial repression may influence rates. They explore what systematic really means at BlackRock, from trend ETFs and defensive alpha to market breadth and execution. The conversation ends with the rise of liquid alternatives, whole portfolio thinking and growing equity concentration risk.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

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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.com

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.

Follow Jeff on LinkedIn.

Find out more about DUNN Capital

Episode Timestamps:

00:00 - Introduction, Jeff’s role at BlackRock Systematic and setting the agenda

04:09 - From too little to too much inflation and the end of divine coincidence

09:32 - Wage dynamics, “prices are too high” and persistent, not resurgent, inflation

14:48 - Bond equity correlation, the changing role of fixed income and income versus diversification

19:55 - Fiscal dominance, debt loads and the risk of soft financial repression

25:21 - What “systematic” means at BlackRock across beta, factors and pure alpha

30:44 - Trend as a systematic return stream and why...

Niels and Alan explore how a fragile macro regime reshapes systematic investing, from a politicised Fed succession to widening cracks in a debt-laden, equity-dependent economy. A shifting bond landscape, rising capital demands from AI and renewed tariff risks challenge the old 60/40 orthodoxy. Listener questions on US policy shocks and the Yen carry trade open a deeper look at when trend helps and when it hurts. The episode culminates in a world exclusive of SocGen's 2026 index changes and the first public reveal of Alan’s new paper: The Regime-Adaptive Portfolio, for genuinely resilient, opportunity-aware global wealth compounding intelligently, prudently over the decade ahead.

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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.com

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:

00:00 - Voiceover and introduction to the Systematic Investor Series

00:23 - Niels and Alan open, what is on their radar this week

01:27 - Fed succession as a political risk factor and betting markets

03:33 - Crypto moves, Vanguard’s platform shift and MicroStrategy index pressure

05:53 - Listener questions: can constant US policy shocks break trend?

06:33 - Trouble for trend or just another regime to endure and adapt to

08:55 - Short-term CTAs, Liberation Day and when speed becomes a handicap

11:11 - How CTAs are positioned for a yen carry unwind and JGB nuances

12:16 - November trend update, five straight positive months and short-term pain

13:35 - World exclusive: new SocGen CTA and...

Alan Dunne speaks with HSBC Asset Management’s Global Chief Strategist, Joe Little, about what happens when the old macro rules stop working. Joe traces the shift from a demand led, low inflation world to a supply constrained regime of sticky and spiky prices, where 2 percent becomes a floor rather than a target. He explains the “reverse bond conundrum,” rising term premia and the quiet return of fiscal dominance. The conversation explores AI as investment boom, not yet productivity cure, the maturing of emerging markets, the fate of the dollar and how to build truly multipolar portfolios.

-----

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.com

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.

Follow Joe on LinkedIn.

Episode TimeStamps:

00:00 - Opening clip, long bonds misbehaving and the “reverse bond yield conundrum”

00:55 - Introduction and risk disclosure for Top Traders Unplugged listeners

01:50 - Joe’s path from economist to global chief strategist and house view author

05:16 - From post crisis disinflation to a supply constrained, sticky inflation regime

10:32 - Why 2 percent looks like a floor, tariffs, profits and delayed inflation effects

13:34 - 2026 baseline: muddle through growth, positive policy impulse and inflation nuance

16:42 - AI as capital expenditure boom, echoes of the 1990s and the missing productivity surge

20:40 - China and Asia: regionalisation, industrial policy and an exit from...