Savouring the Trend — An Evening with Niels Kaastrup-Larsen at Ristorante Bindella, Zurich

Savouring the Trend — An Evening with Niels Kaastrup-Larsen at Ristorante Bindella, Zurich In this edition of Savouring the Trend, Adam Havryliv and Richard Brennan traveled to Zurich to dine with Niels Kaastrup-Larsen at Ristorante Bindella, a refined Italian institution that mirrors the Swiss city’s quiet competence. Over prosciutto, burrata, and perfectly prepared scaloppine, the conversation explored Kaastrup-Larsen’s dual contributions to systematic trading: his role heading European and Asian investor relations at DUNN Capital Management, and his creation of Top Traders Unplugged, a podcast that has become essential listening for the industry’s most serious practitioners. From hosting legends like Richard Dennis and Bill Eckhardt to providing a platform for deep systematic thinking, Niels has built a career defined by consistency and intellectual openness. In a setting where even forgotten glasses are met with quiet preparedness, the evening affirmed what matters most: discipline, restraint, and respect for process. Zurich does not announce itself. It operates with a quiet self-assurance born of competence long practised. Everything feels considered: orderly, efficient and discreet. It was here, at Ristorante Bindella, an institution that reflects the city’s confidence, that we hosted this instalment of Savouring The Trend. The Aussie Turtles, Adam Havryliv and Richard Brennan, were joined for dinner by Niels Kaastrup-Larsen of DUNN Capital Management, founder & host of the excellent Top Traders Unplugged podcast. Bindella is a restaurant that refines tradition. Italian hospitality is delivered without theatre, valuing standards over spectacle. We began with shared starters: prosciutto, burrata, and bread with olive oil and balsamic vinegar – simple dishes that rewarded quality and restraint. Each of us chose the scaloppine for the main course, served with vegetables and prepared with care. Steamed vegetables and creamed spinach were ordered as sides, while wine was skipped entirely in favour of sparkling water throughout. Dessert was declined; a round of espresso provided a more fitting conclusion to an exceptional meal. For the Aussie Turtles, it was a particular pleasure to sit down with Niels in his adopted home. Born and raised in Denmark, he has built a career that has carried him across borders and perspectives. Today, Switzerland serves as his base as he heads up European and Asian investor relations for DUNN Capital Management. Switzerland suits him: international, precise, and quietly focused on outcomes. Between courses, the conversation ranged easily across markets and media. Niels’ path has been defined by consistency. While his role at DUNN places him within one of the discipline’s most respected institutions, his broader contribution to the industry has come through dialogue. Niels’ podcast series Top Traders Unplugged has become a central forum for systematic and macro thinkers alike. It was a pleasure to reflect on Richard’s own participation on the show: a reminder of the platform’s openness and intellectual range. Over time, the microphone has been shared with an unusually deep bench of presenters and guests, including Katy Kaminski and Andrew Beer, through to Harold de Boer and Jack Schwager – and even the original architects of the Turtle Trading Program, Richard Dennis and Bill Eckhardt. The breadth is deliberate, allowing serious practitioners to explain how they think, not just what they trade. Midway through the meal, a small moment captured the tone of the Bindella experience. Niels realised he had forgotten his glasses. Seconds later, the waiter returned with four pairs, inviting him to try each until the right fit emerged. Quiet competence and preparedness. Switzerland, distilled. As plates were cleared and espresso arrived, our discussion touched on discipline, media, and the long arc of careers built by resisting noise rather than chasing it. There was no attempt to extract lessons or impose conclusions. The value lay in the exchange itself. Face-to-face conversations still matter. Shared meals build connection, and give discussions a weight that screens cannot replicate. In an industry increasingly mediated by distance and digital shorthand, evenings like this are increasingly rare and valuable. We left Bindella clear-headed and affirmed in the belief that the most enduring edges, in markets and in life, come from consistency, restraint, and respect for process. The Ledger Prosciutto (starter, shared): CHF 48 Burrata (starter, shared): CHF 42 Bread, olive oil & balsamic: CHF 18 Scaloppine (main, per person x3): CHF 204 Steamed vegetables (shared): CHF 18 Creamed spinach (shared): CHF 22 Sparkling water: CHF 24 Espresso: CHF 18 Subtotal: CHF 394 Service (~15%, rounded): CHF 56 Total: CHF 450 Using exchange rates from 27 August 2025: CHF 450 ~AUD 862 ~USD 506 ~EUR 482

Savouring the Trend: With Michael Covel at Akuna in Ho Chi Minh City

Savouring the Trend: Michael Covel at Akuna in Ho Chi Minh City In this second edition of Savouring the Trend, Adam Havryliv and Richard Brennan journeyed to Akuna in Ho Chi Minh City, the Michelin-starred stage of chef Sam Aisbett, to share an evening with Michael Covel — the chronicler of the Turtle Traders and voice of trend following. Over a daring tasting menu that stretched from slipper lobster to porcupine, the conversation traced Covel’s decades-long mission: uncovering the secrets of the Turtles, distilling the power of simple rules, and urging traders to confront uncertainty with courage. From bestselling books and films to a thousand-episode podcast, Covel’s legacy is a living testament to systematic trading — and in Saigon’s restless energy, his philosophy feels right at home. For our second edition of Savouring the Trend, we travelled to the beating heart of Vietnam: Ho Chi Minh City (also known as Saigon). Perched above its restless streets, Akuna – the Michelin-starred flagship restaurant of Australian chef Sam Aisbett – offered the perfect setting. Known for daring use of native ingredients and a boundary-pushing tasting menu, it mirrored the restless energy of our guest: Michael Covel, the man who chronicled the greatest trading experiment of all time. Covel is, at his core, an inquisitive journalist. In the early 2000s he was hunting for a big story when he caught whispers of an experiment that few outsiders truly understood: the Turtle Traders. Conceived by Richard Dennis and Bill Eckhardt, the project set out to prove that great traders could be trained, not born. The secrecy of the experiment and the outsized success of its participants lit a fire in Covel. But uncovering the tale wasn’t easy. He faced legal pushback from those who preferred the story never saw daylight. Yet, armed with persistence and a sense of purpose, he pressed on — convinced that what he had unearthed was too important to bury. Covel’s publishing journey began with Trend Following (2004), his first and still most influential book. It was a manifesto for systematic trading: rules-based, price-driven, and disciplined. The book struck a chord globally, carving him a space as the foremost storyteller of this approach. That success laid the foundation for The Complete TurtleTrader (2007), which finally told the inside story of Dennis and Eckhardt’s radical experiment. With interviews, documents, and narratives pieced together through relentless digging, Covel brought to light what had been whispered about for decades — a group of ordinary people turned into multimillion-dollar traders by following simple rules. He would go on to expand the philosophy: Trend Commandments (2011), a bold set of lessons aimed at debunking Wall Street myths, and The Little Book of Trading (2011), a compact, accessible guide emphasising courage and discipline. Today, Covel extends this legacy with online courses, encouraging a new generation to “relive” the Turtle experiment and test themselves against the same timeless principles. Not content with just books, Covel also turned filmmaker. In 2009, he released Broke: The New American Dream, a documentary that captured the failings of Wall Street, the fragility of conventional investing, and the urgency of thinking differently about risk. It remains a sharp visual companion to his written work. If the books and the film told the story, the Trend Following podcast made him part of the global conversation. Since 2012, Covel has recorded more than a thousand episodes, interviewing Nobel Prize winners, hedge fund legends, behavioural economists, and even military strategists. The breadth is remarkable: it is less a trading podcast than a catalogue of how humans confront risk and uncertainty. Since 2013, Covel has called Saigon home. He speaks often, and publicly, about his love for the city, its people, and – tastefully – the women who embody its openness, energy, and warmth. For him, Vietnam is capitalism at its rawest and most dynamic: ambitious, hungry, unapologetically forward-looking. Sitting with him, it’s clear the city has seeped into his worldview – alive, noisy, and full of possibility. Akuna’s tasting menu was itself a journey. We began with a sparkling sake on arrival: crisp, celebratory, a perfect start.  From there, each course paired seamlessly with our conversation: Live Hokkaido sea scallop, goose neck barnacles, sour quark, young lotus seeds, pickled green durian, plankton Hand shelled spanner crab, pickled banana heart, fennel marmalade, macadamia, horseshoe crab “caviar” Butter poached slipper lobster, slipper lobster velvet, local samphire, mountain pepper, golden pearls Smoked pork jowl, firefly squid, black moss, lettuce heart, caramelised fish sauce Roasted brush tailed porcupine, Australian winter truffle, celery root, yeast crumbs, coastal sea blight – Akuna’s audacious signature. Covel noted that, like trend following, it demanded courage! Vietnamese crown melon, verbena cream, caramelised filo, cocoa seed juice caramel At one point, chef Sam Aisbett himself emerged from the kitchen. Our applause earned a fist pump from him — a moment of Aussie solidarity that sealed the spirit of the night. When asked what lessons he would pass on, Covel distilled decades of work into four simple tips: Simple rules. Follow price. Work up the courage to do it. Seize the day. As night fell and the lights of Saigon glittered beneath us, Covel reflected that trend following, like life in his adopted city, is about confronting uncertainty with conviction. The rules are simple, but the courage to follow them is rare. The evening closed with a total of 31,000,000 VND: Food: 4,900,000 VND per person. Wine & supplements: the balance, covering pairings and additional bottles. Using exchange rates from 23 August 2025: ~AUD 1,815 total (~286 AUD pp for food) ~USD 1,176 total (~186 USD pp for food) ~EUR 1,004 total (~159 EUR pp for food) ~CHF 1,025 total (~162 CHF pp for food) A memorable investment, paid in porcupine, pinot, and perspective.

Savouring the Trend: Inaugural Edition — Latitude 30, Coffs Harbour

Savouring the Trend: Inaugural Edition — Latitude 30, Coffs Harbour In this first edition of Savouring the Trend, Adam Havryliv and Richard Brennan sit down at Latitude 30 in Coffs Harbour to reflect on the origins of Aussie Turtles and the philosophy behind trend following—over a leisurely lunch of fresh seafood, fine wine, and good conversation. The Concept At Aussie Turtles, we’ve always believed the best conversations about markets don’t happen in meeting rooms—they unfold across a table, with good food and, on occasion, some bold wine. Inspired by Lunch with the FT, Savouring the Trend is our new publication, where we share long-form conversations with systematic trend followers over an enjoyable meal. No pitches. No charts. Just conviction, curiosity, and cuisine. For our inaugural edition, we turned the lens inward. Rather than interviewing a guest, we—Adam Havryliv and Richard Brennan, co founders of Aussie Turtles—sat down to reflect on what we’ve built, what lies ahead, and why trend following still fires us up. We met in Coffs Harbour, halfway between our homes in Sydney and Brisbane, for lunch at the aptly named Latitude 30. The Setting Overlooking the marina and the Pacific, Latitude 30 is known for its relaxed energy, quality seafood, and a wine list that balances local and European classics. The venue reflects the kind of environment we value in trend following—calm, focused, and quietly world-class. The Meal ENTRÉE Adam: Seared Scallops with celeriac purée, roasted grape salsa, and pistachio dukkah — Bright and well-balanced. The scallops are caramelised just enough to contrast with the sweetness of the grape and the nuttiness of the dukkah. Richard: Fried Squid with lime–chilli salt — A signature dish, light and crisp, with a touch of citrus and spice that makes the wine sparkle. Shared: Natural Oysters (6) — Fresh, briny, and cold—served simply on ice. A pure start.  To drink: 2 glasses of Sauvignon Blanc   MAIN Adam: Whole Baked Snapper — Perfectly cooked, flaky and moist. Served with seasonal greens, it reflects the kind of focus we love in markets—no fuss, just quality and clarity.  Richard: Riverina Rib-Eye Fillet — Juicy, charred, and deeply savoury. Accompanied by roasted root vegetables and a generous pour of red wine jus.  To drink: A glass of Chardonnay for Adam, A glass of Shiraz for Richard   DESSERT Adam: Mandarin Cheesecake — Zesty and smooth with a nutty biscuit base—bright and unexpectedly refined. Richard: Salted Caramel & White Chocolate Crème Brûlée — Perfect crack on top, silky centre beneath. Indulgent without being heavy. To drink: 2 espressos The Conversation 1. What inspired to you launch Aussie Turtles? Adam: We launched Aussie Turtles to bring the legendary Turtle trading story into the modern conversation—especially here in Australia, where systematic trading is still underrepresented. Our focus was never nostalgia. It was about taking a rules-based approach, proven in the 1980s, and showing how it still matters today, even amidst all the noise and quant abstraction. Richard: The results so far have exceeded our expectations. We kicked off with a bang—hosting a Sydney event with original Turtle Jerry Parker, co-hosted by Michael Covel. That set the tone: serious guests, strong conviction, and open access. Since then, the Turtle Talk Podcast has grown into a real platform. We’ve had thoughtful, international guests—from traditional trend followers to newer voices. We also launched the ClassicTrendIndex.com, a curated benchmark for classical trend-following strategies, and track its monthly progress in our Battle of the Indexes feature on aussieturtles.com. The momentum is real. 2. Why publish Savouring the Trend? Richard: Because the best insights often come over a long lunch—not in a webinar. Savouring the Trend is our way of peeling back the layers and showing the personalities, philosophies, and struggles behind the systems. We want to dig deeper into how managers stay convicted, adapt their rules, and view uncertainty not as a bug—but a feature. Adam: We’ve both found that real ideas emerge when people aren’t on the clock or tied to a format. No slides, no data decks—just open conversation. During our travels as Aussie Turtles, we’ll sit down with someone who’s had a genuine impact on the space, whether they manage billions or trade solo. The format lets us step away from performance and talk about process, philosophy, and the emotional side of being systematic. 3. What brought each of the Aussie Turtles into the trend following space?  Richard: I’ve been trading since the late 1980s, but for a long time, consistent profitability felt elusive. That changed when I started digging into the track records of traders who had survived—and thrived—through multiple market regimes. Names like Jerry Parker, Bill Dreiss, and Bill Dunn stood out. Their longevity wasn’t luck. It was process. That’s when I stopped trying to reinvent the wheel and instead chose to stand on the shoulders of giants. I went deep into understanding the philosophy, techniques, and mindset behind those enduring track records. From that point forward, there was no looking back. Trend following gave me the clarity I’d been searching for.  Adam: I’ve spent most of my career searching for an investment approach that could endure across time, volatility, and uncertainty. After stints at Goldman Sachs, Citi, and a global macro hedge fund, I kept coming back to one question: what actually works in the long run? That search led me to trend following. The more I studied it, the more sense it made—not just technically, but psychologically. Along the way, I became fascinated with behavioural finance and even completed postgraduate studies in psychology. Trend following clicked because it respects human nature—it works with it, not against it. In a world obsessed with prediction, it was refreshing to find a strategy built on discipline, humility, and letting the market lead.  4. Who do you hope to have lunch with next?  Adam: The Aussie Turtles are about to head off on their annual migration. Our next stops: Ho Chi Minh City, Zurich, and New York. We’ve lined up meetings with trend followers, quants, and capital