What if the biggest risk in markets today isn’t volatility, inflation, or geopolitics - but the stories we believe to be true? In this unfiltered and thought-provoking episode, Demetri Kofinas joins Cem Karsan and Niels Kaastrup-Larsen for a piercing conversation that challenges how we process information, construct narratives, and make decisions in uncertain environments. This isn’t about market forecasts - it’s about how easily our thinking can be hijacked. From the corrosive incentives of financial media to the quiet ways conviction becomes cognitive quicksand, Demetri argues that investors today are drowning not in data, but distortion - misled by institutions built to entertain, not enlighten. Yet this episode is more than critique. It offers a path forward - one grounded in introspection, discomfort, and the discipline of intellectual honesty. For anyone managing capital - or simply trying to see clearly in a noisy world—this is a conversation that may shift not just your positions, but your perspective. Because the greatest edge in markets isn’t a model. It’s clarity when others are lost in the fog.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

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Episode TimeStamps:

03:21 - Introduction to Demetri Kofinas

04:39 - The era of financial nihilism

11:44 - The birth of a radical optimism?

20:10 - The risk of not heeding the call

26:16 - The dark side of smoothing the business cycle

29:14 - What have we lost in the vacuum of consequence?

33:39 - The collapse of the social contract

38:25 - The importance of a unified narrative

47:16 - Technology - a driver of unity or disunity?

50:05 - The role of government in libertarianism

53:12 - How far are we from a fourth turning?

56:25 - Crisis is a perception relative to where you are

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PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:

1. eBooks that cover key topics that you need to know about

In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

2. Daily Trend Barometer and Market Score

One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

3. Other Resources that can help you

And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

Disclaimer

GM81: What If Everything You Believe About Markets Is Wrong? ft. Demetri Kofinas

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