SI362: The Alpha Most Systems Miss ft. Yoav Git
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 23 August 2025
⏱️ 68 minutes
🧾️ Download transcript
Summary
Yoav Git and Alan Dunne sits down for a conversation that challenges familiar assumptions about curve trading, market structure, and the role of CTAs. They explore why dislocations across time horizons create pockets of alpha most models miss, and how breakout behavior in commodity spreads signals more than noise. Drawing on a recent Bank of England study, Yoav explains how different participants leave distinct footprints on the FX curve, and why CTAs, far from being passive allocators, can act as dynamic responders to changing regimes. This is systematic trading, without the shorthand.
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Episode TimeStamps:
01:32 - What has caught our attention recently?
07:10 - Industry performance update
09:20 - Dont just trend it, curve it
16:33 - The drivers of spread
23:26 - Breaking markets into factors
26:37 - Mastering speed in spread trades
31:39 - Is there too much money in trend?
36:47 - Key insights into FX trading
44:23 - How dealers and market makers approach risk differently
47:28 - The thought provoking fact about the top 5% dealers and market makers
50:23 - The real process of an allocator
56:39 - Using trend as part of a long term strategy
01:01:35 - You should just go play...
Transcript
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| 0:00.0 | You're about to join Neil's Kostrup Larson on a raw and honest journey into the world of systematic investing |
| 0:07.0 | and learn about the most dependable and consistent yet often overlooked investment strategy. |
| 0:13.0 | Welcome to the Systematic Investor Series. |
| 0:30.7 | Welcome back to the latest edition of Top Traders on Bloch, where each week we take the pulse of the markets from the perspective of a rules-based investor. |
| 0:36.8 | It's Alan Dunn here this week, sitting in for Niels, who's away, and delighted to be joined by Yov Gitt. |
| 0:37.7 | Yov, how are you today? |
| 0:43.6 | Absolutely fine, just enjoying the sunshine here in Cambridge and the break that I took of August. |
| 0:44.9 | Good stuff. |
| 0:45.4 | You've had a good summary. |
| 0:46.6 | You've been away a bit? |
| 0:47.9 | Yeah, yeah. |
| 0:48.5 | I actually went a little bit north. |
| 0:50.4 | I went to Budapest first, but then I went off to the fringe with my family. |
| 0:55.0 | It was a marathon of shows, and it was just absolutely the city was beautiful. |
| 1:01.1 | Very nice. Nice to get away for a bit, and it's back to school now, I guess, is it? |
| 1:07.9 | Yeah, the kids are back to university. The youngest one is back to school soon. |
| 1:13.2 | So it's all back to business. |
| 1:15.4 | And of course, we're here for CTA. |
| 1:16.9 | So that's, we're back to business. |
| 1:20.7 | Good stuff. |
| 1:21.2 | Well, plenty going on in the markets. |
| 1:23.0 | And, you know, we've a lot to talk about. |
... |
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