Yes, once again, Howard Marks, not a trend follower. I don't think he likes looking at prices only and following trends, but a lot of, he had an interview this week, and it's a lot of deep good wisdom.

And on a philosophical level, somehow, the fill a kindred spirit to some of the

things he says and you know one of my goals is to listen to traditional non-trend following people and

interpret it in my own way as it relates and see it through the lens of trend following.

So his tweet was, or his quote was, in order to get an above average return in the long run,

you have to buy things for less than their worth, which is to say that other people out there have to be willing, have to be selling

that thing for less than its worth.

And so this is not an original thought of mine.

I have other smart friends who mentioned this to me years ago, something along the lines

of, given that trend following has been profitable, you know, it has a positive expectation.

Buying the upside breakout must be buying things for less than their worth. For 35 years,

I've been taking advantage of that mistake. Hashtag anchoring. So I think buying the highs, whatever that means, the 50-day high, the 100-day

high, getting long at a breakout level or a moving average crossover, you know, by definition,

it's not the lowest price you've seen recently. And it doesn't sound very like a bargain.

Maybe I need a system that could have fought way, way before that.

And although I just, I think what I'm trying to say is your brain is anchoring that to that low of the chart or the recent lows.

And how much fun it would have been to get long there

but that doesn't mean that the upside breakout isn't still buying something for less than it's worth

I think by definition it is so don't feel bad about that just remind ourselves that we are buying bargains.

In hindsight, when we have a good trend, where we got in was a really, really fun place to get in, really perfect place to get in.

And the embedded risk control of waiting for a high versus trying to buy the low, you know,

all sorts of advantages in that too. Yeah. I mean, I know we were talking about something before we

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