# SI392: The Hidden Cracks in Systematic Strategies No One Talks About ft. Nick Baltas

Page: https://stenobird.com/podcast/top-traders-unplugged-761537/si392-the-hidden-cracks-in-systematic-strategies-no-one-talks-about-ft-nick-baltas
Text version: https://stenobird.com/podcast/top-traders-unplugged-761537/si392-the-hidden-cracks-in-systematic-strategies-no-one-talks-about-ft-nick-baltas.md
Podcast: [Top Traders Unplugged](https://stenobird.com/podcast/top-traders-unplugged-761537)
Published: 2026-03-21T04:00:00+00:00
Episode link: http://localhost:8888/TopTradersUnplugged/ttu-2021/homepage/si392-the-hidden-cracks-in-systematic-strategies-no-one-talks-about-ft-nick-baltas
Audio file: https://episodes.captivate.fm/episode/949830c5-964a-4b01-9da3-50705a0ef5c3.mp3
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JSON: https://stenobird.com/v1/public/podcasts/top-traders-unplugged-761537/episodes/si392-the-hidden-cracks-in-systematic-strategies-no-one-talks-about-ft-nick-baltas
Duration seconds: 3898

## Resource

Markets have shifted quickly in 2026, forcing systematic investors to reassess what is signal and what is noise. In this episode, Niels and Nick explore recent drawdowns, volatility in commodities, and how geopolitical shocks ripple through quantitative strategies. They unpack the role of QIS, the evolving structure of energy markets, and why some trends are holding while others fade. The conversation also challenges common assumptions about diversification, model design, and the growing influence of options markets. Rather than reacting to headlines, this episode focuses on how systematic investors interpret changing conditions and adapt without abandoning discipline. ----- 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 Nick on Twitter . Episode TimeStamps: 00:01 - Introduction to systematic investing and current market backdrop 01:03 - 2026 sentiment shifts from optimism to uncertainty 03:04 - Commodity curve trades and recent QIS drawdowns 08:34 - Why gas and oil behave very differently in markets 11:17 - Media narratives vs actual CTA performance 14:03 - Rising stagflation concerns and interest rate volatility 18…

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