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By Naomi & Niels | 28 December 2024 | Weekly Deepdive

2024: A YEAR IN REVIEW

2024: A YEAR IN REVIEW

2024 has been a year of big swings, bold moves, and plenty of surprises in the world of finance and beyond. At Top Traders Unplugged, we’ve been privileged to sit front-row as the drama unfolded, capturing the year’s defining themes in conversations with some of the sharpest minds in our industry. This year has been anything but predictable -  and we’ve loved every moment of unpacking it all with you.

WHAT HEADLINES HAVE KEPT US ON OUR TOES?

A US election season that feels more consequential than ever; central banks grappling with inflation; and the relentless rise of AI reshaping everything from investment strategies to daily life. These massive shifts have sparked countless conversations on how to make sense of it all. Through it, our guests have shared candid insights, strategies, and even a few laughs, proving that even in uncertain times, curiosity and collaboration can lead to clarity.

What’s stood out most this year is how interconnected everything feels. Markets aren’t just responding to monetary policy - they’re reacting to geopolitics, tech innovation, and even shifting societal values. The themes we’ve explored this year go far beyond finance; they touch on what it means to navigate change, make bold decisions, and stay resilient in the face of uncertainty. If 2024 has taught us anything, it’s that adaptability is the ultimate superpower.

As we look ahead, one thing is clear: the need for candid conversations is perhaps more important than ever. But for now, let us reflect on some of our favorite themes this year.

THE MARKET DRAMA!

As 2024 comes to an end, we can’t help but look back on what has been an eventful year in the markets. This year has been filled with twists and turns, giving us plenty to discuss on the podcast!

The first quarter of 2024 saw trend followers riding high, carving profits from the market’s steady march upwards. But as the seasons changed, so did the tide. By August, a perfect storm blindsided investors - a gut-wrenching reminder that financial waters can turn from calm to chaotic in the blink of an eye. A potent mix of factors stirred the tempest: the abrupt unwinding of Yen-carry trades, surging bond yields, rumblings of discontent in the tech sector, pre-election jitters in the U.S., and a looming cloud of economic unease. Stock markets faltered, plunging into a swift yet sobering correction. On the podcast, we unraveled these events, peeling back the layers to uncover the lessons buried in the chaos.

The U.S. elections added a whole new layer of drama this year. With Donald Trump back in the White House, markets were left to process what this shift in leadership could mean for the future. Historically, markets tend to rally after elections, and this time was no different. Investors were weighing the potential changes in policies and what they could mean for growth, trade, geopolitics and regulation. These discussions reminded us all that political events can be just as unpredictable as the markets themselves.

One of the biggest surprises of the year came from Cocoa. Yes, Cocoa! Prices soared due to supply shortages in major producing regions like West Africa. Weather issues, disease, and logistical challenges all contributed to this spike. On the podcast, we explored how this impacted not just traders but also global supply chains and everyday consumers. Who would’ve thought a small commodity like Cocoa could steal the show, producing such a sweet trend?

Trend following strategies had an interesting year too! The sharp downturn in August tested their resilience, but the volatility surrounding elections and rising commodity prices also created opportunities. We had plenty of discussions on how trend following can thrive in unpredictable markets, and this year reminded us that sticking to a proven strategy can pay off, even when the markets seem chaotic.

If there’s one lesson 2024 taught us, it’s that the only certainty is uncertainty. Markets will always be unpredictable, and the best thing we can do is stay prepared. Diversification remains crucial, not just as a buzzword, but as a real tool to protect portfolios. And perhaps most importantly, staying adaptable and disciplined helps us navigate through the unknowns. As we close the chapter on this year, we take these lessons forward, ready for whatever the markets have in store next.

THE SHOWS YOU LOVED

This year, we've had an incredible lineup of episodes that resonated deeply with both our long-time listeners and newcomers. Let's take a stroll down memory lane and revisit some of the standout conversations that made this year truly exceptional.

Starting the Year with a Bang: Dave Dredge and Cem Karsan

What a way to start 2024! We launched the year with a powerhouse conversation between Dave Dredge and Cem Karsan in the Global Macro series. This episode became an instant fan favorite, as Dave and Cem unpacked the complex dynamics of market volatility and what investors should expect to see in 2024. Their chemistry and depth of knowledge were unmatched, making this one of the most re-listened episodes of the year. So we plan on doing this again in 2025!

Geopolitics Meets Strategy with Robert Spalding

One of the most unique episodes this year featured retired General Robert Spalding, who connected national security to the financial world. His insights and firsthand knowledge of the rising tensions between China and the West were eye-opening and couldn’t have come at a better time. Political tensions are at all-time highs all around the world, and if you, like many investors, wonder how modern global politics could impact your portfolio, this episode answered that and so much more.

Legendary Wisdom from Bill Eckhardt

Bill Eckhardt is a name that needs no introduction in the systematic trading world, and we were honoured to host him for his first-ever podcast appearance. Bill shared stories and strategies from his legendary career, and the famous “Turtle Trading Experiment”, leaving us inspired and stronger in our commitment to systematic trading. This was one of those episodes where you could feel the wisdom pouring through your headphones — an absolute treat for all traders and investors!

Valuation Masterclass with Aswath Damodaran

They call him the “Dean of Valuation,” and after listening to his episode, you’ll understand why. Aswath Damodaran unpacked the art of assessing a company’s worth in his signature no-nonsense style — which was both refreshing and insightful. His perspective on the valuation of companies like Nvidia and the implications of AI in the investment world provided a fresh lens through which to view modern markets.

What the Future Looks Like for Commodities with Adam Rozencwajg

Commodities were a hot topic this year, and Adam Rozencwajg’s insights on the state of the commodity super cycle didn’t disappoint. He walked us through why commodities are poised for a comeback and why investors shouldn’t overlook them. If you’re tired of hearing only about tech stocks, this episode offered a refreshing take on real, tangible assets — and it came with plenty of practical advice for positioning portfolios.

Macro Mastery with Bob Elliott

Bob Elliott, founder of Unlimited Funds and former right-hand to Ray Dalio,  brought his sharp insights to this discussion. He illuminated how investors are misaligned in today's macro landscape, emphasizing the necessity of diversification and alternative investments for long-term resilience. This episode was packed with gems on how to build a future-proof portfolio!

Cem Karsan’s Year of Insights

It wouldn’t be a 2024 recap without highlighting Cem Karsan’s recurring brilliance. Cem returned several times this year, including a standout episode at the beginning of the year where he gave the market outlook for the rest of 2024. It has been interesting to see some of the things he said play out in real-time. Listeners couldn’t get enough, and honestly, we don’t blame them.

Authors Who Stole the Spotlight

This year also saw us hosting celebrated authors whose insights reached far beyond the world of investing. Their participation added extra flair to this year!

Amy Edmondson taught us how to embrace failure with her book, “The Right Kind of Wrong: The Science of Failing Well.” Her advice was as inspiring as it was transformative.

Philipp Carlsson-Szlezak gave us the tools to navigate economic risks with “Shocks, Crises, and False Alarms.” If you’ve ever wondered how to separate real danger from overblown headlines, his episode was a must-listen.

Peter Oppenheimer’s new book called “Any Happy Returns” sparked plenty of conversations about market cycles and structural shifts. His practical advice was a hit with listeners trying to think long-term.

Allocator Spotlights: Big Names, Big Lessons

This year, our Co-Host Alan Dunne expertly hosted some incredible conversations with allocators who manage billions of dollars in assets:

Casey Clark, CIO at Rockefeller Capital, shared his insights on mega-trends like climate change and demographic shifts and how they’re reshaping investment opportunities.

Tad Fallows, co-founder of Long Angle, Inc., gave us a peek into the world of private wealth management, discussing the balancing act between preserving capital and taking calculated risks.

Representatives from SITFO (State of Utah School & Institutional Trust Funds Office), CPP (Canada Pension Plan), and UPP (University Pension Plan) shared their strategies for navigating challenges like inflation and geopolitical shifts while ensuring long-term returns. These episodes were a hit among listeners keen to understand institutional approaches.

A Big Nod to All Our Incredible Guests and Co-Hosts!

While we’ve highlighted some standout moments, it’s impossible to capture the brilliance of every guest and co-host in just one recap. Each of them brought their unique expertise, perspective, and energy, making every episode a rich learning experience. We are extremely grateful for everyone who showed up and shared a piece of their wisdom. And a special thanks to Alan Dunne for always stepping up to sit in for Niels during his travels as well as for hosting lots of great Global Macro conversations.

LAUNCHES YOU MIGHT HAVE MISSED

It’s not every year that we get to say we’ve published a book — let alone two! Yes, 2024 saw us release not one, but two exciting books that are now available for free to our audience. We couldn’t be prouder to share these resources, each designed to educate and empower investors on their journey.

The first book, “Trend Following: Is It For You?,” is a practical guide that takes readers through seven essential questions to determine if this investment strategy aligns with their goals and mindset. It’s a reflective tool to help investors understand the patience, discipline, and risk management needed to succeed with trend following.

The second book, “Ten Reasons to Add Trend Following to Your Portfolio!” makes a powerful case for incorporating trend following into your investment strategy. It highlights the unique advantages of this approach, like how it is able to navigate both bull and bear markets and its ability to deliver diversification and resilience during market crises.

Another exciting launch this year was our new blog, the Trend Following Week in Review. Published every Saturday, in this blog, my Co-Host Richard Brennan and I break down the standout markets from the trend-following space and keeps you up to date on what’s moving and shaking. It’s a real treat for anyone passionate about trend following.

Lastly, we also released the 6th Edition of “The Ultimate Guide to the Best Investment Books,” featuring over 400 handpicked titles to inspire and educate investors at every level. They say great leaders are great readers, and this guide is a treasure trove of wisdom from some of the sharpest minds in finance.

We’re thrilled to announce that the 7th Edition of The Ultimate Guide to the Best Investment Books will be coming out at the start of 2025. So, stay tuned — there’s so much more to come!

LOOKING AHEAD…

As we look to 2025, we’re more excited than ever. There’s so much more to explore, and all of us at Top Traders Unplugged can’t wait to bring you even more engaging conversations, fresh topics, and wonderful guests.

Of course, none of this would matter without you - our loyal listeners. Every download, every comment, and every shared episode and blog post fuels what we do. Whether you tuned in for the first time this year or have been with us from the start, your engagement and feedback are the heartbeat of this podcast.

We know there are many podcasts vying for your attention, and we’re deeply grateful you chose to spend your time with Top Traders Unplugged. Here’s to another year of learning, growing, and, most importantly, enjoying the journey together.

Here’s to you all - guests, listeners, co-hosts and not least, everyone behind the scenes at TTU - for making 2024 a year to remember. Bring on 2025!

Top Traders Unplugged, is a bi-weekly podcast with the most interesting and experienced investors, economists, traders and thought leaders in the world. Sign up to our Newsletter or Subscribe on your preferred podcast platform so that you don’t miss out on future episodes.