What if markets move not by logic, but by pressure? In this conversation, Alan Dunne and Yoav Git trace the invisible currents behind price formation, namely how a single dollar of inflow can lift valuations fivefold, and why that distortion challenges everything the efficient market promised. From the slow mechanics of supply and demand to the moral hazards of policy and liquidity, the discussion follows money as it reshapes narrative. They revisit research that foresaw inflation’s return, and question why QIS indices so often fade in practice. Beneath it all lies a quiet question: what truly drives the modern market?-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - <a href="https://dunncapital.com/DUNN%2050-Year%20Book-TTU" rel="noopener noreferrer" target="_blank">CLICK HERE</a>-----Follow Niels on <a href="https://twitter.com/toptraderslive" rel="noopener noreferrer" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/in/nielskaastruplarsen" rel="noopener noreferrer" target="_blank">LinkedIn</a>, <a href="https://www.youtube.com/user/toptraderslive" rel="noopener noreferrer" target="_blank">YouTube</a> or via the <a href="https://www.toptradersunplugged.com/" rel="noopener noreferrer" target="_blank">TTU website</a>.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&nbsp;<a href="https://www.toptradersunplugged.com/Ultimate" rel="noopener noreferrer" target="_blank">here</a>.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” <a href="https://www.toptradersunplugged.com/10-reasons-shownotes" rel="noopener noreferrer" target="_blank">here</a>.Learn more about the Trend Barometer <a href="https://www.toptradersunplugged.com/resources/market-trends/" rel="noopener noreferrer" target="_blank">here</a>.Send your questions to&nbsp;<a href="mailto:info@toptradersunplugged.com%22%20%5Ct%20%22_blank" rel="noopener noreferrer" target="_blank">info@toptradersunplugged.com</a>And please share this episode with a like-minded friend and leave an honest Rating & Review on&nbsp;<a href="https://www.toptradersunplugged.com/reviewttu" rel="noopener noreferrer" target="_blank">iTunes</a>&nbsp;or <a href="https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW" rel="noopener noreferrer" target="_blank">Spotify</a> so more people can discover the podcast.Follow Alan on <a href="https://twitter.com/alanjdunne" rel="noopener noreferrer" target="_blank">Twitter</a>.Follow Yoav on <a href="http://linkedin.com/in/yoavgit?originalSubdomain=uk" rel="noopener noreferrer" target="_blank">LinkedIn.</a>Episode TimeStamps:00:00:23 – Opening and agenda for the discussion00:01:05 – Math education in the UK and XTX’s push to fund young talent00:03:39 – Market performance recap for early November00:04:49 – Reflections on volatility and fixed income trading conditions00:05:13 – Introduction to the “Inelastic Markets Hypothesis”00:05:53 – Supply, demand, and elasticity explained in market terms00:10:30 – Instrumental variables and how economists measure elasticity00:14:51 – The debate: if markets clear, how can flows move prices?00:15:44 – Why equities are more inelastic than bonds00:21:04 – Questioning the 5x effect and how flows follow prices00:23:48 – Policy and moral hazard implications of inelastic markets00:26:07 – How elasticity differences shape trend-following speeds00:29:57 – Should all markets use the same trading models?00:36:19 – “Best Strategies for Inflationary Times” revisited00:38:30 – Why the paper predicted 2022 so accurately00:42:03 – The nature of trend following: slow losses, fast wins00:44:24 – Inflation mandates and the overlooked role of CTAs00:48:33 – Why TIPS and real estate can fail as inflation hedges00:50:05 – Examining “Quantifying Backtest Overfitting” in QIS00:53:59 – The 60% haircut between backtests and live returns00:56:00 – How CTAs add value beyond bank QIS products01:00:40 – QIS as a low-cost, capital-efficient exposure01:01:15 – Closing thoughts and next week’s preview01:01:59 – Outro and disclaimerCopyright © 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. <a href="https://www.toptradersunplugged.com/resources/ebooks/" rel="noopener noreferrer" target="_blank">Click Here</a>2. 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! <a href="https://www.toptradersunplugged.com/resources/market-trends/" rel="noopener noreferrer" target="_blank">Click Here</a>3. 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. <a href="https://www.toptradersunplugged.com/resources/" rel="noopener noreferrer" target="_blank">Click Here</a><a href="https://www.toptradersunplugged.com/legal/privacy-policy/" rel="noopener noreferrer" target="_blank">Privacy Policy</a><a href="https://www.toptradersunplugged.com/disclaimer/" rel="noopener noreferrer" target="_blank">Disclaimer</a>

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