Michael Covel starts today’s podcast by talking about “robot traders” and major misconceptions. Covel discusses machine learning v. automation and moves into a series of clips that outline trend following philosophy. First, Covel plays a clip from Benoit Mandelbrot to illustrate problems with the Efficient Market Hypothesis. Next, Covel plays two clips from Jim Simons, CEO of Renaissance Technologies, about his experiences as a new trader and on ‘luck’ (Simons is not a fan of fundamental trading). Building on Jim Simons comes a clip from David Harding of Winton Capital, a multi-billion dollar fund with trend following models at the core. Harding talks about his start, models, math, probabilities, and betting. Next, Covel plays a clip from Salem Abraham. Abraham talks about the markets he trades, and why it doesn’t really make a difference where the money comes from. Covel adds clips from Jean-Philippe Bouchaud, the Co-Founder, Chairman & Chief Scientist of CFM. Covel also plays clips from Svante Bergstrom, Ewan Kirk and trend trading legends William Eckhardt and Ed Seykota. These all tie together to attempt to give a trend trading/quant philosophical stance–the attitude and benefits.