If the markets have for a long time no substantial moves,

then they are prepared having even bigger moves than on average after this period.

And this is what we are seeing now.

As you said already, we are agnostic, so we cannot forecast what is tomorrow

and where the big outliers will be, which direction and when we cannot do this.

But there's only one assumption behind the concepts. And this assumption is a broadly diversified portfolio will have a certain amount of trained outliers over time.

Imagine spending an hour with the world's greatest traders.

Imagine learning from their experiences, their successes, and their failures. Imagine no more.

Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund managers

in the world so you can take your manager, due diligence, or investment career to the next level.

Before we begin today's conversation, remember to keep two things in mind.

All the discussion we'll have about investment performance is about the past, and past performance

does not guarantee or even infer anything about future performance. Also understand that there's a

significant risk of financial loss with all investment strategies, and you need to request and

understand the specific risks

from the investment manager about their product before you make investment decisions.

Here's your host, veteran hedge fund manager, Nealz Kostrup Larson.

Welcome to another episode in the Open Interest series on Top Traders Unplogged, hosted by Moritz Siebert.

In life, as well as in trading, maintaining a spirit of curiosity and open-mindedness is key,

and this is precisely what the Open Interest Series is all about.

Join Moritz as he engages in candid conversations with

seasoned professionals from around the globe to uncover their insights, successes and failures

...