Michael Covel opens up with an excerpt from “River Deep, Mountain High”. A lyric invented for a bubble. Covel moves into a description of a trend following firm with a long track record and discusses their history and key features. Covel notes location independence, consistency, cutting your losses short, taking on volatility, being able to take advantage of outlier moves, and being 100% systematic. Covel also discuses being agnostic to which markets that allow you to make your money, as well as being agnostic to market direction and which markets you have in your portfolio. In reaction to a critical e-mail, Covel plays a clip of Charlie Rose talking to recent podcast guest Daniel Kahneman. Kahneman discusses trading, the ability to make money in the markets, prediction/forecasting, “Moneyball” by Michael Lewis, and Kahneman’s view on all of these. Covel also moves on and talks about his role as a curator.