Katy Kaminski joins us to assess the early signals shaping markets in 2026. The conversation explores the resurgence of commodity trends, the role of volatility estimation, and why diversification across markets and speeds matters more than ever. Drawing on new research, they examine dispersion within the CTA universe, the limits of replication, and how volatility targeting quietly determines outcomes. From precious metals to currencies, from crisis alpha to geopolitical risk, this episode offers a grounded look at why trend following thrives during disruption and why regime change remains its natural habitat.

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Episode TimeStamps:

00:00 - Introduction to the Systematic Investor Series

00:39 - Weather disruptions and market perspective

02:31 - Precious metals and extreme commodity moves

04:28 - Gold, central banks, and monetary regime shifts

07:43 - Replication versus full CTA diversification

09:47 - Liquidity differences across metals

12:03 - Metals leading trend performance in 2026

15:01 - Multi-sector trends and diversification benefits

20:13 - Media attention and the return of trend following

23:29 - Research insights on speed and dispersion

31:44 - Trend speed and timing tradeoffs

40:59 - Market concentration and narrow universes

43:19 - Volatility estimation as a hidden...

SI385: When Volatility Becomes the Signal ft. Katy Kaminski

Top Traders Unplugged

SI385: When Volatility Becomes the Signal ft. Katy Kaminski