Michael Covel speaks with Michael Dever on his third appearance to the podcast. Dever is an American businessman, futures trader, entrepreneur, and author. Dever is the founder and CEO of Brandywine Asset Management, Inc., an investment management firm founded in 1982, and the author of the best-selling investment book Jackass Investing: Don’t Do It. Profit From It. Covel and Dever discuss Dever’s approach which uses multiple fundamentally based strategies in a systematic diversified portfolio that trades across more than one hundred global markets; strategy diversification; the word “predictable” from Dever’s perspective; lack of correlation to other strategies; what Dever means by a “not purely quantitative” strategy; how and why this particular suite of strategies came to exist; the five strategy types; crisis events and black swans; the weakness in the multiple strategy return driver set; the importance of speculators; the fixation on low volatility strategies; and true portfolio diversification. For more information on Michael Dever, visit Brandywine.com.