Episode
GM101: When Passive Breaks the Market ft. Hari Krishnan & Cem Karsan
- Podcast
- Top Traders Unplugged
- Published
- May 20, 2026
- Duration seconds
- 4432
- Processing state
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Summary
Hari Krishnan joins Niels and Cem for a deep exploration of what happens when markets become dominated by flows rather than fundamentals. Drawing on his new paper with Mike Green and Stefan Sturm, Hari explains why rising passive ownership may weaken price discovery, amplify concentration in mega-cap stocks and create conditions for reflexive instability. The conversation expands far beyond indexing, touching on volatility targeting, leverage, dispersion, inflation, government intervention and the growing dependence of the global economy on rising asset prices. Along the way, Cem and Hari debate whether policymakers can continue stabilizing an increasingly fragile system, what could trigger a structural break, and how investors should think about positioning in a world where flows may matter more than fundamentals. ----- 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 [email protected] 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 Cem on Twitter . Follow Hari on LinkedIn. Episode TimeStamps: 00:00 - Hari warns about a fragile financial system dependent on a handful of decision-makers 01:06 - Niels introduces Hari’s new paper with Mike Green and Stefan Sturm 03:00 - Why passive inv…