This one was number one, Howard Marks, and I pulled out the quote, investors should favor

strategies and managers that emphasize limiting losses and declines above ensuring full

participation in gains.

You simply can't have it both ways.

And so a lot of trend followers, people who are interested in like trend following, do follow me.

I can definitely tell.

So I thought that was a very interesting quote. It's something we do 24-7 every day of the year.

We are, that's what we say. That's essentially what we're doing. We're putting diversification,

liquidity, stop losses, risk as a paramount idea in our trading in our systems and hoping, you know, that this is not going to prevent us from participating in some long-term trends.

And we, it's just a given.

We're not going to sacrifice or compromise with taking on the type of risk that one would take maybe with

buy and hold or no stop losses or no trailing stops.

But I did sort of pick up in this probably a little bit of counter trend thinking that I

try to discourage, which is CTAs and trend

followers in general, should embrace stock market uptrems. And everyone seems to be very aware that

stocks are going to sell off and sell off soon and when they want to make sure they teach everyone

a lesson and be on record as saying, hey, you know, I kept telling you guys that the stocks were

going to go down. And of course, most people have been saying that for a number of years now.

So I don't think it's a good idea to, I don't think there would be that much interest in a you know the energy markets for

instance that there are markets that's that's our claim to fame the commodities and

but in the same way we should be sort of a trend follower and that bad mouth

really nice stock uptrends.

...