SI367: Portfolio Design in a Distorted World ft. Andrew Beer

Equities are up more than 50% since the April lows, yet the world feels anything but stable. In this episode, Niels Kaastrup-Larsen and Andrew Beer examine the widening disconnect between market behavior and the backdrop it’s unfolding against. From drone incursions over Denmark to political fragmentation and a rising tolerance for systemic risk, they explore why nothing seems to break - and what that complacency might be masking. Along the way, they unpack Bouchard’s inelastic market hypothesis, CalPERS’ pivot toward Total Portfolio thinking, and the structural trade-offs inside multi-strat hedge funds. It's a conversation about signals in the noise - and the quiet shifts that could reshape the landscape. ----- 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 Andrew on Twitter. Episode TimeStamps: 01:04 - What has caught our attention recently? 05:38 - The tension between talents 11:08 - Is the popularity of certain alternative strategies just a sign of the times? 22:07 - Industry performance update 27:46 - Q1, Michael: Why shouldn't I sell Andrew's product when it's outperforming single managers and vise versa? 30:15 - The evolution of replication strategy performance 37:44 - The storytelling behind hedge fund losses 41:04 - Do all markets have the ability to trend? 48:57 - The rise of multi strategy hedge funds 57:47 - It shouldn't work but it does, so why? 01:04:27 - A reminder for Andrew's generous book offer Copyright © 2025 – CMC...