# OI23: Why Capital Efficiency Is the Next Edge in Investing ft. Charlie McGarraugh

Page: https://stenobird.com/podcast/top-traders-unplugged-761537/oi23-why-capital-efficiency-is-the-next-edge-in-investing-ft-charlie-mcgarraugh
Text version: https://stenobird.com/podcast/top-traders-unplugged-761537/oi23-why-capital-efficiency-is-the-next-edge-in-investing-ft-charlie-mcgarraugh.md
Podcast: [Top Traders Unplugged](https://stenobird.com/podcast/top-traders-unplugged-761537)
Published: 2026-07-22T04:00:00+00:00
Episode link: http://localhost:8888/TopTradersUnplugged/ttu-2021/homepage/oi23-why-capital-efficiency-is-the-next-edge-in-investing-ft-charlie-mcgarraugh
Audio file: https://episodes.captivate.fm/episode/5a0c6496-bf82-4d48-922e-944dd774585d.mp3
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JSON: https://stenobird.com/v1/public/podcasts/top-traders-unplugged-761537/episodes/oi23-why-capital-efficiency-is-the-next-edge-in-investing-ft-charlie-mcgarraugh
Duration seconds: 2802

## Resource

Charlie McGarraugh joins Moritz Seibert to discuss how systematic investing is evolving beyond traditional trend following. Drawing on experience from Goldman Sachs, crypto and machine learning, Charlie explains why adaptive portfolios, capital efficiency and smarter position sizing may become the defining advantages for the next generation of macro investors. They explore the rise of managed futures ETFs, China's growing futures markets, the trade off between diversification and simplicity, and why portfolio construction often matters more than finding the next predictive signal. It is a thoughtful conversation about where systematic investing may be heading next. ----- 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  info@toptradersunplugged.com 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 Moritz on Twitter . Episode TimeStamps: 00:00 - Why position sizing may matter more than return prediction 01:03 - Charlie McGarra's journey from Goldman Sachs to Altis Partners 09:03 - The history of Altis Partners and its evolution beyond trend following 11:19 - Building a multi factor macro strategy around trend 16:02 - Why adaptive investing is becoming increasingly important 21:49 - The growth of ma…

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