Episode
SI402: Why Markets Can’t Stop Trending ft. Richard Brennan
- Podcast
- Top Traders Unplugged
- Published
- May 30, 2026
- Duration seconds
- 5450
- Processing state
not_requested
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Summary
What happens when markets stop behaving like machines and start behaving like living systems? In this episode, Richard Brennan joins Niels to explore passive investing, complex adaptive systems, volatility suppression, and the hidden forces reshaping modern market structure. From structured products and reflexive flows to demographics, trend following, and the fragile illusion of equilibrium, this conversation asks whether markets are becoming more unstable precisely because investors believe they have become safer. A thoughtful and layered discussion about why price discovery may be weakening, why trends persist, and why systematic strategies may be more relevant in a world increasingly shaped by feedback loops. ----- 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 Rich on Twitter . Episode TimeStamps: 00:00 - Introduction to the episode and overview of today’s discussion 02:22 - Richard Brennan breaks down passive investing through the lens of complex adaptive systems 06:51 - What “complex adaptive systems” actually means in markets 14:53 - Why passive investing changes market structure without individual investors…