Richard Tomlinson joins Alan Dunne for a conversation shaped by experience, not theory. As CIO of LPPI, Richard is responsible for £27 billion in pension assets - but what stands out here is the clarity with which he navigates complexity. From the fading utility of labels like “illiquidity premium” and “hedge fund” to the trade-offs between cost, alignment, and control, this episode is about building portfolios that work in the real world - not just in a model. They explore inflation’s structural drivers, the quiet rise of fiscal dominance, and why some of the industry’s most comfortable assumptions no longer hold. It’s not about being contrarian - it’s about being clear-eyed.

-----

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 Alan on Twitter.

Follow Richard on LinkedIn.

Episode TimeStamps:

02:14 - Introduction to Richard Tomlinson

07:07 - What makes Tomlinson and LPPI stand out from their peers?

11:52 - Who are LPPI's clients?

13:26 - The investment philosophy behind LPPI's work

18:06 - How LPPI's allocators work together

19:05 - Getting the allocation right

21:29 - Are they worried about the decline of equities?

23:37 - Tomlinson perspective on global macro

26:55 - Public vs private markets

29:05 - Their approach to allocating domestically

31:15 - How their allocation is...

ALO31: What If the Illiquidity Premium Was Never Real? ft. Richard Tomlinson

Top Traders Unplugged